13F-HR 1 ostm4q08.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, 2008 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 09, 2009 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: 160 Form13F Information Table Value Total: $1,234,770 (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 28-05660 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 236 4105 SH SOLE 4105 0 0 3M CO COM 88579Y101 819 14239 SH OTHER 01 14239 0 0 ABBOTT LABS COM 002824100 573 10733 SH OTHER 01 10733 0 0 ABBOTT LABS COM 002824100 213 4000 SH SOLE 4000 0 0 AFLAC INC COM 001055102 289 6300 SH OTHER 01 6300 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 7083 453110 SH OTHER 01 453010 0 100 AGILENT TECHNOLOGIES INC COM 00846U101 5898 377335 SH SOLE 374450 0 2885 AMDOCS LTD NOTE 0.500% 3/1 02342TAD1 5106 5171000 PRN OTHER 01 5171000 0 0 AMDOCS LTD NOTE 0.500% 3/1 02342TAD1 4004 4055000 PRN SOLE 4055000 0 0 AMERICAN INTL GROUP INC COM 026874107 87 55350 SH OTHER 01 53350 0 2000 AMERICAN TOWER CORP NOTE 5.000% 2/1 029912AF9 8526 9107000 PRN OTHER 01 9107000 0 0 AMERICAN TOWER CORP NOTE 5.000% 2/1 029912AF9 5931 6335000 PRN SOLE 6335000 0 0 ANADARKO PETE CORP COM 032511107 231 5990 SH OTHER 01 5990 0 0 APTARGROUP INC COM 038336103 378 10717 SH OTHER 01 10717 0 0 AT&T INC COM 00206R102 26281 922120 SH OTHER 01 921920 0 200 AT&T INC COM 00206R102 22548 791155 SH SOLE 786575 0 4580 AVNET INC DBCV 2.000% 3/1 053807AL7 2243 2280000 PRN OTHER 01 2280000 0 0 AVNET INC DBCV 2.000% 3/1 053807AL7 6332 6437000 PRN SOLE 6437000 0 0 BECTON DICKINSON & CO COM 075887109 308 4500 SH OTHER 01 4500 0 0 BERKLEY W R CORP COM 084423102 330 10630 SH OTHER 01 10630 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 386 4 SH SOLE 4 0 0 BLACKROCK INVT QUALITY MUN T COM 09247D105 103 12000 PRN OTHER 01 0 0 12000 BLACKROCK MUNYIELD INSD FD I COM 09254E103 106 11700 PRN OTHER 01 0 0 11700 BRISTOL MYERS SQUIBB CO COM 110122108 377 16200 SH OTHER 01 16200 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 646 27794 SH SOLE 27794 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 1181 437583 SH OTHER 01 437583 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 1753 649275 SH SOLE 649275 0 0 CHARLES RIV LABS INTL INC COM 159864107 8212 313433 SH OTHER 01 313433 0 0 CHARLES RIV LABS INTL INC COM 159864107 10647 406377 SH SOLE 404927 0 1450 CHEVRON CORP NEW COM 166764100 1354 18305 SH OTHER 01 18305 0 0 CHEVRON CORP NEW COM 166764100 257 3475 SH SOLE 3475 0 0 CLOROX CO DEL COM 189054109 664 11955 SH OTHER 01 11955 0 0 COCA COLA CO COM 191216100 369 8145 SH OTHER 01 8145 0 0 COCA COLA CO COM 191216100 357 7880 SH SOLE 7880 0 0 COLLEGIATE PACIFIC INC NOTE 5.750%12/0 194589AB3 5599 6045000 PRN OTHER 01 6045000 0 0 COLLEGIATE PACIFIC INC NOTE 5.750%12/0 194589AB3 741 800000 PRN SOLE 800000 0 0 COMMSCOPE INC SDCV 1.000% 3/1 203372AD9 10547 10600000 PRN OTHER 01 10600000 0 0 COMMSCOPE INC SDCV 1.000% 3/1 203372AD9 7159 7195000 PRN SOLE 7195000 0 0 CONOCOPHILLIPS COM 20825C104 571 11023 SH OTHER 01 11023 0 0 CROWN HOLDINGS INC COM 228368106 49724 2589815 SH OTHER 01 2587815 0 2000 CROWN HOLDINGS INC COM 228368106 28496 1484159 SH SOLE 1474359 0 9800 DEVON ENERGY CORP NEW COM 25179M103 232 3534 SH OTHER 01 3534 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 18773 330864 SH OTHER 01 330864 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 21778 383827 SH SOLE 381327 0 2500 DIGITAL RIV INC NOTE 1.250% 1/0 25388BAB0 10147 10172000 PRN OTHER 01 10172000 0 0 DIGITAL RIV INC NOTE 1.250% 1/0 25388BAB0 2868 2875000 PRN SOLE 2875000 0 0 DOW CHEM CO COM 260543103 250 16591 SH OTHER 01 16591 0 0 DOW CHEM CO COM 260543103 15 1004 SH SOLE 1004 0 0 DURECT CORP COM 266605104 825 243306 SH SOLE 243306 0 0 DURECT CORP COM 266605104 1713 505410 SH OTHER 01 222802 0 282608 ENTERPRISE PRODS PARTNERS L COM 293792107 15421 743915 SH OTHER 01 722140 0 21775 ENTERPRISE PRODS PARTNERS L COM 293792107 18910 912198 SH SOLE 905623 0 6575 EURONET WORLDWIDE INC DBCV 1.625%12/1 298736AD1 6682 7540000 PRN OTHER 01 7540000 0 0 EXPEDIA INC DEL COM 30212P105 4670 566795 SH OTHER 01 566795 0 0 EXPEDIA INC DEL COM 30212P105 3733 453065 SH SOLE 453065 0 0 EXXON MOBIL CORP COM 30231G102 5026 62964 SH OTHER 01 62464 0 500 EXXON MOBIL CORP COM 30231G102 2440 30569 SH SOLE 30569 0 0 FOREST OIL CORP COM PAR $0.01 346091705 3748 227325 SH OTHER 01 226530 0 795 FOREST OIL CORP COM PAR $0.01 346091705 489 29640 SH SOLE 29640 0 0 FRANKLIN RES INC COM 354613101 399 6250 SH OTHER 01 6250 0 0 GENERAL ELECTRIC CO COM 369604103 361 22309 SH SOLE 22309 0 0 GENERAL ELECTRIC CO COM 369604103 660 40718 SH OTHER 01 34163 0 6555 HALLIBURTON CO COM 406216101 163 8959 SH OTHER 01 8959 0 0 HALLIBURTON CO COM 406216101 73 4000 SH SOLE 4000 0 0 HEALTHSOUTH CORP COM NEW 421924309 14960 1364995 SH OTHER 01 1364995 0 0 HEALTHSOUTH CORP COM NEW 421924309 15661 1428962 SH SOLE 1428962 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 401 4770 SH OTHER 01 4770 0 0 JOHNSON & JOHNSON COM 478160104 39705 663624 SH OTHER 01 663624 0 0 JOHNSON & JOHNSON COM 478160104 24438 408463 SH SOLE 407163 0 1300 LABORATORY CORP AMER HLDGS COM NEW 50540R409 17810 276505 SH OTHER 01 276505 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 18359 285030 SH SOLE 283675 0 1355 LILLY ELI & CO COM 532457108 3165 78602 SH SOLE 77552 0 1050 LILLY ELI & CO COM 532457108 732 18179 SH OTHER 01 18179 0 0 LIONS GATE ENTMNT CORP NOTE 2.938%10/1 535919AF1 2498 3600000 PRN OTHER 01 3600000 0 0 LITHIA MTRS INC NOTE 2.875% 5/0 536797AB9 6367 7513000 PRN OTHER 01 7513000 0 0 LITHIA MTRS INC NOTE 2.875% 5/0 536797AB9 487 575000 PRN SOLE 575000 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 11220 808905 SH OTHER 01 808905 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 13261 956105 SH SOLE 956105 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 1332 44090 SH OTHER 01 44090 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 799 26445 SH SOLE 22935 0 3510 MAGMA DESIGN AUTOMATION NOTE 2.000% 5/1 559181AC6 1885 3300000 PRN OTHER 01 3300000 0 0 MCGRAW HILL COS INC COM 580645109 16576 714769 SH OTHER 01 713869 0 900 MCGRAW HILL COS INC COM 580645109 13914 600021 SH SOLE 596621 0 3400 MEDTRONIC INC COM 585055106 25656 816557 SH OTHER 01 816557 0 0 MEDTRONIC INC COM 585055106 18310 582747 SH SOLE 579722 0 3025 MEDTRONIC INC NOTE 1.500% 4/1 585055AL0 6603 7100000 PRN OTHER 01 7100000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 5261 5368000 PRN OTHER 01 5368000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 662 675000 PRN SOLE 675000 0 0 MERCK & CO INC COM 589331107 6392 210276 SH SOLE 209031 0 1245 MERCK & CO INC COM 589331107 8064 265267 SH OTHER 01 265267 0 0 MICROSOFT CORP COM 594918104 379 19490 SH OTHER 01 19490 0 0 MICROSOFT CORP COM 594918104 233 11988 SH SOLE 11988 0 0 MOODYS CORP COM 615369105 3134 156000 SH OTHER 01 156000 0 0 NOVELL INC DBCV 0.500% 7/1 670006AC9 1910 2000000 PRN OTHER 01 2000000 0 0 NUVEEN CA DIV ADV MUNI FD 3 COM SH BEN INT 67070Y109 100 11325 PRN OTHER 01 0 0 11325 NUVEEN CA DIVIDEND ADV MUN F COM SHS 67066Y105 109 11375 PRN OTHER 01 0 0 11375 NUVEEN CA INVT QUALITY MUN F COM 67062A101 110 11350 PRN OTHER 01 0 0 11350 NUVEEN CA SELECT QUALITY MUN COM 670975101 109 11350 PRN OTHER 01 0 0 11350 NUVEEN CALIF QUALITY INCM MU COM 670985100 104 10525 PRN OTHER 01 0 0 10525 NUVEEN INSD CALIF DIVID COM 67071M104 104 10100 PRN OTHER 01 0 0 10100 NV ENERGY INC COM 67073Y106 13567 1371750 SH SOLE 1363670 0 8080 NV ENERGY INC COM 67073Y106 28254 2856799 SH OTHER 01 2856799 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 188 3133 SH OTHER 01 3133 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 40 667 SH SOLE 667 0 0 PEPSICO INC COM 713448108 452 8260 SH OTHER 01 8260 0 0 PFIZER INC COM 717081103 414 23350 SH OTHER 01 23350 0 0 PHILIP MORRIS INTL INC COM 718172109 55 1273 SH OTHER 01 1273 0 0 PHILIP MORRIS INTL INC COM 718172109 189 4344 SH SOLE 4344 0 0 PRICELINE COM INC COM NEW 741503403 2690 36520 SH OTHER 01 36520 0 0 PROCTER & GAMBLE CO COM 742718109 21379 345826 SH OTHER 01 345826 0 0 PROCTER & GAMBLE CO COM 742718109 7173 116023 SH SOLE 113423 0 2600 PRUDENTIAL FINL INC FRNT 12/1 744320AJ1 1311 1385000 PRN SOLE 1385000 0 0 PRUDENTIAL FINL INC FRNT 12/1 744320AJ1 19039 20115000 PRN OTHER 01 20115000 0 0 QUEST DIAGNOSTICS INC COM 74834L100 12782 246225 SH OTHER 01 246225 0 0 QUESTAR CORP COM 748356102 31429 961415 SH OTHER 01 960935 0 480 QUESTAR CORP COM 748356102 29769 910655 SH SOLE 905340 0 5315 RED HAT INC DBCV 0.500% 1/1 756577AB8 21290 21370000 PRN OTHER 01 21370000 0 0 RED HAT INC DBCV 0.500% 1/1 756577AB8 4538 4555000 PRN SOLE 4520000 0 35000 REPUBLIC SVCS INC COM 760759100 12658 510603 SH SOLE 507356 0 3247 REPUBLIC SVCS INC COM 760759100 28024 1130469 SH OTHER 01 1130469 0 0 ROCKWOOD HLDGS INC COM 774415103 193 17890 SH SOLE 17890 0 0 ROCKWOOD HLDGS INC COM 774415103 1582 146470 SH OTHER 01 146470 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 266 5017 SH OTHER 01 5017 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 326 6151 SH SOLE 6151 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 2597 83867 SH OTHER 01 83867 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 6786 219122 SH SOLE 219122 0 0 SCHERING PLOUGH CORP COM 806605101 240 14075 SH OTHER 01 14075 0 0 SEMPRA ENERGY COM 816851109 12263 287665 SH OTHER 01 287665 0 0 SEMPRA ENERGY COM 816851109 3655 85745 SH SOLE 83995 0 1750 SPDR TR UNIT SER 1 78462F103 2915 32300 PRN OTHER 01 32300 0 0 TELEFLEX INC COM 879369106 18309 365445 SH OTHER 01 365445 0 0 TELEFLEX INC COM 879369106 15157 302525 SH SOLE 300675 0 1850 THOMPSON CREEK METALS CO INC COM 884768102 60 15000 SH OTHER 01 0 0 15000 TRIAN ACQUISITION I CORP *W EXP 01/23/201 89582E116 102 442375 PRN OTHER 01 412375 0 30000 TRIAN ACQUISITION I CORP *W EXP 01/23/201 89582E116 23 100000 PRN SOLE 100000 0 0 TRIAN ACQUISITION I CORP COM 89582E108 2301 258275 SH OTHER 01 258275 0 0 TRIAN ACQUISITION I CORP UNIT 99/99/9999 89582E207 26798 2912870 SH OTHER 01 2912870 0 0 TRIAN ACQUISITION I CORP UNIT 99/99/9999 89582E207 17043 1852550 SH SOLE 1836075 0 16475 UNITED TECHNOLOGIES CORP COM 913017109 225 4200 SH OTHER 01 4200 0 0 USF&G CORP NOTE 3/0 903290AD6 9966 10105000 PRN OTHER 01 10105000 0 0 USF&G CORP NOTE 3/0 903290AD6 764 775000 PRN SOLE 775000 0 0 VALEANT PHARMACEUTICALS INTL COM 91911X104 42708 1864994 SH OTHER 01 1863849 0 1145 VALEANT PHARMACEUTICALS INTL COM 91911X104 22447 980231 SH SOLE 974011 0 6220 VERISIGN INC COM 92343E102 9469 496282 SH OTHER 01 494282 0 2000 VERISIGN INC COM 92343E102 11868 621994 SH SOLE 616744 0 5250 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 23837 37911000 PRN OTHER 01 37911000 0 0 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 7636 12145000 PRN SOLE 12145000 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 14682 433100 SH OTHER 01 433100 0 0 VISA INC COM CL A 92826C839 15609 297600 SH SOLE 295400 0 2200 VISA INC COM CL A 92826C839 30335 578353 SH OTHER 01 577653 0 700 WASTE MGMT INC DEL COM 94106L109 9288 280280 SH OTHER 01 280280 0 0 WASTE MGMT INC DEL COM 94106L109 8186 247025 SH SOLE 247025 0 0 WATSON PHARMACEUTICALS INC DBCV 1.750% 3/1 942683AC7 2511 2700000 PRN OTHER 01 2700000 0 0 WATSON PHARMACEUTICALS INC DBCV 1.750% 3/1 942683AC7 339 365000 PRN SOLE 365000 0 0 WEBSENSE INC COM 947684106 31663 2115104 SH OTHER 01 2115104 0 0 WEBSENSE INC COM 947684106 20085 1341673 SH SOLE 1335473 0 6200 WELLS FARGO & CO NEW COM 949746101 95 3222 SH OTHER 01 3222 0 0 WELLS FARGO & CO NEW COM 949746101 128 4348 SH SOLE 4348 0 0 WYETH COM 983024100 132 3512 SH SOLE 3512 0 0 WYETH COM 983024100 89 2370 SH OTHER 01 2370 0 0