13F-HR 1 ostm4q09.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, 2009 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: 028-04483 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 11, 2010 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 Form 13F Information Table Entry Total: 155 Form 13F Information Table Value Total: $2,496,926 (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 01 028-06550 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ABBOTT LABS COM 002824100 426 7895 SH OTHER 01 7895 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 39148 1259980 SH OTHER 1254660 0 5320 AGILENT TECHNOLOGIES INC COM 00846U101 67223 2163621 SH OTHER 01 2162221 0 1400 AMERICAN EXPRESS CO COM 025816109 236 5825 SH SOLE 5825 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 35981 1605565 SH OTHER 1599800 0 5765 AMERICAN WTR WKS CO INC NEW COM 030420103 52700 2351620 SH OTHER 01 2343690 0 7930 ANADARKO PETE CORP COM 032511107 289 4630 SH OTHER 01 4630 0 0 APOLLO GROUP INC CL A 037604105 27481 453630 SH OTHER 452115 0 1515 APOLLO GROUP INC CL A 037604105 28543 471170 SH OTHER 01 471170 0 0 APPLE INC COM 037833100 295 1400 SH OTHER 01 1400 0 0 AT&T INC COM 00206R102 24918 888985 SH SOLE 886300 0 2685 AT&T INC COM 00206R102 37948 1353807 SH OTHER 01 1352607 0 1200 AVERY DENNISON CORP COM 053611109 25625 702235 SH OTHER 699810 0 2425 AVERY DENNISON CORP COM 053611109 27712 759460 SH OTHER 01 756655 0 2805 BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 1925 2000000 PRN OTHER 01 2000000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 397 4 SH SOLE 4 0 0 BLACKROCK INVT QUALITY MUN T COM 09247D105 161 12000 PRN OTHER 01 0 0 12000 BLACKROCK MUNYIELD INSD FD I COM 09254E103 143 11700 PRN OTHER 01 0 0 11700 BRISTOL MYERS SQUIBB CO COM 110122108 344 13630 SH OTHER 13630 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 264 10446 SH OTHER 01 10446 0 0 CADENCE DESIGN SYSTEM INC NOTE 1.375%12/1 127387AD0 11859 12735000 PRN OTHER 12735000 0 0 CADENCE DESIGN SYSTEM INC NOTE 1.375%12/1 127387AD0 20016 21494000 PRN OTHER 01 21394000 0 100000 CARROLS RESTAURANT GROUP INC COM 14574X104 4220 596950 SH OTHER 596950 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 2343 331415 SH OTHER 01 321415 0 10000 CENTRAL EUROPEAN DIST CORP NOTE 3.000% 3/1 153435AA0 10227 12050000 PRN OTHER 01 12050000 0 0 CHARMING SHOPPES INC NOTE 1.125% 5/0 161133AE3 8465 11362000 PRN OTHER 01 11362000 0 0 CHEVRON CORP NEW COM 166764100 227 2949 SH OTHER 01 2949 0 0 CLOROX CO DEL COM 189054109 475 7795 SH OTHER 01 7795 0 0 COCA COLA CO COM 191216100 303 5320 SH OTHER 5320 0 0 COCA COLA CO COM 191216100 226 3965 SH OTHER 01 3965 0 0 COMMSCOPE INC NOTE 3.250% 7/0 203372AG2 1776 1500000 PRN OTHER 01 1500000 0 0 COPART INC COM 217204106 12984 354560 SH OTHER 353325 0 1235 COPART INC COM 217204106 15716 429160 SH OTHER 01 426860 0 2300 CROWN HOLDINGS INC COM 228368106 38571 1507848 SH OTHER 1501348 0 6500 CROWN HOLDINGS INC COM 228368106 64068 2504632 SH OTHER 01 2502632 0 2000 DEVON ENERGY CORP NEW COM 25179M103 1326 18044 SH OTHER 01 18044 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 59046 850687 SH OTHER 01 850687 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 36201 521559 SH OTHER 519059 0 2500 DIGITALGLOBE INC COM NEW 25389M877 24589 1016061 SH OTHER 01 1016061 0 0 DIGITALGLOBE INC COM NEW 25389M877 22941 947975 SH OTHER 943550 0 4425 DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 3570 3500000 PRN OTHER 01 3500000 0 0 DURECT CORP COM 266605104 353 142951 SH OTHER 142951 0 0 DURECT CORP COM 266605104 951 384700 SH OTHER 01 104700 0 280000 E M C CORP MASS COM 268648102 305 17440 SH OTHER 01 8815 0 8625 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 22456 734330 SH OTHER 731390 0 2940 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 13640 446045 SH OTHER 01 435220 0 10825 ENTERPRISE PRODS PARTNERS L COM 293792107 30334 965738 SH OTHER 960183 0 5555 ENTERPRISE PRODS PARTNERS L COM 293792107 22375 712360 SH OTHER 01 698230 0 14130 EXXON MOBIL CORP COM 30231G102 1902 27894 SH OTHER 01 27894 0 0 EXXON MOBIL CORP COM 30231G102 1140 16712 SH OTHER 16712 0 0 F M C CORP COM NEW 302491303 13751 246610 SH OTHER 246610 0 0 F M C CORP COM NEW 302491303 22915 410961 SH OTHER 01 410961 0 0 FORD MTR CO DEL NOTE 4.250%11/1 345370CN8 2508 2000000 PRN OTHER 01 2000000 0 0 GENERAL ELECTRIC CO COM 369604103 231 15262 SH OTHER 01 8707 0 6555 GENERAL ELECTRIC CO COM 369604103 188 12458 SH OTHER 12458 0 0 GEN-PROBE INC NEW COM 36866T103 24909 580370 SH OTHER 578225 0 2145 GEN-PROBE INC NEW COM 36866T103 39360 917060 SH OTHER 01 913025 0 4035 HEALTHSOUTH CORP COM NEW 421924309 36264 1932009 SH OTHER 01 1932009 0 0 HEALTHSOUTH CORP COM NEW 421924309 30474 1623527 SH OTHER 1623527 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 60 70000 PRN OTHER 70000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3441 4030000 PRN OTHER 01 4030000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 572 4370 SH OTHER 01 4370 0 0 JOHNSON & JOHNSON COM 478160104 34030 528333 SH OTHER 526313 0 2020 JOHNSON & JOHNSON COM 478160104 58357 906027 SH OTHER 01 906027 0 0 JPMORGAN CHASE & CO COM 46625H100 688 16500 SH OTHER 01 16500 0 0 L-1 IDENTITY SOLUTIONS INC NOTE 3.750% 5/1 50212AAB2 12469 13835000 PRN OTHER 01 13835000 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 22912 306150 SH OTHER 304795 0 1355 LABORATORY CORP AMER HLDGS COM NEW 50540R409 35943 480268 SH OTHER 01 480268 0 0 LILLY ELI & CO COM 532457108 1254 35123 SH OTHER 35123 0 0 LILLY ELI & CO COM 532457108 25 690 SH OTHER 01 690 0 0 LIONS GATE ENTMNT CORP NOTE 2.938%10/1 535919AF1 3447 3600000 PRN OTHER 01 3600000 0 0 LSB INDS INC SDCV 5.500% 7/0 502160AG9 8173 8350000 PRN OTHER 01 8350000 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 26666 615427 SH OTHER 611917 0 3510 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 23641 545592 SH OTHER 01 537517 0 8075 MCGRAW HILL COS INC COM 580645109 17249 514741 SH OTHER 513051 0 1690 MCGRAW HILL COS INC COM 580645109 28979 864806 SH OTHER 01 863906 0 900 MEAD JOHNSON NUTRITION CO COM CL A 582839106 106 2430 SH OTHER 01 2430 0 0 MEAD JOHNSON NUTRITION CO COM CL A 582839106 139 3173 SH OTHER 3173 0 0 MEDTRONIC INC COM 585055106 36627 832802 SH OTHER 829777 0 3025 MEDTRONIC INC COM 585055106 57650 1310813 SH OTHER 01 1309813 0 1000 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 915 960000 PRN OTHER 960000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 12374 12984000 PRN OTHER 01 12984000 0 0 MENTOR GRAPHICS CORP SDCV 6.250% 3/0 587200AF3 3980 4066000 PRN OTHER 01 4066000 0 0 MERCK & CO INC NEW COM 58933Y105 911 24925 SH OTHER 01 24925 0 0 MICROSOFT CORP COM 594918104 408 13400 SH OTHER 01 13400 0 0 NALCO HOLDING COMPANY COM 62985Q101 23402 917365 SH OTHER 01 916365 0 1000 NALCO HOLDING COMPANY COM 62985Q101 17568 688658 SH OTHER 686348 0 2310 NII HLDGS INC NOTE 2.750% 8/1 62913FAF9 2814 2825000 PRN OTHER 2825000 0 0 NII HLDGS INC NOTE 2.750% 8/1 62913FAF9 3661 3675000 PRN OTHER 01 3675000 0 0 NUVEEN CA DIV ADV MUNI FD 3 COM SH BEN INT 67070Y109 269 21720 PRN OTHER 01 0 0 21720 NUVEEN CA DIVIDEND ADV MUN F COM SHS 67066Y105 141 11375 PRN OTHER 01 0 0 11375 NUVEEN CA INVT QUALITY MUN F COM 67062A101 146 11350 PRN OTHER 01 0 0 11350 NUVEEN CA SELECT QUALITY MUN COM 670975101 151 11350 PRN OTHER 01 0 0 11350 NUVEEN CALIF QUALITY INCM MU COM 670985100 142 10525 PRN OTHER 01 0 0 10525 NUVEEN INSD CALIF DIVID COM 67071M104 136 10100 PRN OTHER 01 0 0 10100 NV ENERGY INC COM 67073Y106 22637 1828525 SH OTHER 1820445 0 8080 NV ENERGY INC COM 67073Y106 49154 3970444 SH OTHER 01 3955964 0 14480 OCCIDENTAL PETE CORP DEL COM 674599105 19483 239497 SH OTHER 238647 0 850 OCCIDENTAL PETE CORP DEL COM 674599105 49186 604625 SH OTHER 01 604625 0 0 PEPSICO INC COM 713448108 39 636 SH OTHER 636 0 0 PEPSICO INC COM 713448108 432 7100 SH OTHER 01 7100 0 0 PROCTER & GAMBLE CO COM 742718109 3884 64056 SH OTHER 61456 0 2600 PROCTER & GAMBLE CO COM 742718109 4008 66101 SH OTHER 01 66101 0 0 QUESTAR CORP COM 748356102 55079 1324957 SH OTHER 01 1324477 0 480 QUESTAR CORP COM 748356102 22914 551215 SH OTHER 548840 0 2375 REGIS CORP MINN NOTE 5.000% 7/1 758932AA5 1849 1500000 PRN OTHER 01 1500000 0 0 RENTECH INC NOTE 4.000% 4/1 760112AA0 875 1250000 PRN OTHER 01 1250000 0 0 REPUBLIC SVCS INC COM 760759100 33829 1194949 SH OTHER 1189707 0 5242 REPUBLIC SVCS INC COM 760759100 58558 2068473 SH OTHER 01 2068473 0 0 RICHARDSON ELECTRS 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816851109 26139 466930 SH OTHER 465180 0 1750 SEMPRA ENERGY COM 816851109 54192 968045 SH OTHER 01 966140 0 1905 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 11826 12750000 PRN OTHER 01 12750000 0 0 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 7173 8655000 PRN OTHER 01 8655000 0 0 SUPERVALU INC NOTE 11/0 868536AP8 6109 18236000 PRN OTHER 01 18236000 0 0 TELEFLEX INC COM 879369106 15080 279825 SH OTHER 277975 0 1850 TELEFLEX INC COM 879369106 22762 422382 SH OTHER 01 422382 0 0 THOMPSON CREEK METALS CO INC COM 884768102 176 15000 SH OTHER 01 0 0 15000 TRANSATLANTIC HLDGS INC COM 893521104 13601 261015 SH OTHER 260115 0 900 TRANSATLANTIC HLDGS INC COM 893521104 26136 501560 SH OTHER 01 499135 0 2425 TRIAN ACQUISITION I CORP *W EXP 01/23/201 89582E116 0 1515660 PRN OTHER 1515660 0 0 TRIAN ACQUISITION I CORP *W EXP 01/23/201 89582E116 0 1335902 PRN OTHER 01 1305902 0 30000 TRIAN ACQUISITION I CORP COM 89582E108 13815 1403925 SH OTHER 1403925 0 0 TRIAN ACQUISITION I CORP COM 89582E108 12669 1287467 SH OTHER 01 1287467 0 0 UNILEVER N V N Y SHS NEW 904784709 34183 1057330 SH OTHER 1051890 0 5440 UNILEVER N V N Y SHS NEW 904784709 70377 2176841 SH OTHER 01 2171741 0 5100 UNITED RENTALS INC NOTE 4.000%11/1 911363AL3 1105 1000000 PRN OTHER 01 1000000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 271 3900 SH OTHER 01 3900 0 0 VALEANT PHARMACEUTICALS INTL COM 91911X104 30546 960871 SH OTHER 956786 0 4085 VALEANT PHARMACEUTICALS INTL COM 91911X104 52603 1654729 SH OTHER 01 1653584 0 1145 VERISIGN INC COM 92343E102 31569 1302339 SH OTHER 01 1298554 0 3785 VERISIGN INC COM 92343E102 27210 1122519 SH OTHER 1116484 0 6035 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 10221 11500000 PRN OTHER 11500000 0 0 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 33288 37455000 PRN OTHER 01 37455000 0 0 WATERS CORP COM 941848103 14826 239290 SH OTHER 239290 0 0 WATERS CORP COM 941848103 24598 396995 SH OTHER 01 396995 0 0 WEBSENSE INC COM 947684106 21566 1235153 SH OTHER 1228953 0 6200 WEBSENSE INC COM 947684106 44343 2539686 SH OTHER 01 2537686 0 2000 WESCO INTL INC DBCV 2.625%10/1 95082PAE5 4259 4313000 PRN OTHER 4313000 0 0 WESCO INTL INC DBCV 2.625%10/1 95082PAE5 3949 3999000 PRN OTHER 01 3999000 0 0 WESCO INTL INC DBCV 6.000% 9/1 95082PAH8 394 323000 PRN OTHER 323000 0 0 WESCO INTL INC DBCV 6.000% 9/1 95082PAH8 1951 1599000 PRN OTHER 01 1599000 0 0 WILSON GREATBATCH TECHNOLOGI SDCV 2.250% 6/1 972232AB8 12837 13099000 PRN SOLE 13099000 0 0