13F-HR 1 ostm1q10.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, 2010 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 May 13, 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: 168 Form 13F Information Table Value Total: $2,885,275 (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 143 2715 SH OTHER 2715 0 0 ABBOTT LABS COM 002824100 347 6595 SH OTHER 01 6595 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 66097 1921981 SH OTHER 01 1920581 0 1400 AGILENT TECHNOLOGIES INC COM 00846U101 42227 1227900 SH OTHER 1223500 0 4400 AK STL HLDG CORP COM 001547108 204 8925 SH OTHER 01 0 0 8925 AMERICAN EXPRESS CO COM 025816109 240 5825 SH SOLE 5825 0 0 AMERICAN REAL ESTATE PARTNR FRNT 8/1 029169AA7 14062 15889000 PRN OTHER 01 15889000 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 31888 1465455 SH OTHER 1461185 0 4270 AMERICAN WTR WKS CO INC NEW COM 030420103 41746 1918450 SH OTHER 01 1910520 0 7930 ANADARKO PETE CORP COM 032511107 267 3670 SH OTHER 01 3670 0 0 APOLLO GROUP INC CL A 037604105 40974 668520 SH OTHER 01 668520 0 0 APOLLO GROUP INC CL A 037604105 37103 605365 SH OTHER 603325 0 2040 APPLE INC COM 037833100 329 1400 SH OTHER 01 1400 0 0 AT&T INC COM 00206R102 11573 447887 SH OTHER 01 446687 0 1200 AT&T INC COM 00206R102 18219 705080 SH OTHER 705080 0 0 AVERY DENNISON CORP COM 053611109 41617 1143010 SH OTHER 1140080 0 2930 AVERY DENNISON CORP COM 053611109 44360 1218355 SH OTHER 01 1215550 0 2805 BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 1918 1950000 PRN OTHER 01 1950000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 487 4 SH SOLE 4 0 0 BLACKROCK INVT QUALITY MUN T COM 09247D105 168 12000 PRN OTHER 01 0 0 12000 BLACKROCK MUNYIELD INSD FD I COM 09254E103 153 11700 PRN OTHER 01 0 0 11700 BRISTOL MYERS SQUIBB CO COM 110122108 217 8146 SH OTHER 01 8146 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 364 13630 SH OTHER 13630 0 0 CADENCE DESIGN SYSTEM INC NOTE 1.375%12/1 127387AD0 12149 12755000 PRN OTHER 12755000 0 0 CADENCE DESIGN SYSTEM INC NOTE 1.375%12/1 127387AD0 20454 21474000 PRN OTHER 01 21374000 0 100000 CARROLS RESTAURANT GROUP INC COM 14574X104 3897 573025 SH OTHER 573025 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 2079 305795 SH OTHER 01 302265 0 3530 CENTRAL EUROPEAN DIST CORP NOTE 3.000% 3/1 153435AA0 10770 12050000 PRN OTHER 01 12050000 0 0 CHARMING SHOPPES INC NOTE 1.125% 5/0 161133AE3 9007 11547000 PRN OTHER 01 11547000 0 0 CHEVRON CORP NEW COM 166764100 180 2379 SH OTHER 01 2379 0 0 CHEVRON CORP NEW COM 166764100 49 645 SH OTHER 645 0 0 CLOROX CO DEL COM 189054109 382 5950 SH OTHER 01 5950 0 0 COCA COLA CO COM 191216100 115 2090 SH OTHER 2090 0 0 COCA COLA CO COM 191216100 218 3965 SH OTHER 01 3965 0 0 COMMSCOPE INC NOTE 3.250% 7/0 203372AG2 1817 1500000 PRN OTHER 01 1500000 0 0 COMPUWARE CORP COM 205638109 49114 5846990 SH OTHER 01 5832320 0 14670 COMPUWARE CORP COM 205638109 41992 4999043 SH OTHER 4982713 0 16330 COPART INC COM 217204106 15837 444870 SH OTHER 01 442570 0 2300 COPART INC COM 217204106 12726 357465 SH OTHER 356230 0 1235 CROWN HOLDINGS INC COM 228368106 66013 2448532 SH OTHER 01 2447212 0 1320 CROWN HOLDINGS INC COM 228368106 44141 1637260 SH OTHER 1630760 0 6500 DEAN FOODS CO NEW COM 242370104 17911 1141515 SH OTHER 01 1140380 0 1135 DEAN FOODS CO NEW COM 242370104 19122 1218733 SH OTHER 1215928 0 2805 DEVON ENERGY CORP NEW COM 25179M103 228 3534 SH OTHER 01 3534 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 52724 781671 SH OTHER 01 781671 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 34495 511409 SH OTHER 509374 0 2035 DIGITALGLOBE INC COM NEW 25389M877 26550 949910 SH OTHER 945485 0 4425 DIGITALGLOBE INC COM NEW 25389M877 28701 1026886 SH OTHER 01 1026886 0 0 DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 3623 3500000 PRN OTHER 01 3500000 0 0 DURECT CORP COM 266605104 1116 370700 SH OTHER 01 96700 0 274000 DURECT CORP COM 266605104 430 142951 SH OTHER 142951 0 0 E M C CORP MASS COM 268648102 9 525 SH OTHER 525 0 0 E M C CORP MASS COM 268648102 315 17440 SH OTHER 01 8815 0 8625 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 15328 454315 SH OTHER 01 443490 0 10825 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 24802 735090 SH OTHER 732150 0 2940 ENTERPRISE PRODS PARTNERS L COM 293792107 19721 570280 SH OTHER 01 556150 0 14130 ENTERPRISE PRODS PARTNERS L COM 293792107 29571 855138 SH OTHER 851633 0 3505 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 6486 6900000 PRN OTHER 01 6900000 0 0 EXXON MOBIL CORP COM 30231G102 1459 21783 SH OTHER 01 21783 0 0 EXXON MOBIL CORP COM 30231G102 1021 15247 SH OTHER 15247 0 0 F M C CORP COM NEW 302491303 20451 337814 SH OTHER 336969 0 845 F M C CORP COM NEW 302491303 32446 535951 SH OTHER 01 533946 0 2005 GENERAL ELECTRIC CO COM 369604103 199 10960 SH OTHER 10960 0 0 GENERAL ELECTRIC CO COM 369604103 277 15262 SH OTHER 01 8707 0 6555 GEN-PROBE INC NEW COM 36866T103 48697 973925 SH OTHER 01 969890 0 4035 GEN-PROBE INC NEW COM 36866T103 30337 606745 SH OTHER 604600 0 2145 GOODRICH CORP COM 382388106 16839 238780 SH OTHER 01 238780 0 0 GOODRICH CORP COM 382388106 20839 295505 SH OTHER 295140 0 365 HEALTHSOUTH CORP COM NEW 421924309 30597 1636227 SH OTHER 01 1636227 0 0 HEALTHSOUTH CORP COM NEW 421924309 29972 1602794 SH OTHER 1602794 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3607 4030000 PRN OTHER 01 4030000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 63 70000 PRN OTHER 70000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 522 4070 SH OTHER 01 4070 0 0 JOHNSON & JOHNSON COM 478160104 43553 667998 SH OTHER 665888 0 2110 JOHNSON & JOHNSON COM 478160104 55471 850788 SH OTHER 01 849183 0 1605 JPMORGAN CHASE & CO COM 46625H100 593 13260 SH OTHER 01 13260 0 0 L-1 IDENTITY SOLUTIONS INC NOTE 3.750% 5/1 50212AAB2 15695 16435000 PRN OTHER 01 16435000 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 24981 329950 SH OTHER 329000 0 950 LABORATORY CORP AMER HLDGS COM NEW 50540R409 29878 394638 SH OTHER 01 394638 0 0 LILLY ELI & CO COM 532457108 7 200 SH OTHER 01 200 0 0 LILLY ELI & CO COM 532457108 1225 33823 SH OTHER 33823 0 0 LIONS GATE ENTMNT CORP NOTE 2.938%10/1 535919AF1 3443 3600000 PRN OTHER 01 3600000 0 0 LSB INDS INC SDCV 5.500% 7/0 502160AG9 8183 8350000 PRN OTHER 01 8350000 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 25595 538502 SH OTHER 535727 0 2775 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 19667 413787 SH OTHER 01 405712 0 8075 MAGMA DESIGN AUTOMATION NOTE 2.000% 5/1 559181AC6 1953 2000000 PRN OTHER 01 2000000 0 0 MCGRATH RENTCORP COM 580589109 145 6000 SH OTHER 01 6000 0 0 MCGRAW HILL COS INC COM 580645109 18265 512341 SH OTHER 510651 0 1690 MCGRAW HILL COS INC COM 580645109 31418 881306 SH OTHER 01 880406 0 900 MEDTRONIC INC COM 585055106 55100 1223628 SH OTHER 01 1222628 0 1000 MEDTRONIC INC COM 585055106 40402 897222 SH OTHER 894197 0 3025 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 946 960000 PRN OTHER 960000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 12750 12944000 PRN OTHER 01 12944000 0 0 MENTOR GRAPHICS CORP SDCV 6.250% 3/0 587200AF3 4429 4566000 PRN OTHER 01 4566000 0 0 MERCK & CO INC NEW COM 58933Y105 120 3213 SH OTHER 3213 0 0 MERCK & CO INC NEW COM 58933Y105 904 24195 SH OTHER 01 24195 0 0 MICROSOFT CORP COM 594918104 110 3741 SH OTHER 3741 0 0 MICROSOFT CORP COM 594918104 372 12710 SH OTHER 01 12710 0 0 MOLINA HEALTHCARE INC NOTE 3.750%10/0 60855RAA8 5920 6400000 PRN OTHER 01 6400000 0 0 NALCO HOLDING COMPANY COM 62985Q101 16770 689288 SH OTHER 686978 0 2310 NALCO HOLDING COMPANY COM 62985Q101 22902 941335 SH OTHER 01 940335 0 1000 NII HLDGS INC NOTE 2.750% 8/1 62913FAF9 2867 2825000 PRN OTHER 2825000 0 0 NII HLDGS INC NOTE 2.750% 8/1 62913FAF9 3730 3675000 PRN OTHER 01 3675000 0 0 NUVEEN CA DIV ADV MUNI FD 3 COM SH BEN INT 67070Y109 149 11720 PRN OTHER 01 0 0 11720 NUVEEN CA DIVIDEND ADV MUN F COM SHS 67066Y105 145 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 157 11350 PRN OTHER 01 0 0 11350 NUVEEN CALIF QUALITY INCM MU COM 670985100 145 10525 PRN OTHER 01 0 0 10525 NUVEEN INSD CALIF DIVID COM 67071M104 141 10100 PRN OTHER 01 0 0 10100 OCCIDENTAL PETE CORP DEL COM 674599105 20483 242287 SH OTHER 241437 0 850 OCCIDENTAL PETE CORP DEL COM 674599105 48943 578930 SH OTHER 01 578930 0 0 PENN VA CORP NOTE 4.500%11/1 707882AA4 940 1000000 PRN OTHER 01 1000000 0 0 PEPSICO INC COM 713448108 42 636 SH OTHER 636 0 0 PEPSICO INC COM 713448108 416 6285 SH OTHER 01 6285 0 0 PROCTER & GAMBLE CO COM 742718109 3393 53629 SH OTHER 52114 0 1515 PROCTER & GAMBLE CO COM 742718109 3810 60226 SH OTHER 01 60226 0 0 QUESTAR CORP COM 748356102 49623 1148682 SH OTHER 01 1148202 0 480 QUESTAR CORP COM 748356102 23810 551160 SH OTHER 548785 0 2375 REGIS CORP MINN NOTE 5.000% 7/1 758932AA5 2051 1500000 PRN OTHER 01 1500000 0 0 RENTECH INC NOTE 4.000% 4/1 760112AA0 864 1250000 PRN OTHER 01 1250000 0 0 REPUBLIC SVCS INC COM 760759100 34629 1193279 SH OTHER 1188462 0 4817 REPUBLIC SVCS INC COM 760759100 56469 1945853 SH OTHER 01 1945853 0 0 RICHARDSON ELECTRS LTD NOTE 7.750%12/1 763165AE7 2331 2331000 PRN OTHER 01 2331000 0 0 SAFEWAY INC COM NEW 786514208 43372 1744635 SH OTHER 1739335 0 5300 SAFEWAY INC COM NEW 786514208 59391 2389045 SH OTHER 01 2381915 0 7130 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 1023 49075 SH OTHER 49075 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 271 13000 SH OTHER 01 13000 0 0 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 15979 18500000 PRN OTHER 01 18500000 0 0 SAVVIS INC NOTE 3.000% 5/1 805423AA8 60 65000 PRN OTHER 65000 0 0 SAVVIS INC NOTE 3.000% 5/1 805423AA8 23717 25571000 PRN OTHER 01 25571000 0 0 SCHOOL SPECIALTY INC NOTE 3.750% 8/0 807863AE5 16431 16431000 PRN OTHER 01 16431000 0 0 SCHOOL SPECIALTY INC NOTE 3.750% 8/0 807863AE5 75 75000 PRN OTHER 75000 0 0 SCHOOL SPECIALTY INC SDCV 3.750%11/3 807863AL9 1903 2000000 PRN OTHER 01 2000000 0 0 SEMPRA ENERGY COM 816851109 26049 522020 SH OTHER 520270 0 1750 SEMPRA ENERGY COM 816851109 45523 912290 SH OTHER 01 910385 0 1905 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 20439 21235000 PRN OTHER 01 21235000 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 6139 7087000 PRN OTHER 01 7087000 0 0 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 7757 8655000 PRN OTHER 01 8655000 0 0 SUPERVALU INC NOTE 11/0 868536AP8 6155 18236000 PRN OTHER 01 18236000 0 0 SYMETRA FINL CORP COM 87151Q106 19877 1508130 SH OTHER 1502870 0 5260 SYMETRA FINL CORP COM 87151Q106 26883 2039660 SH OTHER 01 2039660 0 0 TELEFLEX INC COM 879369106 27103 423027 SH OTHER 01 423027 0 0 TELEFLEX INC COM 879369106 17827 278245 SH OTHER 276395 0 1850 THOMPSON CREEK METALS CO INC COM 884768102 203 15000 SH OTHER 01 0 0 15000 TRANSATLANTIC HLDGS INC COM 893521104 41038 777240 SH OTHER 775050 0 2190 TRANSATLANTIC HLDGS INC COM 893521104 48420 917040 SH OTHER 01 914615 0 2425 UNILEVER N V N Y SHS NEW 904784709 31863 1056455 SH OTHER 1051015 0 5440 UNILEVER N V N Y SHS NEW 904784709 62629 2076546 SH OTHER 01 2076546 0 0 UNION PAC CORP COM 907818108 220 3000 SH SOLE 3000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 250 3400 SH OTHER 01 3400 0 0 VALEANT PHARMACEUTICALS INTL COM 91911X104 68225 1589944 SH OTHER 01 1588999 0 945 VALEANT PHARMACEUTICALS INTL COM 91911X104 40547 944941 SH OTHER 941286 0 3655 VERISIGN INC COM 92343E102 29207 1122484 SH OTHER 1116449 0 6035 VERISIGN INC COM 92343E102 32956 1266589 SH OTHER 01 1262804 0 3785 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 10393 11500000 PRN OTHER 11500000 0 0 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 33850 37455000 PRN OTHER 01 37455000 0 0 WATERS CORP COM 941848103 15901 235430 SH OTHER 235430 0 0 WATERS CORP COM 941848103 15978 236570 SH OTHER 01 236570 0 0 WEBSENSE INC COM 947684106 58625 2574656 SH OTHER 01 2571761 0 2895 WEBSENSE INC COM 947684106 33092 1453308 SH OTHER 1448593 0 4715 WESCO INTL INC DBCV 2.625%10/1 95082PAE5 4034 3999000 PRN OTHER 01 3999000 0 0 WESCO INTL INC DBCV 2.625%10/1 95082PAE5 4351 4313000 PRN OTHER 4313000 0 0 WESCO INTL INC DBCV 6.000% 9/1 95082PAH8 470 323000 PRN OTHER 323000 0 0 WESCO INTL INC DBCV 6.000% 9/1 95082PAH8 2327 1599000 PRN OTHER 01 1599000 0 0 WILLIAMS COS INC DEL COM 969457100 28365 1227935 SH OTHER 1223970 0 3965 WILLIAMS COS INC DEL COM 969457100 41034 1776345 SH OTHER 01 1771560 0 4785 WILSON GREATBATCH TECHNOLOGI SDCV 2.250% 6/1 972232AB8 397 400000 PRN OTHER 01 400000 0 0 WILSON GREATBATCH TECHNOLOGI SDCV 2.250% 6/1 972232AB8 14744 14874000 PRN OTHER 14874000 0 0