13F-HR 1 ostm4q07.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, 2007 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 04, 2008 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: 184 Form13F Information Table Value Total: $2,286,363 (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 2088 24754 SH OTHER 01 24754 0 0 3M CO COM 88579Y101 805 9550 SH OTHER 9550 0 0 ABBOTT LABS COM 002824100 1572 28000 SH OTHER 28000 0 0 ABBOTT LABS COM 002824100 603 10733 SH OTHER 01 10733 0 0 ACE LTD ORD G0070K103 346 5600 SH OTHER 01 5600 0 0 ADAPTEC INC NOTE 0.750%12/2 00651FAG3 4860 5150000 PRN OTHER 01 5150000 0 0 ADVENT SOFTWARE INC COM 007974108 246 4550 SH OTHER 01 4550 0 0 AFLAC INC COM 001055102 395 6300 SH OTHER 01 6300 0 0 ALTRIA GROUP INC COM 02209S103 308 4075 SH OTHER 4075 0 0 ALTRIA GROUP INC COM 02209S103 263 3483 SH OTHER 01 3483 0 0 AMERICAN EXPRESS CO COM 025816109 329 6325 SH OTHER 6325 0 0 AMERICAN EXPRESS CO COM 025816109 146 2800 SH OTHER 01 2800 0 0 AMERICAN INTL GROUP INC COM 026874107 33991 583045 SH OTHER 01 582988 0 57 AMERICAN INTL GROUP INC COM 026874107 2539 43550 SH OTHER 43550 0 0 ANADARKO PETE CORP COM 032511107 504 7675 SH OTHER 01 7675 0 0 ANHEUSER BUSCH COS INC COM 035229103 15133 289125 SH OTHER 287150 0 1975 ANHEUSER BUSCH COS INC COM 035229103 27844 531975 SH OTHER 01 531975 0 0 ANNALY CAP MGMT INC COM 035710409 36274 1995253 SH OTHER 1983253 0 12000 ANNALY CAP MGMT INC COM 035710409 69018 3796414 SH OTHER 01 3783414 0 13000 ANWORTH MORTGAGE ASSET CP COM 037347101 165 20000 SH OTHER 01 0 0 20000 APTARGROUP INC COM 038336103 514 12572 SH OTHER 01 12572 0 0 ARES CAP CORP COM 04010L103 19018 1299949 SH OTHER 01 1287713 0 12236 ARES CAP CORP COM 04010L103 8318 568582 SH OTHER 568582 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 78 1750 SH OTHER 01 1750 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 267 6000 SH OTHER 6000 0 0 BARE ESCENTUALS INC COM 067511105 942 38827 SH OTHER 38827 0 0 BARE ESCENTUALS INC COM 067511105 238 9794 SH OTHER 01 0 0 9794 BASIN WTR INC COM 07011T306 268 32440 SH SOLE 32440 0 0 BECTON DICKINSON & CO COM 075887109 376 4500 SH OTHER 01 4500 0 0 BERKLEY W R CORP COM 084423102 317 10630 SH OTHER 01 10630 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 708 5 SH SOLE 5 0 0 BOYD GAMING CORP COM 103304101 8369 245640 SH OTHER 244290 0 1350 BOYD GAMING CORP COM 103304101 16682 489651 SH OTHER 01 485651 0 4000 BP PLC SPONSORED ADR 055622104 284 3880 SH OTHER 01 3880 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 939 35395 SH OTHER 35395 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 460 17340 SH OTHER 01 17340 0 0 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 29914 807824 SH OTHER 802474 0 5350 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 27185 734118 SH OTHER 01 724618 0 9500 CANADIAN NAT RES LTD COM 136385101 329 4500 SH OTHER 01 4500 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 6396 667692 SH OTHER 667692 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 6001 626408 SH OTHER 01 626408 0 0 CBS CORP NEW CL B 124857202 2557 93846 SH OTHER 93846 0 0 CBS CORP NEW CL B 124857202 1879 68967 SH OTHER 01 68967 0 0 CHARLES RIV LABS INTL INC COM 159864107 22640 344067 SH OTHER 340617 0 3450 CHARLES RIV LABS INTL INC COM 159864107 62167 944783 SH OTHER 01 944783 0 0 CHEVRON CORP NEW COM 166764100 722 7739 SH OTHER 7739 0 0 CHEVRON CORP NEW COM 166764100 3444 36900 SH OTHER 01 36900 0 0 CLOROX CO DEL COM 189054109 600 9200 SH OTHER 01 9200 0 0 COCA COLA CO COM 191216100 527 8580 SH OTHER 8580 0 0 COCA COLA CO COM 191216100 748 12190 SH OTHER 01 12190 0 0 COLLEGIATE PACIFIC INC NOTE 5.750%12/0 194589AB3 2123 2250000 PRN OTHER 01 2250000 0 0 CONOCOPHILLIPS COM 20825C104 881 9972 SH OTHER 01 9972 0 0 CREDENCE SYS CORP NOTE 1.500% 5/1 225302AF5 946 1000000 PRN OTHER 01 1000000 0 0 CROWN CASTLE INTL CORP COM 228227104 12234 294095 SH OTHER 294095 0 0 CROWN CASTLE INTL CORP COM 228227104 31169 749270 SH OTHER 01 728257 0 21013 CROWN HOLDINGS INC COM 228368106 82123 3201686 SH OTHER 01 3199686 0 2000 CROWN HOLDINGS INC COM 228368106 41861 1632000 SH OTHER 1622200 0 9800 DENBURY RES INC COM NEW 247916208 315 10600 SH OTHER 01 10600 0 0 DEVON ENERGY CORP NEW COM 25179M103 576 6484 SH OTHER 01 6484 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 26587 309766 SH OTHER 307266 0 2500 DIAGEO P L C SPON ADR NEW 25243Q205 41543 484017 SH OTHER 01 484017 0 0 DISNEY WALT CO COM DISNEY 254687106 255 7900 SH OTHER 01 7900 0 0 DOW CHEM CO COM 260543103 681 17285 SH OTHER 01 17285 0 0 DURECT CORP COM 266605104 1656 257606 SH OTHER 257606 0 0 DURECT CORP COM 266605104 3845 598060 SH OTHER 01 280452 0 317608 DYNEX CAP INC COM NEW 26817Q506 153 17225 SH OTHER 01 0 0 17225 DYNEX CAP INC PFD D 9.50% 26817Q605 296 29327 PRN OTHER 01 0 0 29327 EDISON INTL COM 281020107 252 4722 SH OTHER 01 4722 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 29378 921511 SH OTHER 914936 0 6575 ENTERPRISE PRODS PARTNERS L COM 293792107 27415 859930 SH OTHER 01 838130 0 21800 EOG RES INC COM 26875P101 219 2450 SH OTHER 01 2450 0 0 EXXON MOBIL CORP COM 30231G102 3862 41216 SH OTHER 41216 0 0 EXXON MOBIL CORP COM 30231G102 6322 67484 SH OTHER 01 66984 0 500 FEI CO NOTE 5.500% 8/1 30241LAB5 509 513000 PRN OTHER 01 513000 0 0 FISERV INC COM 337738108 12940 233200 SH OTHER 231275 0 1925 FISERV INC COM 337738108 36279 653800 SH OTHER 01 653800 0 0 FOREST OIL CORP COM PAR $0.01 346091705 31862 626710 SH OTHER 623185 0 3525 FOREST OIL CORP COM PAR $0.01 346091705 59420 1168765 SH OTHER 01 1162765 0 6000 FRANKLIN RES INC COM 354613101 1030 9000 SH OTHER 01 9000 0 0 GENERAL ELECTRIC CO COM 369604103 1429 38559 SH OTHER 38559 0 0 GENERAL ELECTRIC CO COM 369604103 2813 75901 SH OTHER 01 75901 0 0 GENWORTH FINL INC COM CL A 37247D106 53193 2090080 SH OTHER 01 2090080 0 0 GENWORTH FINL INC COM CL A 37247D106 24994 982072 SH OTHER 982072 0 0 HANOVER COMPRESSOR CO NOTE 4.750% 3/1 410768AC9 1274 1290000 PRN OTHER 1290000 0 0 HANOVER COMPRESSOR CO NOTE 4.750% 3/1 410768AC9 7614 7710000 PRN OTHER 01 7710000 0 0 HEALTHSOUTH CORP COM NEW 421924309 28286 1346966 SH OTHER 1346966 0 0 HEALTHSOUTH CORP COM NEW 421924309 55175 2627366 SH OTHER 01 2624366 0 3000 HEWLETT PACKARD CO COM 428236103 232 4599 SH OTHER 01 4599 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 311 6700 SH OTHER 01 6700 0 0 INTEL CORP COM 458140100 489 18325 SH OTHER 01 18325 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 359 3324 SH OTHER 01 3324 0 0 INVITROGEN CORP COM 46185R100 26811 287021 SH OTHER 01 287021 0 0 INVITROGEN CORP COM 46185R100 16066 171999 SH OTHER 170949 0 1050 ITC HLDGS CORP COM 465685105 22580 400213 SH OTHER 395413 0 4800 ITC HLDGS CORP COM 465685105 28181 499487 SH OTHER 01 499487 0 0 JETBLUE AWYS CORP NOTE 3.500% 7/1 477143AB7 836 855000 PRN OTHER 855000 0 0 JETBLUE AWYS CORP NOTE 3.500% 7/1 477143AB7 10137 10370000 PRN OTHER 01 10370000 0 0 JOHNSON & JOHNSON COM 478160104 28238 423351 SH OTHER 422051 0 1300 JOHNSON & JOHNSON COM 478160104 55481 831800 SH OTHER 01 831800 0 0 LIBERTY GLOBAL INC COM SER C 530555309 14828 405247 SH OTHER 01 404890 0 357 LIBERTY GLOBAL INC COM SER A 530555101 18371 468762 SH OTHER 466774 0 1988 LIBERTY GLOBAL INC COM SER A 530555101 38358 978770 SH OTHER 01 978413 0 357 LIBERTY GLOBAL INC COM SER C 530555309 6619 180905 SH OTHER 178917 0 1988 LILLY ELI & CO COM 532457108 5529 103567 SH OTHER 102517 0 1050 LILLY ELI & CO COM 532457108 1049 19654 SH OTHER 01 19654 0 0 LIN TELEVISION CORP SDEB 2.500% 5/1 532776AL5 3930 4000000 PRN OTHER 01 4000000 0 0 LITHIA MTRS INC NOTE 2.875% 5/0 536797AB9 515 575000 PRN OTHER 575000 0 0 LITHIA MTRS INC NOTE 2.875% 5/0 536797AB9 6053 6763000 PRN OTHER 01 6763000 0 0 LOEWS CORP COM 540424108 320 6355 SH SOLE 6355 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 27998 1044685 SH OTHER 1038385 0 6300 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 26224 978515 SH OTHER 01 978515 0 0 MCGRAW HILL COS INC COM 580645109 23999 547800 SH OTHER 544750 0 3050 MCGRAW HILL COS INC COM 580645109 52640 1201559 SH OTHER 01 1199159 0 2400 MEDTRONIC INC COM 585055106 19014 378233 SH OTHER 01 378233 0 0 MEDTRONIC INC COM 585055106 8296 165033 SH OTHER 163958 0 1075 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 5264 5203000 PRN OTHER 01 5203000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 683 675000 PRN OTHER 675000 0 0 MERCK & CO INC COM 589331107 1033 17776 SH OTHER 17776 0 0 MERCK & CO INC COM 589331107 1424 24502 SH OTHER 01 24502 0 0 MFA MTG INVTS INC COM 55272X102 139 15000 SH OTHER 01 0 0 15000 MICROSOFT CORP COM 594918104 448 12577 SH OTHER 12577 0 0 MICROSOFT CORP COM 594918104 1168 32815 SH OTHER 01 32815 0 0 NESS TECHNOLOGIES INC COM 64104X108 8927 967149 SH OTHER 967149 0 0 NESS TECHNOLOGIES INC COM 64104X108 21635 2344026 SH OTHER 01 2344026 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 2865 2920000 PRN OTHER 01 2920000 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 270 275000 PRN OTHER 275000 0 0 NOVADEL PHARMA INC COM 66986X106 11 47619 SH SOLE 47619 0 0 NOVARTIS A G SPONSORED ADR 66987V109 28600 526600 SH OTHER 01 526600 0 0 NOVARTIS A G SPONSORED ADR 66987V109 1283 23625 SH OTHER 23625 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 380 4931 SH OTHER 01 4931 0 0 OMNICARE CAP TR II PFD B TR 4.00% 68214Q200 2079 58000 PRN OTHER 01 58000 0 0 OMNICARE INC COM 681904108 9513 417034 SH OTHER 417034 0 0 OMNICARE INC COM 681904108 17671 774691 SH OTHER 01 769691 0 5000 PEPSICO INC COM 713448108 2927 38566 SH OTHER 38566 0 0 PEPSICO INC COM 713448108 22339 294323 SH OTHER 01 294167 0 156 PETROCHINA CO LTD SPONSORED ADR 71646E100 351 2000 SH OTHER 01 2000 0 0 PFIZER INC COM 717081103 490 21548 SH OTHER 01 21548 0 0 PROCTER & GAMBLE CO COM 742718109 9529 129782 SH OTHER 127182 0 2600 PROCTER & GAMBLE CO COM 742718109 12016 163667 SH OTHER 01 163667 0 0 QLT INC NOTE 3.000% 9/1 746927AB8 314 325000 PRN OTHER 325000 0 0 QLT INC NOTE 3.000% 9/1 746927AB8 6555 6775000 PRN OTHER 01 6775000 0 0 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 62 10780 SH SOLE 10780 0 0 R H DONNELLEY CORP COM NEW 74955W307 19419 532331 SH OTHER 532331 0 0 R H DONNELLEY CORP COM NEW 74955W307 41997 1151225 SH OTHER 01 1150380 0 845 REPUBLIC SVCS INC COM 760759100 16192 516494 SH OTHER 510982 0 5512 REPUBLIC SVCS INC COM 760759100 44780 1428376 SH OTHER 01 1428376 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1890 22451 SH OTHER 22451 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 286 3392 SH OTHER 01 3392 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 7921 237430 SH OTHER 237430 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 4204 126014 SH OTHER 01 126014 0 0 SCHERING PLOUGH CORP COM 806605101 599 22475 SH OTHER 01 22475 0 0 SCHLUMBERGER LTD COM 806857108 12882 130951 SH OTHER 130951 0 0 SCHLUMBERGER LTD COM 806857108 20899 212451 SH OTHER 01 212451 0 0 SOUTHERN UN CO NEW COM 844030106 30834 1050194 SH OTHER 1043994 0 6200 SOUTHERN UN CO NEW COM 844030106 58704 1999455 SH OTHER 01 1989805 0 9650 SPDR TR UNIT SER 1 78462F103 2127 14550 PRN OTHER 01 14550 0 0 STANDARD MTR PRODS INC SDCV 6.750% 7/1 853666AB1 42 44000 PRN OTHER 01 44000 0 0 STATE STR CORP COM 857477103 219 2700 SH OTHER 01 2700 0 0 SUNCOR ENERGY INC COM 867229106 270 2480 SH OTHER 01 2480 0 0 TARGET CORP COM 87612E106 374 7470 SH OTHER 01 7470 0 0 TESORO CORP COM 881609101 477 10000 SH OTHER 01 10000 0 0 TIME WARNER INC COM 887317105 44443 2691875 SH OTHER 01 2691875 0 0 TIME WARNER INC COM 887317105 19547 1183950 SH OTHER 1183950 0 0 ULTRAPETROL BAHAMAS LTD COM P94398107 442 26000 SH OTHER 01 7000 0 19000 UNITED TECHNOLOGIES CORP COM 913017109 559 7300 SH OTHER 01 7300 0 0 VALEANT PHARMACEUTICALS INTL COM 91911X104 18944 1582610 SH OTHER 1582610 0 0 VALEANT PHARMACEUTICALS INTL COM 91911X104 37573 3138924 SH OTHER 01 3138924 0 0 VERIFONE HLDGS INC COM 92342Y109 9241 397450 SH OTHER 394925 0 2525 VERIFONE HLDGS INC COM 92342Y109 20420 878283 SH OTHER 01 872975 0 5308 VERISIGN INC COM 92343E102 37164 988135 SH OTHER 982885 0 5250 VERISIGN INC COM 92343E102 71175 1892440 SH OTHER 01 1876440 0 16000 VIACOM INC NEW CL B 92553P201 4044 92072 SH OTHER 92072 0 0 VIACOM INC NEW CL B 92553P201 2381 54211 SH OTHER 01 54211 0 0 WABASH NATL CORP NOTE 3.250% 8/0 929566AD9 9649 9922000 PRN OTHER 01 9922000 0 0 WABASH NATL CORP NOTE 3.250% 8/0 929566AD9 841 865000 PRN OTHER 865000 0 0 WALGREEN CO COM 931422109 381 10000 SH OTHER 10000 0 0 WALGREEN CO COM 931422109 291 7634 SH OTHER 01 7634 0 0 WASTE MGMT INC DEL COM 94106L109 8849 270850 SH OTHER 270850 0 0 WASTE MGMT INC DEL COM 94106L109 12243 374750 SH OTHER 01 374750 0 0 WEBSENSE INC COM 947684106 20872 1229218 SH OTHER 1223018 0 6200 WEBSENSE INC COM 947684106 49202 2897630 SH OTHER 01 2888112 0 9518 WILLIAMS COS INC DEL COM 969457100 358 10000 SH OTHER 01 0 0 10000 WORKSTREAM INC COM 981402100 143 157069 SH OTHER 01 0 0 157069 WYETH COM 983024100 219 4950 SH OTHER 01 4950 0 0