13F-HR 1 ostm1q04.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, 2004 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: Doretta L. Dunegan Title: Director of Compliance Phone: 415-434-4441 Signature, Place, and Date of Signing: /s/ Doretta L. Dunegan San Francisco, CA May 12, 2004 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: 207 Form13F Information Table Value Total: $1,636,762 (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 952 11634 SH SOLE 01 11634 0 0 3M CO COM 88579Y101 908 11096 SH SOLE 11096 0 0 3M CO COM 88579Y101 1015 12400 SH OTHER 01 12400 0 0 ABBOTT LABS COM 002824100 1217 29600 SH SOLE 29600 0 0 ABBOTT LABS COM 002824100 116 2834 SH SOLE 01 2834 0 0 ADVANCED ENERGY INDS NOTE 5.000% 9/0 007973AC4 564 550000 PRN SOLE 01 550000 0 0 ADVANCED ENERGY INDS NOTE 5.250%11/1 007973AA8 3494 3485000 PRN SOLE 2155000 0 1330000 ADVANCED ENERGY INDS NOTE 5.250%11/1 007973AA8 2837 2830000 PRN SOLE 01 2830000 0 0 ADVANCED ENERGY INDS NOTE 5.000% 9/0 007973AC4 2268 2210000 PRN SOLE 1965000 0 245000 AETHER SYS INC NOTE 6.000% 3/2 00808VAA3 4309 4375000 PRN SOLE 4200000 0 175000 AETHER SYS INC NOTE 6.000% 3/2 00808VAA3 9348 9490000 PRN SOLE 01 9490000 0 0 AIRTRAN HLDGS INC COM 00949P108 9730 819000 SH SOLE 704300 0 114700 AIRTRAN HLDGS INC COM 00949P108 18390 1548000 SH SOLE 01 1548000 0 0 ALTRIA GROUP INC COM 02209S103 202 3710 SH SOLE 01 3710 0 0 AMDOCS LTD NOTE 2.000% 6/0 02342TAB5 458 460000 PRN SOLE 460000 0 0 AMDOCS LTD NOTE 2.000% 6/0 02342TAB5 120 120000 PRN SOLE 01 120000 0 0 AMERICAN INTL GROUP INC COM 026874107 9774 136984 SH SOLE 01 136984 0 0 AMERICAN INTL GROUP INC COM 026874107 2960 41485 SH SOLE 35985 0 5500 AMERICAN INTL GROUP INC COM 026874107 5211 73038 SH OTHER 01 73038 0 0 ANHEUSER BUSCH COS INC COM 035229103 4169 81746 SH SOLE 78146 0 3600 ANHEUSER BUSCH COS INC COM 035229103 7604 149100 SH SOLE 01 149100 0 0 ANTIGENICS INC DEL COM 037032109 261 24512 SH SOLE 24512 0 0 ANTIGENICS INC DEL COM 037032109 19 1750 SH SOLE 01 1750 0 0 ASPEN TECHNOLOGY INC SDCV 5.250% 6/1 045327AB9 739 750000 PRN SOLE 01 750000 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 336 8000 SH SOLE 8000 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 185 4395 SH SOLE 01 4395 0 0 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 510 510000 PRN SOLE 510000 0 0 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 2780 2780000 PRN SOLE 01 2780000 0 0 BAUSCH & LOMB INC COM 071707103 36240 604307 SH SOLE 01 604307 0 0 BAUSCH & LOMB INC COM 071707103 24281 404893 SH SOLE 327443 0 77450 BERKSHIRE HATHAWAY INC DEL CL A 084670108 467 5 SH SOLE 5 0 0 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 3427 3410000 PRN SOLE 01 3410000 0 0 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 2296 2285000 PRN SOLE 1480000 0 805000 BOWATER INC COM 102183100 6274 143800 SH SOLE 126850 0 16950 BOWATER INC COM 102183100 16966 388850 SH SOLE 01 388850 0 0 BP PLC SPONSORED ADR 055622104 168 3280 SH SOLE 01 3280 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 880 36328 SH SOLE 36328 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 638 26324 SH SOLE 01 26324 0 0 BUCKEYE PARTNERS L P UNIT LTD PARTN 118230101 160 3700 SH SOLE 01 3700 0 0 CALIFORNIA PIZZA KITCHEN INC COM 13054D109 6443 322125 SH SOLE 260475 0 61650 CALIFORNIA PIZZA KITCHEN INC COM 13054D109 5515 275725 SH SOLE 01 275725 0 0 CANDELA CORP COM 136907102 144 10494 SH SOLE 10494 0 0 CEDAR FAIR L P DEPOSITRY UNIT 150185106 663 18972 SH SOLE 01 18972 0 0 CHEVRONTEXACO CORP COM 166764100 527 6000 SH OTHER 01 6000 0 0 CHEVRONTEXACO CORP COM 166764100 838 9548 SH SOLE 01 9548 0 0 CHEVRONTEXACO CORP COM 166764100 363 4132 SH SOLE 3132 0 1000 CIT GROUP INC COM 125581108 3737 98200 SH SOLE 89000 0 9200 CIT GROUP INC COM 125581108 8460 222350 SH SOLE 01 222350 0 0 CITIGROUP INC COM 172967101 430 8313 SH SOLE 01 8313 0 0 CLOROX CO DEL COM 189054109 347 7100 SH SOLE 01 7100 0 0 COCA COLA CO COM 191216100 693 13780 SH SOLE 8980 0 4800 COCA COLA CO COM 191216100 405 8050 SH SOLE 01 8050 0 0 COLGATE PALMOLIVE CO COM 194162103 220 4000 SH SOLE 01 4000 0 0 COMMSCOPE INC NOTE 4.000%12/1 203372AB3 86 85000 PRN SOLE 85000 0 0 COMMSCOPE INC NOTE 4.000%12/1 203372AB3 1811 1780000 PRN SOLE 01 1780000 0 0 CROWN HOLDINGS INC COM 228368106 5325 571400 SH SOLE 01 571400 0 0 CROWN HOLDINGS INC COM 228368106 4536 486700 SH SOLE 448000 0 38700 DIAGEO P L C SPON ADR NEW 25243Q205 16427 310650 SH SOLE 251450 0 59200 DIAGEO P L C SPON ADR NEW 25243Q205 25993 491550 SH SOLE 01 491550 0 0 DISNEY WALT CO COM DISNEY 254687106 1359 54398 SH SOLE 34298 0 20100 DISNEY WALT CO COM DISNEY 254687106 449 17983 SH SOLE 01 17983 0 0 DOR BIOPHARMA INC COM 258094101 53 62814 SH SOLE 62814 0 0 DOW CHEM CO COM 260543103 360 8941 SH OTHER 01 8941 0 0 DOW CHEM CO COM 260543103 341 8460 SH SOLE 01 8460 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 225 5337 SH SOLE 01 5337 0 0 DURECT CORP COM 266605104 1919 566006 SH SOLE 552206 0 13800 DURECT CORP COM 266605104 2444 720900 SH SOLE 01 720900 0 0 E TRADE FINANCIAL CORP NOTE 6.000% 2/0 269246AB0 491 480000 PRN SOLE 465000 0 15000 E TRADE FINANCIAL CORP NOTE 6.000% 2/0 269246AB0 5057 4940000 PRN SOLE 01 4940000 0 0 ELECTRO SCIENTIFIC INDS NOTE 4.250%12/2 285229AC4 2239 2200000 PRN SOLE 01 2200000 0 0 EXTREME NETWORKS INC NOTE 3.500%12/0 30226DAB2 809 835000 PRN SOLE 420000 0 415000 EXTREME NETWORKS INC NOTE 3.500%12/0 30226DAB2 1293 1335000 PRN SOLE 01 1335000 0 0 EXXON MOBIL CORP COM 30231G102 1943 46728 SH SOLE 01 46728 0 0 EXXON MOBIL CORP COM 30231G102 1996 47985 SH SOLE 47985 0 0 FEI CO NOTE 5.500% 8/1 30241LAB5 2035 2000000 PRN SOLE 01 2000000 0 0 FIRST HEALTH GROUP CORP COM 320960107 6802 311150 SH SOLE 251650 0 59500 FIRST HEALTH GROUP CORP COM 320960107 12938 591850 SH SOLE 01 591850 0 0 FLEXTRONICS INTL LTD ORD Y2573F102 29539 1728450 SH SOLE 01 1728450 0 0 FLEXTRONICS INTL LTD ORD Y2573F102 19189 1122800 SH SOLE 908400 0 214400 FOREST LABS INC COM 345838106 25229 352266 SH SOLE 273541 0 78725 FOREST LABS INC COM 345838106 7168 100085 SH SOLE 01 100085 0 0 GATX CORP COM 361448103 28827 1300250 SH SOLE 01 1300250 0 0 GATX CORP COM 361448103 20140 908450 SH SOLE 746050 0 162400 GENERAL ELEC CO COM 369604103 1799 58938 SH SOLE 58938 0 0 GENERAL ELEC CO COM 369604103 220 7200 SH OTHER 01 7200 0 0 GENERAL ELEC CO COM 369604103 1557 51021 SH SOLE 01 51021 0 0 GENERAL MLS INC COM 370334104 219 4700 SH SOLE 4700 0 0 GLOBESPAN INC NOTE 5.250% 5/1 379571AB8 2270 2250000 PRN SOLE 01 2250000 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 44 390 SH SOLE 01 390 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 179 1600 SH SOLE 1600 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 18944 297400 SH SOLE 01 297400 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 18190 285550 SH SOLE 224950 0 60600 HARTFORD FINL SVCS GROUP INC COM 416515104 319 5000 SH OTHER 01 5000 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 264 3900 SH SOLE 01 3900 0 0 INTEL CORP COM 458140100 141 5169 SH SOLE 01 5169 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 430 4679 SH SOLE 01 4679 0 0 INVITROGEN CORP COM 46185R100 12280 171300 SH SOLE 140700 0 30600 INVITROGEN CORP COM 46185R100 29389 409950 SH SOLE 01 409950 0 0 INVITROGEN CORP NOTE 2.250%12/1 46185RAD2 270 250000 PRN SOLE 01 250000 0 0 ITT EDUCATIONAL SERVICES INC COM 45068B109 4122 132100 SH SOLE 01 132100 0 0 ITT EDUCATIONAL SERVICES INC COM 45068B109 3390 108650 SH SOLE 108650 0 0 JOHNSON & JOHNSON COM 478160104 2766 54540 SH SOLE 54540 0 0 JOHNSON & JOHNSON COM 478160104 3546 69909 SH SOLE 01 69909 0 0 JUNIPER NETWORKS INC NOTE 4.750% 3/1 48203RAA2 506 500000 PRN SOLE 01 500000 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 13861 307404 SH SOLE 01 307404 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 21387 474326 SH SOLE 390926 0 83400 KINDER MORGAN INC KANS COM 49455P101 34327 544706 SH SOLE 01 544706 0 0 KINDER MORGAN INC KANS COM 49455P101 12895 204619 SH SOLE 165369 0 39250 LABORATORY CORP AMER HLDGS COM NEW 50540R409 17254 439600 SH SOLE 352450 0 87150 LABORATORY CORP AMER HLDGS COM NEW 50540R409 30811 785000 SH SOLE 01 785000 0 0 LAIDLAW INTL INC COM 50730R102 26057 1790850 SH SOLE 1479150 0 311700 LAIDLAW INTL INC COM 50730R102 38922 2675050 SH SOLE 01 2675050 0 0 LAMAR ADVERTISING CO CL A 512815101 7790 193050 SH SOLE 179650 0 13400 LAMAR ADVERTISING CO CL A 512815101 12777 316650 SH SOLE 01 316650 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 4570 417316 SH SOLE 298116 0 119200 LIBERTY MEDIA CORP NEW COM SER A 530718105 7343 670580 SH SOLE 01 670580 0 0 LILLY ELI & CO COM 532457108 8240 123172 SH SOLE 106572 0 16600 LILLY ELI & CO COM 532457108 1849 27632 SH SOLE 01 27632 0 0 LOEWS CORP COM 540424108 218 3695 SH SOLE 3695 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 957 975000 PRN SOLE 01 975000 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 294 300000 PRN SOLE 300000 0 0 LUCENT TECHNOLOGIES INC SDCV 8.000% 8/0 549463AK3 2542 2125000 PRN SOLE 2125000 0 0 LUCENT TECHNOLOGIES INC SDCV 8.000% 8/0 549463AK3 6041 5050000 PRN SOLE 01 5050000 0 0 MANOR CARE INC NEW COM 564055101 31110 881550 SH SOLE 728500 0 153050 MANOR CARE INC NEW COM 564055101 40276 1141278 SH SOLE 01 1141278 0 0 MENTOR GRAPHICS CORP NOTE 6.875% 6/1 587200AB2 1011 900000 PRN SOLE 01 900000 0 0 MERCK & CO INC COM 589331107 1076 24346 SH SOLE 24346 0 0 MERCK & CO INC COM 589331107 1993 45100 SH SOLE 01 45100 0 0 MICROSOFT CORP COM 594918104 407 16308 SH SOLE 16308 0 0 MICROSOFT CORP COM 594918104 608 24370 SH SOLE 01 24370 0 0 MOTOROLA INC COM 620076109 12707 722000 SH SOLE 563500 0 158500 MOTOROLA INC COM 620076109 22066 1253750 SH SOLE 01 1253750 0 0 MOTOROLA INC EQTY UNIT 7% 620076208 923 19000 PRN SOLE 01 19000 0 0 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 787 750000 PRN SOLE 01 750000 0 0 NEWMONT MINING CORP COM 651639106 18827 403750 SH SOLE 319750 0 84000 NEWMONT MINING CORP COM 651639106 198 4250 SH OTHER 01 4250 0 0 NEWMONT MINING CORP COM 651639106 31706 679950 SH SOLE 01 679950 0 0 NEWPARK RES INC COM PAR $.01NEW 651718504 613 117895 SH SOLE 93895 0 24000 NEWPARK RES INC COM PAR $.01NEW 651718504 104 20000 SH OTHER 01 20000 0 0 NEWPARK RES INC COM PAR $.01NEW 651718504 2701 519400 SH SOLE 01 519400 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 889 875000 PRN SOLE 01 875000 0 0 NUEVO ENERGY CO COM 670509108 1687 51800 SH SOLE 44600 0 7200 NUEVO ENERGY CO COM 670509108 918 28200 SH SOLE 01 28200 0 0 OHIO CAS CORP NOTE 5.000% 3/1 677240AC7 1599 1500000 PRN SOLE 01 1500000 0 0 PEPSICO INC COM 713448108 3357 62341 SH SOLE 56791 0 5550 PEPSICO INC COM 713448108 19363 359582 SH SOLE 01 359582 0 0 PFIZER INC COM 717081103 98 2800 SH SOLE 2800 0 0 PFIZER INC COM 717081103 1304 37197 SH SOLE 01 37197 0 0 PLAINS EXPL& PRODTN CO COM 726505100 12876 690750 SH SOLE 553650 0 137100 PLAINS EXPL& PRODTN CO COM 726505100 20881 1120250 SH SOLE 01 1120250 0 0 PMC-SIERRA INC NOTE 3.750% 8/1 69344FAB2 875 880000 PRN SOLE 01 880000 0 0 PREMIERE TECHNOLOGIES INC NOTE 5.750% 7/0 74058FAC6 1985 2000000 PRN SOLE 01 2000000 0 0 PROCTER & GAMBLE CO COM 742718109 8049 76742 SH SOLE 01 76742 0 0 PROCTER & GAMBLE CO COM 742718109 8385 79953 SH SOLE 55853 0 24100 PROVINCE HEALTHCARE CO NOTE 4.500%11/2 743977AC4 1869 1860000 PRN SOLE 1860000 0 0 PROVINCE HEALTHCARE CO NOTE 4.500%11/2 743977AC4 2322 2310000 PRN SOLE 01 2310000 0 0 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 10 10780 SH SOLE 10780 0 0 REGAL ENTMT GROUP CL A 758766109 16783 763575 SH SOLE 632275 0 131300 REGAL ENTMT GROUP CL A 758766109 27977 1272825 SH SOLE 01 1272825 0 0 RF MICRODEVICES INC NOTE 3.750% 8/1 749941AB6 634 635000 PRN SOLE 635000 0 0 RF MICRODEVICES INC NOTE 3.750% 8/1 749941AB6 494 495000 PRN SOLE 01 495000 0 0 RF MICRODEVICES INC NOTE 1.500% 7/0 749941AE0 541 400000 PRN SOLE 01 400000 0 0 ROBBINS & MYERS INC NOTE 8.000% 1/3 770196AB9 299 284000 PRN SOLE 01 284000 0 0 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 1129 23726 SH SOLE 23726 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 8736 435078 SH SOLE 300528 0 134550 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 3744 186456 SH SOLE 01 186456 0 0 SCHERING PLOUGH CORP COM 806605101 266 16400 SH SOLE 01 16400 0 0 SCHLUMBERGER LTD COM 806857108 12093 189400 SH SOLE 157800 0 31600 SCHLUMBERGER LTD COM 806857108 33103 518450 SH SOLE 01 518450 0 0 SERVICEMASTER CO COM 81760N109 17508 1457751 SH SOLE 1229843 0 227908 SERVICEMASTER CO COM 81760N109 34751 2893534 SH SOLE 01 2893534 0 0 STATE STR CORP COM 857477103 156 3000 SH SOLE 01 3000 0 0 STATION CASINOS INC COM 857689103 42640 965350 SH SOLE 785100 0 180250 STATION CASINOS INC COM 857689103 59572 1348700 SH SOLE 01 1348700 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 245 7250 SH OTHER 01 7250 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 5232 154600 SH SOLE 01 154600 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 8162 241200 SH SOLE 176950 0 64250 TARGET CORP COM 87612E106 248 5500 SH SOLE 01 5500 0 0 TORCHMARK CORP COM 891027104 8846 164450 SH SOLE 122850 0 41600 TORCHMARK CORP COM 891027104 26637 495200 SH SOLE 01 495200 0 0 TOYS R US INC COM 892335100 27503 1637100 SH SOLE 1342850 0 294250 TOYS R US INC COM 892335100 218 13000 SH OTHER 01 13000 0 0 TOYS R US INC COM 892335100 42195 2511600 SH SOLE 01 2511600 0 0 TRANSMONTAIGNE INC COM 893934109 82 13400 SH OTHER 01 13400 0 0 TRIBUNE CO NEW COM 896047107 121 2400 SH SOLE 01 2400 0 0 TRIBUNE CO NEW COM 896047107 240 4750 SH SOLE 4750 0 0 TRIQUINT SEMICONDUCTOR INC NOTE 4.000% 3/0 89674KAB9 613 615000 PRN SOLE 315000 0 300000 TRIQUINT SEMICONDUCTOR INC NOTE 4.000% 3/0 89674KAB9 3233 3245000 PRN SOLE 01 3245000 0 0 UNION PAC CORP COM 907818108 188 3145 SH SOLE 3145 0 0 UNION PAC CORP COM 907818108 29 493 SH SOLE 01 493 0 0 UNITED TECHNOLOGIES CORP COM 913017109 328 3800 SH SOLE 01 3800 0 0 UNITEDGLOBALCOM CL A 913247508 22016 2593184 SH SOLE 2136690 0 456494 UNITEDGLOBALCOM CL A 913247508 28746 3385905 SH SOLE 01 3385905 0 0 VIACOM INC CL B 925524308 15857 404419 SH SOLE 335621 0 68798 VIACOM INC CL B 925524308 8349 212931 SH SOLE 01 212931 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 31433 1315200 SH SOLE 01 1315200 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 21008 879000 SH SOLE 724300 0 154700 WALGREEN CO COM 931422109 330 10000 SH SOLE 10000 0 0 WALGREEN CO COM 931422109 70 2134 SH SOLE 01 2134 0 0 WELLS FARGO & CO NEW COM 949746101 18397 324626 SH SOLE 282426 0 42200 WELLS FARGO & CO NEW COM 949746101 25017 441454 SH SOLE 01 441454 0 0 WESTERN GAS RES INC COM 958259103 5734 112754 SH SOLE 110754 0 2000 WESTERN GAS RES INC COM 958259103 12878 253246 SH SOLE 01 253246 0 0 WESTWOOD ONE INC COM 961815107 8168 277351 SH SOLE 237017 0 40334 WESTWOOD ONE INC COM 961815107 9030 306620 SH SOLE 01 306620 0 0 WYETH COM 983024100 2794 74412 SH SOLE 67912 0 6500 WYETH COM 983024100 1748 46550 SH SOLE 01 46550 0 0