13F-HR 1 ostm4q03.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, 2003 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 February 09, 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: 199 Form13F Information Table Value Total: $1,441,890 (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 1012 11896 SH SOLE 11896 0 0 3M CO COM 88579Y101 1054 12400 SH OTHER 01 12400 0 0 3M CO COM 88579Y101 1185 13934 SH SOLE 01 13934 0 0 ABBOTT LABS COM 002824100 1426 30600 SH SOLE 30600 0 0 ABBOTT LABS COM 002824100 99 2134 SH SOLE 01 2134 0 0 ADVANCED ENERGY INDS NOTE 5.250%11/1 007973AA8 5829 5715000 PRN SOLE 4190000 0 1525000 ADVANCED ENERGY INDS NOTE 5.000% 9/0 007973AC4 635 565000 PRN SOLE 01 565000 0 0 ADVANCED ENERGY INDS NOTE 5.250%11/1 007973AA8 4371 4285000 PRN SOLE 01 4285000 0 0 ADVANCED ENERGY INDS NOTE 5.000% 9/0 007973AC4 2708 2410000 PRN SOLE 2165000 0 245000 AETHER SYS INC NOTE 6.000% 3/2 00808VAA3 13726 13970000 PRN SOLE 01 13970000 0 0 AETHER SYS INC NOTE 6.000% 3/2 00808VAA3 12232 12450000 PRN SOLE 10915000 0 1535000 AFFYMETRIX INC NOTE 4.750% 2/1 00826TAD0 3810 3810000 PRN SOLE 3810000 0 0 AFFYMETRIX INC NOTE 5.000%10/0 00826TAB4 264 260000 PRN SOLE 260000 0 0 AFFYMETRIX INC NOTE 5.000%10/0 00826TAB4 919 905000 PRN SOLE 01 905000 0 0 AFFYMETRIX INC NOTE 4.750% 2/1 00826TAD0 2915 2915000 PRN SOLE 01 2915000 0 0 ALTRIA GROUP INC COM 02209S103 596 10960 SH SOLE 01 10960 0 0 ALTRIA GROUP INC COM 02209S103 247 4530 SH SOLE 4530 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 EXPRESS CO COM 025816109 415 8600 SH SOLE 8600 0 0 AMERICAN EXPRESS CO COM 025816109 14 300 SH SOLE 01 300 0 0 AMERICAN INTL GROUP INC COM 026874107 3212 48463 SH SOLE 42963 0 5500 AMERICAN INTL GROUP INC COM 026874107 8989 135627 SH SOLE 01 135627 0 0 AMERICAN INTL GROUP INC COM 026874107 5385 81253 SH OTHER 01 81253 0 0 ANHEUSER BUSCH COS INC COM 035229103 4622 87746 SH SOLE 84146 0 3600 ANHEUSER BUSCH COS INC COM 035229103 7955 151000 SH SOLE 01 151000 0 0 ANTIGENICS INC DEL COM 037032109 39 3450 SH SOLE 01 3450 0 0 ANTIGENICS INC DEL COM 037032109 278 24512 SH SOLE 24512 0 0 ASPEN TECHNOLOGY INC SDCV 5.250% 6/1 045327AB9 490 500000 PRN SOLE 01 500000 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 475 12000 SH SOLE 12000 0 0 AVIRON NOTE 5.250% 2/0 053762AD2 1294 1250000 PRN SOLE 01 1250000 0 0 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 1968 2055000 PRN SOLE 2055000 0 0 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 3907 4080000 PRN SOLE 01 4080000 0 0 BAUSCH & LOMB INC COM 071707103 37202 716807 SH SOLE 01 716807 0 0 BAUSCH & LOMB INC COM 071707103 21709 418293 SH SOLE 340843 0 77450 BERKSHIRE HATHAWAY INC DEL CL A 084670108 421 5 SH SOLE 5 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 421 5 SH SOLE 01 5 0 0 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 2675 2695000 PRN SOLE 1890000 0 805000 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 3280 3305000 PRN SOLE 01 3305000 0 0 BOWATER INC COM 102183100 18123 391350 SH SOLE 01 391350 0 0 BOWATER INC COM 102183100 7030 151800 SH SOLE 134850 0 16950 BRISTOL MYERS SQUIBB CO COM 110122108 761 26624 SH SOLE 01 26624 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 1113 38928 SH SOLE 38928 0 0 CALIFORNIA PIZZA KITCHEN INC COM 13054D109 6744 335025 SH SOLE 273375 0 61650 CALIFORNIA PIZZA KITCHEN INC COM 13054D109 5411 268825 SH SOLE 01 268825 0 0 CEDAR FAIR L P DEPOSITRY UNIT 150185106 583 18972 SH SOLE 01 18972 0 0 CHEVRONTEXACO CORP COM 166764100 457 5292 SH SOLE 4292 0 1000 CHEVRONTEXACO CORP COM 166764100 725 8388 SH SOLE 01 8388 0 0 CHEVRONTEXACO CORP COM 166764100 518 6000 SH OTHER 01 6000 0 0 CIT GROUP INC COM 125581108 23973 666850 SH SOLE 542750 0 124100 CIT GROUP INC COM 125581108 38736 1077500 SH SOLE 01 1077500 0 0 CITIGROUP INC COM 172967101 404 8313 SH SOLE 01 8313 0 0 CLOROX CO DEL COM 189054109 340 7000 SH SOLE 01 7000 0 0 COCA COLA CO COM 191216100 260 5130 SH SOLE 01 5130 0 0 COCA COLA CO COM 191216100 903 17800 SH SOLE 13000 0 4800 COLGATE PALMOLIVE CO COM 194162103 200 4000 SH SOLE 01 4000 0 0 COMMSCOPE INC NOTE 4.000%12/1 203372AB3 2116 2210000 PRN SOLE 01 2210000 0 0 COMMSCOPE INC NOTE 4.000%12/1 203372AB3 1393 1455000 PRN SOLE 1150000 0 305000 DIAGEO P L C SPON ADR NEW 25243Q205 22035 416850 SH SOLE 01 416850 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 11981 226650 SH SOLE 181800 0 44850 DISNEY WALT CO COM DISNEY 254687106 1618 69335 SH SOLE 49235 0 20100 DISNEY WALT CO COM DISNEY 254687106 382 16383 SH SOLE 01 16383 0 0 DOR BIOPHARMA INC COM 258094101 49 62814 SH SOLE 62814 0 0 DOW CHEM CO COM 260543103 537 12925 SH SOLE 01 12925 0 0 DOW CHEM CO COM 260543103 372 8941 SH OTHER 01 8941 0 0 DOW CHEM CO COM 260543103 119 2871 SH SOLE 2871 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 161 3500 SH SOLE 3500 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 447 9737 SH SOLE 01 9737 0 0 DURECT CORP COM 266605104 1415 566006 SH SOLE 552206 0 13800 DURECT CORP COM 266605104 1811 724200 SH SOLE 01 724200 0 0 E TRADE FINANCIAL CORP NOTE 6.000% 2/0 269246AB0 3701 3620000 PRN SOLE 01 3620000 0 0 E TRADE FINANCIAL CORP NOTE 6.000% 2/0 269246AB0 1196 1170000 PRN SOLE 1095000 0 75000 ELECTRO SCIENTIFIC INDS NOTE 4.250%12/2 285229AC4 682 700000 PRN SOLE 01 700000 0 0 EXTREME NETWORKS INC NOTE 3.500%12/0 30226DAB2 3990 4195000 PRN SOLE 01 4195000 0 0 EXTREME NETWORKS INC NOTE 3.500%12/0 30226DAB2 1717 1805000 PRN SOLE 1035000 0 770000 EXXON MOBIL CORP COM 30231G102 1748 42636 SH SOLE 01 42636 0 0 EXXON MOBIL CORP COM 30231G102 2287 55788 SH SOLE 55788 0 0 FOREST LABS INC COM 345838106 25200 407766 SH SOLE 313141 0 94625 FOREST LABS INC COM 345838106 7035 113835 SH SOLE 01 113835 0 0 GENERAL ELEC CO COM 369604103 2303 74338 SH SOLE 74338 0 0 GENERAL ELEC CO COM 369604103 223 7200 SH OTHER 01 7200 0 0 GENERAL ELEC CO COM 369604103 1652 53311 SH SOLE 01 53311 0 0 GENERAL MLS INC COM 370334104 290 6400 SH SOLE 6400 0 0 GLOBESPAN INC NOTE 5.250% 5/1 379571AB8 1990 2000000 PRN SOLE 01 2000000 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 206 2000 SH SOLE 2000 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 40 390 SH SOLE 01 390 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 18949 321000 SH SOLE 260400 0 60600 HARTFORD FINL SVCS GROUP INC COM 416515104 295 5000 SH OTHER 01 5000 0 0 HARTFORD FINL SVCS GROUP INC COM 416515104 25867 438200 SH SOLE 01 438200 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 265 3900 SH SOLE 01 3900 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 434 4679 SH SOLE 01 4679 0 0 INTEVAC INC NOTE 6.500% 3/0 461148AC2 645 645000 PRN SOLE 01 645000 0 0 INVITROGEN CORP NOTE 2.250%12/1 46185RAD2 263 250000 PRN SOLE 01 250000 0 0 INVITROGEN CORP COM 46185R100 29149 416950 SH SOLE 01 416950 0 0 INVITROGEN CORP COM 46185R100 12570 179800 SH SOLE 149200 0 30600 JOHNSON & JOHNSON COM 478160104 2874 55640 SH SOLE 55640 0 0 JOHNSON & JOHNSON COM 478160104 3684 71309 SH SOLE 01 71309 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 13385 271666 SH SOLE 01 271666 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 23528 477538 SH SOLE 394138 0 83400 KINDER MORGAN INC KANS COM 49455P101 13068 221119 SH SOLE 181869 0 39250 KINDER MORGAN INC KANS COM 49455P101 33844 572656 SH SOLE 01 572656 0 0 KINDER MORGAN MANAGEMENT LLC SHS 49455U100 309 7200 SH SOLE 01 7200 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 16615 449650 SH SOLE 362700 0 86950 LABORATORY CORP AMER HLDGS COM NEW 50540R409 28945 783350 SH SOLE 01 783350 0 0 LAMAR ADVERTISING CO CL A 512815101 7820 209550 SH SOLE 196150 0 13400 LAMAR ADVERTISING CO CL A 512815101 11399 305450 SH SOLE 01 305450 0 0 LAYNE CHRISTENSEN CO COM 521050104 621 52300 SH SOLE 01 52300 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 6647 559080 SH SOLE 01 559080 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 3452 290316 SH SOLE 290316 0 0 LILLY ELI & CO COM 532457108 1979 28132 SH SOLE 01 28132 0 0 LILLY ELI & CO COM 532457108 8663 123172 SH SOLE 106572 0 16600 LOEWS CORP COM 540424108 282 5695 SH SOLE 5695 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 953 975000 PRN SOLE 01 975000 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 293 300000 PRN SOLE 300000 0 0 LUCENT TECHNOLOGIES INC SDCV 8.000% 8/0 549463AK3 3696 3450000 PRN SOLE 3450000 0 0 LUCENT TECHNOLOGIES INC SDCV 8.000% 8/0 549463AK3 7713 7200000 PRN SOLE 01 7200000 0 0 MANOR CARE INC NEW COM 564055101 40322 1166400 SH SOLE 01 1166400 0 0 MANOR CARE INC NEW COM 564055101 31451 909768 SH SOLE 756718 0 153050 MENTOR GRAPHICS CORP NOTE 6.875% 6/1 587200AB2 957 900000 PRN SOLE 01 900000 0 0 MERCK & CO INC COM 589331107 2294 49650 SH SOLE 01 49650 0 0 MERCK & CO INC COM 589331107 1148 24846 SH SOLE 24846 0 0 MICROSOFT CORP COM 594918104 927 33870 SH SOLE 01 33870 0 0 MICROSOFT CORP COM 594918104 474 17308 SH SOLE 17308 0 0 MOORE WALLACE INC COM 615857109 281 15000 SH OTHER 01 15000 0 0 MOORE WALLACE INC COM 615857109 32291 1724036 SH SOLE 01 1724036 0 0 MOORE WALLACE INC COM 615857109 22557 1204314 SH SOLE 979014 0 225300 MOTOROLA INC EQTY UNIT 7% 620076208 825 19000 PRN SOLE 01 19000 0 0 MOTOROLA INC COM 620076109 17765 1268950 SH SOLE 01 1268950 0 0 MOTOROLA INC COM 620076109 10466 747600 SH SOLE 589100 0 158500 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 508 500000 PRN SOLE 01 500000 0 0 NEWMONT MINING CORP COM 651639106 19845 408250 SH SOLE 324250 0 84000 NEWMONT MINING CORP COM 651639106 207 4250 SH OTHER 01 4250 0 0 NEWMONT MINING CORP COM 651639106 35177 723650 SH SOLE 01 723650 0 0 NEWPARK RES INC COM PAR $.01NEW 651718504 4222 881425 SH SOLE 01 881425 0 0 NEWPARK RES INC COM PAR $.01NEW 651718504 96 20000 SH OTHER 01 20000 0 0 NEWPARK RES INC COM PAR $.01NEW 651718504 3022 630820 SH SOLE 548620 0 82200 OHIO CAS CORP NOTE 5.000% 3/1 677240AC7 1571 1500000 PRN SOLE 01 1500000 0 0 PEPSICO INC COM 713448108 16752 359332 SH SOLE 01 359332 0 0 PEPSICO INC COM 713448108 2468 52941 SH SOLE 48241 0 4700 PFIZER INC COM 717081103 1576 44597 SH SOLE 01 44597 0 0 PMC-SIERRA INC NOTE 3.750% 8/1 69344FAB2 877 880000 PRN SOLE 01 880000 0 0 POTLATCH CORP COM 737628107 473 13600 SH SOLE 01 13600 0 0 PROCTER & GAMBLE CO COM 742718109 7386 73952 SH SOLE 01 73952 0 0 PROCTER & GAMBLE CO COM 742718109 8599 86090 SH SOLE 61790 0 24300 PROVINCE HEALTHCARE CO NOTE 4.500%11/2 743977AC4 2206 2190000 PRN SOLE 1940000 0 250000 PROVINCE HEALTHCARE CO NOTE 4.500%11/2 743977AC4 1320 1310000 PRN SOLE 01 1310000 0 0 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 8 10780 SH SOLE 10780 0 0 REGAL ENTMT GROUP CL A 758766109 19121 931825 SH SOLE 01 931825 0 0 REGAL ENTMT GROUP CL A 758766109 9042 440625 SH SOLE 347375 0 93250 RF MICRODEVICES INC NOTE 3.750% 8/1 749941AB6 2758 2765000 PRN SOLE 01 2765000 0 0 RF MICRODEVICES INC NOTE 3.750% 8/1 749941AB6 2015 2020000 PRN SOLE 1120000 0 900000 ROBBINS & MYERS INC NOTE 8.000% 1/3 770196AB9 296 284000 PRN SOLE 01 284000 0 0 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 1311 25026 SH SOLE 25026 0 0 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 192 3667 SH SOLE 01 3667 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 4044 186456 SH SOLE 01 186456 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 9437 435078 SH SOLE 300528 0 134550 SCHERING PLOUGH CORP COM 806605101 285 16400 SH SOLE 01 16400 0 0 SCHLUMBERGER LTD COM 806857108 10785 197100 SH SOLE 165500 0 31600 SCHLUMBERGER LTD COM 806857108 29535 539750 SH SOLE 01 539750 0 0 SERVICEMASTER CO COM 81760N109 34171 2933147 SH SOLE 01 2933147 0 0 SERVICEMASTER CO COM 81760N109 17645 1514588 SH SOLE 1286680 0 227908 STATION CASINOS INC COM 857689103 30148 984250 SH SOLE 804000 0 180250 STATION CASINOS INC COM 857689103 43550 1421800 SH SOLE 01 1421800 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 4939 154600 SH SOLE 01 154600 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 7722 241700 SH SOLE 177450 0 64250 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 232 7250 SH OTHER 01 7250 0 0 TARGET CORP COM 87612E106 211 5500 SH SOLE 01 5500 0 0 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78585 VIACOM INC CL B 925524308 9060 204143 SH SOLE 01 204143 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 22433 895900 SH SOLE 741200 0 154700 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 32477 1297000 SH SOLE 01 1297000 0 0 WALGREEN CO COM 931422109 437 12000 SH SOLE 12000 0 0 WALGREEN CO COM 931422109 78 2134 SH SOLE 01 2134 0 0 WASTE MGMT INC DEL COM 94106L109 26346 890069 SH SOLE 01 890069 0 0 WASTE MGMT INC DEL COM 94106L109 9273 313281 SH SOLE 267281 0 46000 WELLS FARGO & CO NEW COM 949746101 5908 100326 SH SOLE 88676 0 11650 WELLS FARGO & CO NEW COM 949746101 13813 234554 SH SOLE 01 234554 0 0 WESTERN GAS RES INC COM 958259103 12651 267746 SH SOLE 01 267746 0 0 WESTERN GAS RES INC COM 958259103 5328 112754 SH SOLE 110754 0 2000 WESTWOOD ONE INC COM 961815107 9650 282093 SH SOLE 241759 0 40334 WESTWOOD ONE INC COM 961815107 11184 326930 SH SOLE 01 326930 0 0 WYETH COM 983024100 365 8600 SH SOLE 01 8600 0 0 WYETH COM 983024100 259 6112 SH SOLE 6112 0 0 ZIMMER HLDGS INC 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