13F-HR 1 ostm1q09.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, 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: 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 May 11, 2009 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: 131 Form13F Information Table Value Total: $1,398,387 (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 695 13975 SH OTHER 01 13975 0 0 ABBOTT LABS COM 002824100 498 10448 SH OTHER 01 10448 0 0 AFFORDABLE RESIDENTIAL CMNTY NOTE 7.500% 8/1 00828UAB9 9850 10000000 PRN OTHER 01 10000000 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 8483 551915 SH OTHER 549030 0 2885 AGILENT TECHNOLOGIES INC COM 00846U101 25114 1633916 SH OTHER 01 1632516 0 1400 AMERICAN INTL GROUP INC COM 026874107 55 55350 SH OTHER 01 53350 0 2000 AMERICAN TOWER CORP NOTE 5.000% 2/1 029912AF9 9107 9107000 PRN OTHER 01 9107000 0 0 AMERICAN TOWER CORP NOTE 5.000% 2/1 029912AF9 6335 6335000 PRN OTHER 6335000 0 0 AT&T INC COM 00206R102 20857 827640 SH OTHER 824035 0 3605 AT&T INC COM 00206R102 42205 1674803 SH OTHER 01 1674603 0 200 BECTON DICKINSON & CO COM 075887109 283 4205 SH OTHER 01 4205 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 347 4 SH SOLE 4 0 0 BLACKROCK INVT QUALITY MUN T COM 09247D105 129 12000 PRN OTHER 01 0 0 12000 BLACKROCK MUNYIELD INSD FD I COM 09254E103 127 11700 PRN OTHER 01 0 0 11700 BRISTOL MYERS SQUIBB CO COM 110122108 313 14300 SH OTHER 01 14300 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 586 26728 SH OTHER 26728 0 0 CADENCE DESIGN SYSTEM INC NOTE 1.375%12/1 127387AD0 19679 26958000 PRN OTHER 01 26858000 0 100000 CADENCE DESIGN SYSTEM INC NOTE 1.375%12/1 127387AD0 12443 17045000 PRN OTHER 16955000 0 90000 CARROLS RESTAURANT GROUP INC COM 14574X104 2228 634850 SH OTHER 634850 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 1508 429615 SH OTHER 01 419615 0 10000 CHARLES RIV LABS INTL INC COM 159864107 11964 439697 SH OTHER 438247 0 1450 CHARLES RIV LABS INTL INC COM 159864107 29472 1083123 SH OTHER 01 1083123 0 0 CHEVRON CORP NEW COM 166764100 1012 15049 SH OTHER 01 15049 0 0 CHEVRON CORP NEW COM 166764100 234 3475 SH OTHER 3475 0 0 CLOROX CO DEL COM 189054109 474 9205 SH OTHER 01 9205 0 0 COCA COLA CO COM 191216100 183 4165 SH OTHER 01 4165 0 0 COCA COLA CO COM 191216100 329 7485 SH OTHER 7485 0 0 COLLEGIATE PACIFIC INC NOTE 5.750%12/0 194589AB3 769 800000 PRN OTHER 800000 0 0 COLLEGIATE PACIFIC INC NOTE 5.750%12/0 194589AB3 5825 6060000 PRN OTHER 01 6060000 0 0 CONOCOPHILLIPS COM 20825C104 432 11023 SH OTHER 01 11023 0 0 CROWN HOLDINGS INC COM 228368106 58568 2576685 SH OTHER 01 2574685 0 2000 CROWN HOLDINGS INC COM 228368106 30380 1336559 SH OTHER 1330059 0 6500 DIAGEO P L C SPON ADR NEW 25243Q205 39768 888674 SH OTHER 01 888674 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 19876 444149 SH OTHER 441649 0 2500 DOW CHEM CO COM 260543103 139 16591 SH OTHER 01 16591 0 0 DURECT CORP COM 266605104 512 229606 SH OTHER 229606 0 0 DURECT CORP COM 266605104 1113 498810 SH OTHER 01 218202 0 280608 ENTERPRISE PRODS PARTNERS L COM 293792107 20546 923418 SH OTHER 917863 0 5555 ENTERPRISE PRODS PARTNERS L COM 293792107 16888 759035 SH OTHER 01 733260 0 25775 EURONET WORLDWIDE INC DBCV 1.625%12/1 298736AD1 10145 10540000 PRN OTHER 01 10540000 0 0 EXXON MOBIL CORP COM 30231G102 1853 27212 SH OTHER 27212 0 0 EXXON MOBIL CORP COM 30231G102 3688 54147 SH OTHER 01 53647 0 500 GENERAL ELECTRIC CO COM 369604103 140 13813 SH OTHER 13813 0 0 GENERAL ELECTRIC CO COM 369604103 329 32586 SH OTHER 01 26031 0 6555 GILDAN ACTIVEWEAR INC COM 375916103 7628 941670 SH OTHER 936920 0 4750 GILDAN ACTIVEWEAR INC COM 375916103 18259 2254203 SH OTHER 01 2253203 0 1000 HEALTHSOUTH CORP COM NEW 421924309 17736 1997289 SH OTHER 01 1997289 0 0 HEALTHSOUTH CORP COM NEW 421924309 13334 1501527 SH OTHER 1501527 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 423 4370 SH OTHER 01 4370 0 0 JOHNSON & JOHNSON COM 478160104 23858 453577 SH OTHER 451557 0 2020 JOHNSON & JOHNSON COM 478160104 47052 894523 SH OTHER 01 894523 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 17280 295430 SH OTHER 294075 0 1355 LABORATORY CORP AMER HLDGS COM NEW 50540R409 32711 559252 SH OTHER 01 559252 0 0 LILLY ELI & CO COM 532457108 1919 57423 SH OTHER 57423 0 0 LILLY ELI & CO COM 532457108 478 14317 SH OTHER 01 14317 0 0 LIONS GATE ENTMNT CORP NOTE 2.938%10/1 535919AF1 2660 3600000 PRN OTHER 01 3600000 0 0 LITHIA MTRS INC NOTE 2.875% 5/0 536797AB9 568 575000 PRN OTHER 575000 0 0 LITHIA MTRS INC NOTE 2.875% 5/0 536797AB9 7148 7238000 PRN OTHER 01 7238000 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 17545 1002560 SH OTHER 1002560 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 13831 790335 SH OTHER 01 790335 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 983 33455 SH OTHER 29945 0 3510 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 1620 55170 SH OTHER 01 55170 0 0 MAGMA DESIGN AUTOMATION NOTE 2.000% 5/1 559181AC6 2063 3300000 PRN OTHER 01 3300000 0 0 MCGRAW HILL COS INC COM 580645109 37657 1646554 SH OTHER 01 1645654 0 900 MCGRAW HILL COS INC COM 580645109 16759 732786 SH OTHER 729961 0 2825 MEDTRONIC INC COM 585055106 16808 570332 SH OTHER 567307 0 3025 MEDTRONIC INC NOTE 1.500% 4/1 585055AL0 6683 7100000 PRN OTHER 01 7100000 0 0 MEDTRONIC INC COM 585055106 32377 1098651 SH OTHER 01 1098651 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 804 960000 PRN OTHER 960000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 10966 13094000 PRN OTHER 01 13094000 0 0 MERCK & CO INC COM 589331107 313 11696 SH OTHER 11696 0 0 MERCK & CO INC COM 589331107 681 25462 SH OTHER 01 25462 0 0 MICROSOFT CORP COM 594918104 197 10743 SH OTHER 10743 0 0 MICROSOFT CORP COM 594918104 354 19290 SH OTHER 01 19290 0 0 MOODYS CORP COM 615369105 549 23965 SH OTHER 01 23965 0 0 NOVELL INC DBCV 0.500% 7/1 670006AC9 1965 2000000 PRN OTHER 01 2000000 0 0 NUVEEN CA DIV ADV MUNI FD 3 COM SH BEN INT 67070Y109 219 21720 PRN OTHER 01 0 0 21720 NUVEEN CA DIVIDEND ADV MUN F COM SHS 67066Y105 117 11375 PRN OTHER 01 0 0 11375 NUVEEN CA INVT QUALITY MUN F COM 67062A101 117 11350 PRN OTHER 01 0 0 11350 NUVEEN CA SELECT QUALITY MUN COM 670975101 120 11350 PRN OTHER 01 0 0 11350 NUVEEN CALIF QUALITY INCM MU COM 670985100 117 10525 PRN OTHER 01 0 0 10525 NUVEEN INSD CALIF DIVID COM 67071M104 114 10100 PRN OTHER 01 0 0 10100 NV ENERGY INC COM 67073Y106 15322 1631710 SH OTHER 1623630 0 8080 NV ENERGY INC COM 67073Y106 35925 3825829 SH OTHER 01 3825829 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 6379 114627 SH OTHER 114042 0 585 OCCIDENTAL PETE CORP DEL COM 674599105 12797 229963 SH OTHER 01 229963 0 0 PEPSICO INC COM 713448108 959 18630 SH OTHER 01 18630 0 0 PFIZER INC COM 717081103 197 14500 SH OTHER 01 14500 0 0 PG&E CORP COM 69331C108 208 5430 SH OTHER 01 5430 0 0 PROCTER & GAMBLE CO COM 742718109 4622 98158 SH OTHER 95558 0 2600 PROCTER & GAMBLE CO COM 742718109 7153 151904 SH OTHER 01 151904 0 0 PRUDENTIAL FINL INC FRNT 12/1 744320AJ1 13687 13895000 PRN OTHER 13780000 0 115000 PRUDENTIAL FINL INC FRNT 12/1 744320AJ1 42035 42675000 PRN OTHER 01 42675000 0 0 QUESTAR CORP COM 748356102 16670 566440 SH OTHER 564065 0 2375 QUESTAR CORP COM 748356102 36394 1236617 SH OTHER 01 1236137 0 480 REPUBLIC SVCS INC COM 760759100 16973 989656 SH OTHER 985644 0 4012 REPUBLIC SVCS INC COM 760759100 35226 2054013 SH OTHER 01 2054013 0 0 RICHARDSON ELECTRS LTD NOTE 8.000% 6/1 763165AG2 2693 3430000 PRN OTHER 01 3430000 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 164 3695 SH OTHER 01 3695 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 257 5801 SH OTHER 5801 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 3113 217832 SH OTHER 217832 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 1188 83142 SH OTHER 01 83142 0 0 SEMPRA ENERGY COM 816851109 9147 197825 SH OTHER 196075 0 1750 SEMPRA ENERGY COM 816851109 29847 645484 SH OTHER 01 645484 0 0 SPDR TR UNIT SER 1 78462F103 1242 15620 PRN OTHER 01 15620 0 0 SUPERVALU INC NOTE 11/0 868536AP8 5033 16236000 PRN OTHER 01 16236000 0 0 TELEFLEX INC COM 879369106 11399 291600 SH OTHER 289750 0 1850 TELEFLEX INC COM 879369106 14961 382739 SH OTHER 01 382739 0 0 THOMPSON CREEK METALS CO INC COM 884768102 60 15000 SH OTHER 01 0 0 15000 TRIAN ACQUISITION I CORP *W EXP 01/23/201 89582E116 282 1882320 PRN OTHER 1865845 0 16475 TRIAN ACQUISITION I CORP *W EXP 01/23/201 89582E116 483 3214240 PRN OTHER 01 3184240 0 30000 TRIAN ACQUISITION I CORP COM 89582E108 16593 1782320 SH OTHER 1765845 0 16475 TRIAN ACQUISITION I CORP COM 89582E108 29329 3150240 SH OTHER 01 3150240 0 0 UNILEVER N V N Y SHS NEW 904784709 12727 649345 SH OTHER 649345 0 0 UNILEVER N V N Y SHS NEW 904784709 33485 1708420 SH OTHER 01 1708420 0 0 VALEANT PHARMACEUTICALS INTL COM 91911X104 16989 955001 SH OTHER 948781 0 6220 VALEANT PHARMACEUTICALS INTL COM 91911X104 33307 1872259 SH OTHER 01 1871114 0 1145 VERISIGN INC COM 92343E102 11377 602939 SH OTHER 597689 0 5250 VERISIGN INC COM 92343E102 17879 947474 SH OTHER 01 945474 0 2000 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 7770 11840000 PRN OTHER 11840000 0 0 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 24863 37886000 PRN OTHER 01 37886000 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 415 13740 SH OTHER 01 13740 0 0 WASTE MGMT INC DEL COM 94106L109 252 9845 SH OTHER 01 9845 0 0 WATERS CORP COM 941848103 30003 811995 SH OTHER 01 811995 0 0 WATERS CORP COM 941848103 9918 268425 SH OTHER 268425 0 0 WATSON PHARMACEUTICALS INC DBCV 1.750% 3/1 942683AC7 352 365000 PRN OTHER 365000 0 0 WATSON PHARMACEUTICALS INC DBCV 1.750% 3/1 942683AC7 2332 2420000 PRN OTHER 01 2420000 0 0 WEBSENSE INC COM 947684106 16183 1348598 SH OTHER 1342398 0 6200 WEBSENSE INC COM 947684106 30973 2581109 SH OTHER 01 2579109 0 2000 WESCO INTL INC DBCV 2.625%10/1 95082PAE5 8079 9300000 PRN OTHER 01 9300000 0 0 WESCO INTL INC DBCV 2.625%10/1 95082PAE5 1651 1900000 PRN OTHER 1900000 0 0