13F-HR 1 ostm2q09.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: June 30, 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 August 12, 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: 178 Form13F Information Table Value Total: $1,939,205 (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 840 13975 SH OTHER 01 13975 0 0 3M CO COM 88579Y101 48 805 SH OTHER 805 0 0 ABBOTT LABS COM 002824100 177 3755 SH OTHER 3755 0 0 ABBOTT LABS COM 002824100 477 10148 SH OTHER 01 10148 0 0 ACTUANT CORP SDCV 2.000%11/1 00508XAB0 3281 3500000 PRN OTHER 01 3500000 0 0 AFFORDABLE RESIDENTIAL CMNTY NOTE 7.500% 8/1 00828UAB9 6188 6000000 PRN OTHER 01 6000000 0 0 AGCO CORP COM 001084102 669 23000 SH OTHER 01 23000 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 26584 1308915 SH OTHER 1303595 0 5320 AGILENT TECHNOLOGIES INC COM 00846U101 51384 2529991 SH OTHER 01 2528591 0 1400 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 871 22500 SH OTHER 01 22500 0 0 AMERICAN INTL GROUP INC COM 026874107 64 55350 SH OTHER 01 53350 0 2000 AMERICAN TOWER CORP NOTE 5.000% 2/1 029912AF9 6343 6335000 PRN OTHER 6335000 0 0 AMERICAN TOWER CORP NOTE 5.000% 2/1 029912AF9 7116 7107000 PRN OTHER 01 7107000 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 25067 1311700 SH OTHER 1307700 0 4000 AMERICAN WTR WKS CO INC NEW COM 030420103 34641 1812670 SH OTHER 01 1804740 0 7930 AMERISOURCEBERGEN CORP COM 03073E105 958 54000 SH OTHER 01 54000 0 0 ANADARKO PETE CORP COM 032511107 219 4835 SH OTHER 01 4835 0 0 AT&T INC COM 00206R102 26044 1048490 SH OTHER 1044175 0 4315 AT&T INC COM 00206R102 45275 1822677 SH OTHER 01 1822477 0 200 AVON PRODS INC COM 054303102 748 29000 SH OTHER 01 29000 0 0 BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 1813 2000000 PRN OTHER 01 2000000 0 0 BECTON DICKINSON & CO COM 075887109 285 4000 SH OTHER 01 4000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 360 4 SH SOLE 4 0 0 BLACKROCK INVT QUALITY MUN T COM 09247D105 140 12000 PRN OTHER 01 0 0 12000 BLACKROCK MUNYIELD INSD FD I COM 09254E103 133 11700 PRN OTHER 01 0 0 11700 BRISTOL MYERS SQUIBB CO COM 110122108 543 26728 SH OTHER 26728 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 291 14300 SH OTHER 01 14300 0 0 CADENCE DESIGN SYSTEM INC NOTE 1.375%12/1 127387AD0 10639 12955000 PRN OTHER 12955000 0 0 CADENCE DESIGN SYSTEM INC NOTE 1.375%12/1 127387AD0 16133 19644000 PRN OTHER 01 19544000 0 100000 CARROLS RESTAURANT GROUP INC COM 14574X104 4228 634850 SH OTHER 634850 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 2824 423989 SH OTHER 01 413989 0 10000 CELANESE CORP DEL COM SER A 150870103 845 35575 SH OTHER 01 35575 0 0 CHARLES RIV LABS INTL INC COM 159864107 14826 439277 SH OTHER 437827 0 1450 CHARLES RIV LABS INTL INC COM 159864107 30705 909792 SH OTHER 01 909792 0 0 CHEVRON CORP NEW COM 166764100 997 15049 SH OTHER 01 15049 0 0 CHEVRON CORP NEW COM 166764100 230 3475 SH OTHER 3475 0 0 CLOROX CO DEL COM 189054109 463 8295 SH OTHER 01 8295 0 0 COCA COLA CO COM 191216100 359 7485 SH OTHER 7485 0 0 COCA COLA CO COM 191216100 200 4165 SH OTHER 01 4165 0 0 COLLEGIATE PACIFIC INC NOTE 5.750%12/0 194589AB3 821 824000 PRN OTHER 824000 0 0 COLLEGIATE PACIFIC INC NOTE 5.750%12/0 194589AB3 11026 11068000 PRN OTHER 01 11068000 0 0 COMMSCOPE INC NOTE 3.250% 7/0 203372AG2 1703 1500000 PRN OTHER 01 1500000 0 0 CONOCOPHILLIPS COM 20825C104 1270 30188 SH OTHER 01 30188 0 0 CONSOL ENERGY INC COM 20854P109 782 23020 SH OTHER 01 23020 0 0 COPART INC COM 217204106 5820 167855 SH OTHER 01 167855 0 0 COPART INC COM 217204106 637 18370 SH OTHER 18370 0 0 CROWN HOLDINGS INC COM 228368106 31653 1311218 SH OTHER 1304718 0 6500 CROWN HOLDINGS INC COM 228368106 63670 2637536 SH OTHER 01 2635536 0 2000 DEVON ENERGY CORP NEW COM 25179M103 983 18044 SH OTHER 01 18044 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 25495 445324 SH OTHER 442824 0 2500 DIAGEO P L C SPON ADR NEW 25243Q205 54941 959667 SH OTHER 01 959667 0 0 DIGITALGLOBE INC COM NEW 25389M877 16245 846085 SH OTHER 841660 0 4425 DIGITALGLOBE INC COM NEW 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OTHER 1265000 0 0 EURONET WORLDWIDE INC DBCV 1.625%12/1 298736AD1 11045 11285000 PRN OTHER 01 11285000 0 0 EXXON MOBIL CORP COM 30231G102 1902 27212 SH OTHER 27212 0 0 EXXON MOBIL CORP COM 30231G102 3312 47375 SH OTHER 01 47375 0 0 FREEPORT-MCMORAN COPPER & GO PFD CONV 35671D782 516 6500 PRN OTHER 01 6500 0 0 GENERAL ELECTRIC CO COM 369604103 162 13813 SH OTHER 13813 0 0 GENERAL ELECTRIC CO COM 369604103 382 32521 SH OTHER 01 25966 0 6555 GILDAN ACTIVEWEAR INC COM 375916103 8238 556620 SH OTHER 554415 0 2205 GILDAN ACTIVEWEAR INC COM 375916103 13791 931833 SH OTHER 01 930833 0 1000 GRIFFON CORP NOTE 4.000% 7/1 398433AC6 474 500000 PRN OTHER 500000 0 0 GRIFFON CORP NOTE 4.000% 7/1 398433AC6 10423 11000000 PRN OTHER 01 11000000 0 0 HEALTHSOUTH CORP COM NEW 421924309 21463 1486372 SH OTHER 1486372 0 0 HEALTHSOUTH CORP COM NEW 421924309 35069 2428584 SH OTHER 01 2428584 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 1143 10950 SH OTHER 01 10950 0 0 JOHNSON & JOHNSON COM 478160104 26661 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0.500% 7/1 670006AC9 1990 2000000 PRN OTHER 01 2000000 0 0 NUVEEN CA DIV ADV MUNI FD 3 COM SH BEN INT 67070Y109 227 21720 PRN OTHER 01 0 0 21720 NUVEEN CA DIVIDEND ADV MUN F COM SHS 67066Y105 123 11375 PRN OTHER 01 0 0 11375 NUVEEN CA INVT QUALITY MUN F COM 67062A101 127 11350 PRN OTHER 01 0 0 11350 NUVEEN CA SELECT QUALITY MUN COM 670975101 131 11350 PRN OTHER 01 0 0 11350 NUVEEN CALIF QUALITY INCM MU COM 670985100 124 10525 PRN OTHER 01 0 0 10525 NUVEEN INSD CALIF DIVID COM 67071M104 119 10100 PRN OTHER 01 0 0 10100 NV ENERGY INC COM 67073Y106 18300 1696040 SH OTHER 1687960 0 8080 NV ENERGY INC COM 67073Y106 46775 4335054 SH OTHER 01 4320574 0 14480 OCCIDENTAL PETE CORP DEL COM 674599105 10699 162567 SH OTHER 161982 0 585 OCCIDENTAL PETE CORP DEL COM 674599105 32413 492525 SH OTHER 01 492525 0 0 OLD REP INTL CORP NOTE 8.000% 5/1 680223AF1 4075 4000000 PRN OTHER 01 4000000 0 0 PEPSICO INC COM 713448108 523 9510 SH OTHER 01 9510 0 0 PEPSICO INC COM 713448108 35 636 SH OTHER 636 0 0 PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 834 20355 SH OTHER 01 20355 0 0 PFIZER INC COM 717081103 218 14500 SH OTHER 01 14500 0 0 PHILIP MORRIS INTL INC COM 718172109 157 3589 SH OTHER 3589 0 0 PHILIP MORRIS INTL INC COM 718172109 59 1355 SH OTHER 01 1355 0 0 PPG INDS INC COM 693506107 505 11500 SH OTHER 01 11500 0 0 PROCTER & GAMBLE CO COM 742718109 4900 95893 SH OTHER 93293 0 2600 PROCTER & GAMBLE CO COM 742718109 7604 148813 SH OTHER 01 148813 0 0 QUESTAR CORP COM 748356102 17551 565070 SH OTHER 562695 0 2375 QUESTAR CORP COM 748356102 41535 1337232 SH OTHER 01 1336752 0 480 REPUBLIC SVCS INC COM 760759100 55679 2280973 SH OTHER 01 2280973 0 0 REPUBLIC SVCS INC COM 760759100 28054 1149266 SH OTHER 1144024 0 5242 RICHARDSON ELECTRS LTD NOTE 8.000% 6/1 763165AG2 2718 3430000 PRN OTHER 01 3430000 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 291 5801 SH OTHER 5801 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 126 2510 SH OTHER 01 2510 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 3130 217832 SH OTHER 217832 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 1195 83142 SH OTHER 01 83142 0 0 SAVVIS INC NOTE 3.000% 5/1 805423AA8 7813 10400000 PRN OTHER 01 10400000 0 0 SCHOOL SPECIALTY INC NOTE 3.750% 8/0 807863AE5 47 50000 PRN OTHER 50000 0 0 SCHOOL SPECIALTY INC NOTE 3.750% 8/0 807863AE5 5372 5700000 PRN OTHER 01 5700000 0 0 SEMPRA ENERGY COM 816851109 16737 337230 SH OTHER 335480 0 1750 SEMPRA ENERGY COM 816851109 39129 788415 SH OTHER 01 788415 0 0 SEPRACOR INC NOTE 10/1 817315AW4 300 305000 PRN OTHER 305000 0 0 SEPRACOR INC NOTE 10/1 817315AW4 2764 2810000 PRN OTHER 01 2810000 0 0 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 6859 8655000 PRN OTHER 01 8655000 0 0 SUPERVALU INC NOTE 11/0 868536AP8 5500 16236000 PRN OTHER 01 16236000 0 0 TELEFLEX INC COM 879369106 13038 290840 SH OTHER 288990 0 1850 TELEFLEX INC COM 879369106 17352 387052 SH OTHER 01 387052 0 0 TEXTRON INC NOTE 4.500% 5/0 883203BN0 1504 1500000 PRN OTHER 01 1500000 0 0 THOMPSON CREEK METALS CO INC COM 884768102 153 15000 SH OTHER 01 0 0 15000 TRANSATLANTIC HLDGS INC COM 893521104 9036 208530 SH OTHER 207630 0 900 TRANSATLANTIC HLDGS INC COM 893521104 13639 314775 SH OTHER 01 314775 0 0 TRIAN ACQUISITION I CORP *W EXP 01/23/201 89582E116 383 1663507 PRN OTHER 01 1633507 0 30000 TRIAN ACQUISITION I CORP COM 89582E108 13882 1450615 SH OTHER 1450615 0 0 TRIAN ACQUISITION I CORP *W EXP 01/23/201 89582E116 359 1559575 PRN OTHER 1559575 0 0 TRIAN ACQUISITION I CORP COM 89582E108 15441 1613487 SH OTHER 01 1613487 0 0 ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 157 4975 SH OTHER 4975 0 0 ULTRAPAR PARTICIPACOES S A SP ADR REP PFD 90400P101 1490 47095 SH OTHER 01 47095 0 0 UNILEVER N V N Y SHS NEW 904784709 26356 1090005 SH OTHER 1084565 0 5440 UNILEVER N V N Y SHS NEW 904784709 55292 2286716 SH OTHER 01 2281616 0 5100 UNITED STATES STL CORP NEW NOTE 4.000% 5/1 912909AE8 1309 1000000 PRN OTHER 01 1000000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 203 3900 SH 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