13F-HR 1 ostm2q10.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, 2010 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: 028-04483 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 09, 2010 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 Form 13F Information Table Entry Total: 155 Form 13F Information Table Value Total: $2,684,957 (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 01 028-06550 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ABBOTT LABS COM 002824100 309 6595 SH OTHER 01 6595 0 0 ABBOTT LABS COM 002824100 117 2500 SH OTHER 2500 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 33358 1173335 SH OTHER 1168935 0 4400 AGILENT TECHNOLOGIES INC COM 00846U101 47924 1685671 SH OTHER 01 1684271 0 1400 AMERICAN EXPRESS CO COM 025816109 231 5825 SH SOLE 5825 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 29834 1448235 SH OTHER 1443965 0 4270 AMERICAN WTR WKS CO INC NEW COM 030420103 40232 1953015 SH OTHER 01 1945085 0 7930 APOLLO GROUP INC CL A 037604105 31012 730205 SH OTHER 01 730205 0 0 APOLLO GROUP INC CL A 037604105 27631 650600 SH OTHER 648560 0 2040 APPLE INC COM 037833100 352 1400 SH OTHER 01 1400 0 0 AVERY DENNISON CORP COM 053611109 40922 1273655 SH OTHER 01 1270850 0 2805 AVERY DENNISON CORP COM 053611109 36480 1135380 SH OTHER 1132450 0 2930 BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 1935 1950000 PRN OTHER 01 1950000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 480 4 SH SOLE 4 0 0 BIOVAIL CORP COM 09067J109 10953 569305 SH OTHER 569305 0 0 BIOVAIL CORP COM 09067J109 2481 128995 SH OTHER 01 126995 0 2000 BLACKROCK INVT QUALITY MUN T COM 09247D105 172 12000 PRN OTHER 01 0 0 12000 BLACKROCK MUNYIELD INSD FD I COM 09254E103 162 11700 PRN OTHER 01 0 0 11700 BRISTOL MYERS SQUIBB CO COM 110122108 305 12242 SH OTHER 12242 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 199 7949 SH OTHER 01 7949 0 0 CA INC COM 12673P105 26573 1444195 SH OTHER 1440125 0 4070 CA INC COM 12673P105 19379 1053190 SH OTHER 01 1047885 0 5305 CARROLS RESTAURANT GROUP INC COM 14574X104 1716 375465 SH OTHER 375465 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 1384 302885 SH OTHER 01 302265 0 620 CENTRAL EUROPEAN DIST CORP NOTE 3.000% 3/1 153435AA0 10047 12050000 PRN OTHER 01 12050000 0 0 CHARMING SHOPPES INC NOTE 1.125% 5/0 161133AE3 8776 11547000 PRN OTHER 01 11547000 0 0 CLOROX CO DEL COM 189054109 370 5950 SH OTHER 01 5950 0 0 COCA COLA CO COM 191216100 105 2090 SH OTHER 2090 0 0 COCA COLA CO COM 191216100 199 3965 SH OTHER 01 3965 0 0 COMPUWARE CORP COM 205638109 49793 6239715 SH OTHER 01 6225045 0 14670 COMPUWARE CORP COM 205638109 41971 5259568 SH OTHER 5243238 0 16330 COPART INC COM 217204106 12617 352320 SH OTHER 351085 0 1235 COPART INC COM 217204106 18412 514175 SH OTHER 01 511875 0 2300 CROWN HOLDINGS INC COM 228368106 47177 1884078 SH OTHER 1877578 0 6500 CROWN HOLDINGS INC COM 228368106 63555 2538157 SH OTHER 01 2536837 0 1320 DEAN FOODS CO NEW COM 242370104 10593 1051913 SH OTHER 1049948 0 1965 DEAN FOODS CO NEW COM 242370104 5567 552865 SH OTHER 01 551730 0 1135 DEVON ENERGY CORP NEW COM 25179M103 215 3534 SH OTHER 01 3534 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 31699 505244 SH OTHER 503209 0 2035 DIAGEO P L C SPON ADR NEW 25243Q205 51091 814331 SH OTHER 01 814331 0 0 DIGITALGLOBE INC COM NEW 25389M877 24641 936925 SH OTHER 932500 0 4425 DIGITALGLOBE INC COM NEW 25389M877 28785 1094486 SH OTHER 01 1094486 0 0 DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 1841 2500000 PRN OTHER 01 2500000 0 0 DURECT CORP COM 266605104 330 135951 SH OTHER 135951 0 0 DURECT CORP COM 266605104 901 370700 SH OTHER 01 96700 0 274000 E M C CORP MASS COM 268648102 319 17440 SH OTHER 01 8815 0 8625 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 17004 503840 SH OTHER 01 493015 0 10825 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 24574 728115 SH OTHER 725175 0 2940 ENTERPRISE PRODS PARTNERS L COM 293792107 44677 1263123 SH OTHER 1259618 0 3505 ENTERPRISE PRODS PARTNERS L COM 293792107 22152 626275 SH OTHER 01 612145 0 14130 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 5487 5900000 PRN OTHER 01 5900000 0 0 EXXON MOBIL CORP COM 30231G102 672 11767 SH OTHER 11767 0 0 EXXON MOBIL CORP COM 30231G102 1055 18484 SH OTHER 01 18484 0 0 F M C CORP COM NEW 302491303 19223 334719 SH OTHER 333874 0 845 F M C CORP COM NEW 302491303 33064 575736 SH OTHER 01 573731 0 2005 FERRO CORP NOTE 6.500% 8/1 315405AL4 4153 4309000 PRN OTHER 01 4309000 0 0 GENERAL ELECTRIC CO COM 369604103 115 7945 SH OTHER 7945 0 0 GENERAL ELECTRIC CO COM 369604103 185 12862 SH OTHER 01 6307 0 6555 GEN-PROBE INC NEW COM 36866T103 45553 1002940 SH OTHER 01 998905 0 4035 GEN-PROBE INC NEW COM 36866T103 27324 601585 SH OTHER 599440 0 2145 GOODRICH CORP COM 382388106 19491 294200 SH OTHER 293835 0 365 GOODRICH CORP COM 382388106 18157 274070 SH OTHER 01 274070 0 0 HEALTHSOUTH CORP COM NEW 421924309 30213 1614819 SH OTHER 1612594 0 2225 HEALTHSOUTH CORP COM NEW 421924309 29344 1568357 SH OTHER 01 1568357 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 60 70000 PRN OTHER 70000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3431 4030000 PRN OTHER 01 4030000 0 0 HONEYWELL INTL INC COM 438516106 16335 418520 SH OTHER 417540 0 980 HONEYWELL INTL INC COM 438516106 20236 518465 SH OTHER 01 518465 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 503 4070 SH OTHER 01 4070 0 0 JOHNSON & JOHNSON COM 478160104 40560 686763 SH OTHER 684628 0 2135 JOHNSON & JOHNSON COM 478160104 53302 902508 SH OTHER 01 900903 0 1605 JPMORGAN CHASE & CO COM 46625H100 485 13260 SH OTHER 01 13260 0 0 L-1 IDENTITY SOLUTIONS INC NOTE 3.750% 5/1 50212AAB2 1315 1405000 PRN OTHER 1405000 0 0 L-1 IDENTITY SOLUTIONS INC NOTE 3.750% 5/1 50212AAB2 17499 18690000 PRN OTHER 01 18690000 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 23640 313730 SH OTHER 312780 0 950 LABORATORY CORP AMER HLDGS COM NEW 50540R409 28645 380156 SH OTHER 01 380156 0 0 LILLY ELI & CO COM 532457108 910 27151 SH SOLE 27151 0 0 LIONS GATE ENTMNT CORP NOTE 2.938%10/1 535919AF1 5626 5755000 PRN OTHER 01 5755000 0 0 LSB INDS INC SDCV 5.500% 7/0 502160AG9 8068 8350000 PRN OTHER 01 8350000 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 24835 531239 SH OTHER 528464 0 2775 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 21312 455865 SH OTHER 01 447790 0 8075 MEAD JOHNSON NUTRITION CO COM 582839106 143 2850 SH OTHER 2850 0 0 MEAD JOHNSON NUTRITION CO COM 582839106 60 1206 SH OTHER 01 1206 0 0 MEDTRONIC INC COM 585055106 39798 1097267 SH OTHER 1093802 0 3465 MEDTRONIC INC COM 585055106 49960 1377463 SH OTHER 01 1373598 0 3865 MEDTRONIC INC NOTE 1.500% 4/1 585055AL0 1590 1600000 PRN OTHER 01 1600000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 929 960000 PRN OTHER 960000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 12530 12944000 PRN OTHER 01 12944000 0 0 MENTOR GRAPHICS CORP SDCV 6.250% 3/0 587200AF3 59 60000 PRN OTHER 60000 0 0 MENTOR GRAPHICS CORP SDCV 6.250% 3/0 587200AF3 11241 11456000 PRN OTHER 01 11456000 0 0 MERCK & CO INC NEW COM 58933Y105 68 1938 SH OTHER 1938 0 0 MERCK & CO INC NEW COM 58933Y105 846 24195 SH OTHER 01 24195 0 0 MICROSOFT CORP COM 594918104 292 12710 SH OTHER 01 12710 0 0 NALCO HOLDING COMPANY COM 62985Q101 20087 981815 SH OTHER 01 980815 0 1000 NALCO HOLDING COMPANY COM 62985Q101 13997 684123 SH OTHER 681813 0 2310 NII HLDGS INC NOTE 2.750% 8/1 62913FAF9 3670 3675000 PRN OTHER 01 3675000 0 0 NII HLDGS INC NOTE 2.750% 8/1 62913FAF9 2821 2825000 PRN OTHER 2825000 0 0 NUVEEN CA DIV ADV MUNI FD 3 COM SH BEN INT 67070Y109 157 11720 PRN OTHER 01 0 0 11720 NUVEEN CA DIVIDEND ADV MUN F COM SHS 67066Y105 154 11375 PRN OTHER 01 0 0 11375 NUVEEN CA INVT QUALITY MUN F COM 67062A101 155 11350 PRN OTHER 01 0 0 11350 NUVEEN CA SELECT QUALITY MUN COM 670975101 165 11350 PRN OTHER 01 0 0 11350 NUVEEN CALIF QUALITY INCM MU COM 670985100 153 10525 PRN OTHER 01 0 0 10525 NUVEEN INSD CALIF DIVID COM 67071M104 146 10100 PRN OTHER 01 0 0 10100 OCCIDENTAL PETE CORP DEL COM 674599105 45064 584110 SH OTHER 01 584110 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 20841 270142 SH OTHER 269292 0 850 PENN VA CORP NOTE 4.500%11/1 707882AA4 47 50000 PRN OTHER 50000 0 0 PENN VA CORP NOTE 4.500%11/1 707882AA4 17272 18522000 PRN OTHER 01 18522000 0 0 PEPSICO INC COM 713448108 383 6285 SH OTHER 01 6285 0 0 PROCTER & GAMBLE CO COM 742718109 2741 45701 SH OTHER 44186 0 1515 PROCTER & GAMBLE CO COM 742718109 3528 58826 SH OTHER 01 58826 0 0 QUESTAR CORP COM 748356102 50258 1104825 SH OTHER 1101380 0 3445 QUESTAR CORP COM 748356102 63635 1398882 SH OTHER 01 1398402 0 480 REGIS CORP MINN NOTE 5.000% 7/1 758932AA5 1085 900000 PRN OTHER 01 900000 0 0 RENTECH INC NOTE 4.000% 4/1 760112AA0 819 1250000 PRN OTHER 01 1250000 0 0 REPUBLIC SVCS INC COM 760759100 60406 2031808 SH OTHER 01 2031808 0 0 REPUBLIC SVCS INC COM 760759100 42566 1431737 SH OTHER 1426920 0 4817 SAFEWAY INC COM NEW 786514208 48954 2490030 SH OTHER 01 2482900 0 7130 SAFEWAY INC COM NEW 786514208 36883 1876065 SH OTHER 1870765 0 5300 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 1161 47555 SH OTHER 47555 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 317 13000 SH OTHER 01 13000 0 0 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 16442 18500000 PRN OTHER 01 18500000 0 0 SAVVIS INC NOTE 3.000% 5/1 805423AA8 61 65000 PRN OTHER 65000 0 0 SAVVIS INC NOTE 3.000% 5/1 805423AA8 24037 25571000 PRN OTHER 01 25571000 0 0 SCHOOL SPECIALTY INC NOTE 3.750% 8/0 807863AE5 16846 16931000 PRN OTHER 01 16931000 0 0 SCHOOL SPECIALTY INC NOTE 3.750% 8/0 807863AE5 75 75000 PRN OTHER 75000 0 0 SCHOOL SPECIALTY INC SDCV 3.750%11/3 807863AL9 12675 13325000 PRN OTHER 01 13325000 0 0 SEMPRA ENERGY COM 816851109 11376 243125 SH OTHER 01 241220 0 1905 SEMPRA ENERGY COM 816851109 12477 266665 SH OTHER 266665 0 0 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 72 75000 PRN OTHER 75000 0 0 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 20623 21510000 PRN OTHER 01 21510000 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 8526 10319000 PRN OTHER 01 10319000 0 0 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 7519 8655000 PRN OTHER 01 8655000 0 0 SUPERVALU INC NOTE 11/0 868536AP8 6109 18236000 PRN OTHER 01 18236000 0 0 SYMETRA FINL CORP COM 87151Q106 25289 2107405 SH OTHER 01 2107405 0 0 SYMETRA FINL CORP COM 87151Q106 17943 1495275 SH OTHER 1490015 0 5260 TELEFLEX INC COM 879369106 24734 455677 SH OTHER 01 455677 0 0 TELEFLEX INC COM 879369106 14830 273220 SH OTHER 271370 0 1850 THOMPSON CREEK METALS CO INC COM 884768102 130 15000 SH OTHER 01 0 0 15000 TRANSATLANTIC HLDGS INC COM 893521104 37007 771625 SH OTHER 769435 0 2190 TRANSATLANTIC HLDGS INC COM 893521104 45585 950490 SH OTHER 01 948065 0 2425 UNILEVER N V N Y SHS NEW 904784709 27298 999185 SH OTHER 994550 0 4635 UNILEVER N V N Y SHS NEW 904784709 54596 1998396 SH OTHER 01 1998396 0 0 UNION PAC CORP COM 907818108 209 3000 SH SOLE 3000 0 0 UNITED RENTALS NORTH AMER IN NOTE 1.875%10/1 911365AH7 396 400000 PRN OTHER 01 400000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 221 3400 SH OTHER 01 3400 0 0 VALEANT PHARMACEUTICALS INTL COM 91911X104 47772 913602 SH OTHER 909947 0 3655 VALEANT PHARMACEUTICALS INTL COM 91911X104 79123 1513160 SH OTHER 01 1512415 0 745 VERISIGN INC COM 92343E102 29650 1116759 SH OTHER 1110724 0 6035 VERISIGN INC COM 92343E102 35510 1337509 SH OTHER 01 1333724 0 3785 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 9738 10775000 PRN OTHER 10775000 0 0 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 33339 36890000 PRN OTHER 01 36890000 0 0 WEBSENSE INC COM 947684106 26525 1403418 SH OTHER 1398703 0 4715 WEBSENSE INC COM 947684106 48101 2545006 SH OTHER 01 2542111 0 2895 WILLIAMS COS INC DEL COM 969457100 36870 2016965 SH OTHER 01 2012180 0 4785 WILLIAMS COS INC DEL COM 969457100 25922 1418050 SH OTHER 1413590 0 4460