13F-HR 1 ostm3q10.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: September 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 November 08, 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: 146 Form 13F Information Table Value Total: $2,759,602 (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 342 6550 SH OTHER 01 6550 0 0 ABBOTT LABS COM 002824100 131 2500 SH OTHER 2500 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 39070 1170825 SH OTHER 1166425 0 4400 AGILENT TECHNOLOGIES INC COM 00846U101 55999 1678116 SH OTHER 01 1675316 0 1400 AMERICAN EXPRESS CO COM 025816109 245 5825 SH SOLE 5825 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 39195 1684360 SH OTHER 1679375 0 4985 AMERICAN WTR WKS CO INC NEW COM 030420103 50577 2173460 SH OTHER 01 2165530 0 7930 APACHE CORP COM 037411105 27899 285385 SH OTHER 01 285385 0 0 APACHE CORP COM 037411105 27281 279065 SH OTHER 278185 0 880 APOLLO GROUP INC CL A 037604105 42532 828275 SH OTHER 825725 0 2550 APOLLO GROUP INC CL A 037604105 53562 1043085 SH OTHER 01 1043085 0 0 APPLE INC COM 037833100 397 1400 SH OTHER 01 1400 0 0 APTARGROUP INC COM 038336103 206 4512 SH OTHER 01 4512 0 0 AVERY DENNISON CORP COM 053611109 41952 1130165 SH OTHER 1127235 0 2930 AVERY DENNISON CORP COM 053611109 46205 1244760 SH OTHER 01 1241955 0 2805 BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 1979 1950000 PRN SOLE 01 1950000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 498 4 SH SOLE 4 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 212 2564 SH OTHER 01 1264 0 50 BLACKROCK INVT QUALITY MUN T COM 09247D105 182 12000 PRN OTHER 01 0 0 12000 BLACKROCK MUNYIELD INSD FD I COM 09254E103 166 11700 PRN OTHER 01 0 0 11700 BRISTOL MYERS SQUIBB CO COM 110122108 332 12242 SH OTHER 12242 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 216 7949 SH OTHER 01 7949 0 0 CA INC COM 12673P105 30447 1441635 SH OTHER 1437565 0 4070 CA INC COM 12673P105 35404 1676335 SH OTHER 01 1671030 0 5305 CARROLS RESTAURANT GROUP INC COM 14574X104 162 30596 SH OTHER 30596 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 1553 293160 SH OTHER 01 292540 0 620 CENTRAL EUROPEAN DIST CORP NOTE 3.000% 3/1 153435AA0 13349 14750000 PRN OTHER 01 14750000 0 0 CHARMING SHOPPES INC NOTE 1.125% 5/0 161133AE3 9541 11547000 PRN OTHER 01 11547000 0 0 CHART INDS INC COM PAR $0.01 16115Q308 203 9950 SH OTHER 01 0 0 9950 CHEVRON CORP NEW COM 166764100 52 645 SH OTHER 645 0 0 CHEVRON CORP NEW COM 166764100 164 2025 SH OTHER 01 2025 0 0 CLOROX CO DEL COM 189054109 397 5950 SH OTHER 01 5950 0 0 COCA COLA CO COM 191216100 122 2090 SH OTHER 2090 0 0 COCA COLA CO COM 191216100 232 3965 SH OTHER 01 3965 0 0 COMPUWARE CORP COM 205638109 59351 6966090 SH OTHER 01 6943420 0 14670 COMPUWARE CORP COM 205638109 45542 5345293 SH OTHER 5327618 0 17675 COPART INC COM 217204106 17186 521250 SH OTHER 01 518950 0 2300 COPART INC COM 217204106 11629 352710 SH OTHER 351475 0 1235 CROWN HOLDINGS INC COM 228368106 53691 1873388 SH OTHER 1866888 0 6500 CROWN HOLDINGS INC COM 228368106 72062 2514362 SH OTHER 01 2513432 0 930 DEAN FOODS CO NEW COM 242370104 23269 2279088 SH OTHER 2272708 0 6380 DEAN FOODS CO NEW COM 242370104 26131 2559305 SH OTHER 01 2559305 0 0 DEVON ENERGY CORP NEW COM 25179M103 229 3534 SH OTHER 01 3534 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 55999 811466 SH OTHER 01 811466 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 34791 504139 SH OTHER 502104 0 2035 DIGITALGLOBE INC COM NEW 25389M877 32984 1084985 SH OTHER 1080560 0 4425 DIGITALGLOBE INC COM NEW 25389M877 42165 1387011 SH OTHER 01 1387011 0 0 DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 2344 2500000 PRN OTHER 01 2500000 0 0 DURECT CORP COM 266605104 341 134151 SH OTHER 134151 0 0 DURECT CORP COM 266605104 812 319700 SH OTHER 01 45700 0 274000 E M C CORP MASS COM 268648102 346 17015 SH OTHER 01 8815 0 8200 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 18970 511035 SH OTHER 01 500210 0 10825 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 27014 727735 SH SOLE 724795 0 2940 ENTERPRISE PRODS PARTNERS L COM 293792107 50067 1262093 SH OTHER 1258588 0 3505 ENTERPRISE PRODS PARTNERS L COM 293792107 25162 634270 SH OTHER 01 620140 0 14130 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 5760 5900000 PRN OTHER 01 5900000 0 0 EXXON MOBIL CORP COM 30231G102 727 11767 SH OTHER 11767 0 0 EXXON MOBIL CORP COM 30231G102 1112 17989 SH OTHER 01 17989 0 0 F M C CORP COM NEW 302491303 22871 334319 SH OTHER 333474 0 845 F M C CORP COM NEW 302491303 38794 567076 SH OTHER 01 565071 0 2005 GENERAL ELECTRIC CO COM 369604103 129 7945 SH OTHER 7945 0 0 GENERAL ELECTRIC CO COM 369604103 209 12862 SH OTHER 01 6307 0 6555 GEN-PROBE INC NEW COM 36866T103 30014 619365 SH OTHER 617220 0 2145 GEN-PROBE INC NEW COM 36866T103 49182 1014890 SH OTHER 01 1010855 0 4035 HEALTHSOUTH CORP COM NEW 421924309 30716 1599777 SH OTHER 01 1599777 0 0 HEALTHSOUTH CORP COM NEW 421924309 30914 1610124 SH OTHER 1607899 0 2225 HOLOGIC INC FRNT 2.000%12/1 436440AA9 65 70000 PRN OTHER 70000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3728 4030000 PRN OTHER 01 4030000 0 0 HONEYWELL INTL INC COM 438516106 18351 417630 SH OTHER 416650 0 980 HONEYWELL INTL INC COM 438516106 22096 502860 SH OTHER 01 502860 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 546 4070 SH OTHER 01 4070 0 0 JOHNSON & JOHNSON COM 478160104 45807 739298 SH OTHER 737163 0 2135 JOHNSON & JOHNSON COM 478160104 55890 902038 SH OTHER 01 900433 0 1605 JPMORGAN CHASE & CO COM 46625H100 505 13260 SH OTHER 01 13260 0 0 L-1 IDENTITY SOLUTIONS INC NOTE 3.750% 5/1 50212AAB2 1405 1405000 PRN OTHER 1405000 0 0 L-1 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11459000 0 0 MENTOR GRAPHICS CORP SDCV 6.250% 3/0 587200AF3 62 60000 PRN OTHER 60000 0 0 MENTOR GRAPHICS CORP SDCV 6.250% 3/0 587200AF3 11886 11456000 PRN OTHER 01 11456000 0 0 MERCK & CO INC NEW COM 58933Y105 890 24195 SH OTHER 01 24195 0 0 MICROSOFT CORP COM 594918104 311 12710 SH OTHER 01 12710 0 0 NALCO HOLDING COMPANY COM 62985Q101 17223 683198 SH OTHER 680888 0 2310 NALCO HOLDING COMPANY COM 62985Q101 24337 965380 SH OTHER 01 964380 0 1000 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 160 11375 PRN OTHER 01 0 0 11375 NUVEEN CA INVT QUALITY MUN F COM 67062A101 162 11350 PRN OTHER 01 0 0 11350 NUVEEN CA SELECT QUALITY MUN COM 670975101 167 11350 PRN OTHER 01 0 0 11350 NUVEEN CALIF QUALITY INCM MU COM 670985100 160 10525 PRN OTHER 01 0 0 10525 NUVEEN INSD CALIF DIVID COM 67071M104 149 10100 PRN OTHER 01 0 0 10100 OCCIDENTAL PETE CORP DEL COM 674599105 29387 375317 SH OTHER 374152 0 1165 OCCIDENTAL PETE CORP DEL COM 674599105 48295 616796 SH OTHER 01 616796 0 0 PENN VA CORP NOTE 4.500%11/1 707882AA4 49 50000 PRN OTHER 50000 0 0 PENN VA CORP NOTE 4.500%11/1 707882AA4 18059 18522000 PRN OTHER 01 18522000 0 0 PEPSICO INC COM 713448108 418 6285 SH OTHER 01 6285 0 0 PROCTER & GAMBLE CO COM 742718109 2741 45701 SH OTHER 44186 0 1515 PROCTER & GAMBLE CO COM 742718109 3488 58162 SH OTHER 01 58162 0 0 QUALCOMM INC COM 747525103 23980 531318 SH OTHER 01 531318 0 0 QUALCOMM INC COM 747525103 16322 361650 SH OTHER 360520 0 1130 QUESTAR CORP COM 748356102 46056 2627287 SH OTHER 01 2626807 0 480 QUESTAR CORP COM 748356102 38494 2195920 SH OTHER 2189745 0 6175 REGIS CORP MINN NOTE 5.000% 7/1 758932AA5 211 150000 PRN OTHER 01 150000 0 0 REPUBLIC SVCS INC COM 760759100 43553 1428430 SH OTHER 1423613 0 4817 REPUBLIC SVCS INC COM 760759100 57643 1890553 SH OTHER 01 1890553 0 0 SAFEWAY INC COM NEW 786514208 39613 1872075 SH OTHER 1866775 0 5300 SAFEWAY INC COM NEW 786514208 51841 2449925 SH OTHER 01 2442795 0 7130 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 321 13000 SH OTHER 01 13000 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 1044 42255 SH OTHER 42255 0 0 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 16974 18500000 PRN OTHER 01 18500000 0 0 SCHOOL SPECIALTY INC SDCV 3.750%11/3 807863AL9 25399 26185000 PRN OTHER 01 26185000 0 0 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 73 75000 PRN OTHER 75000 0 0 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 24454 25210000 PRN OTHER 01 25210000 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 12034 13334000 PRN OTHER 01 13334000 0 0 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 9958 10665000 PRN OTHER 01 10665000 0 0 SUPERVALU INC NOTE 11/0 868536AP8 7135 18236000 PRN OTHER 01 18236000 0 0 SYMETRA FINL CORP COM 87151Q106 22187 2121165 SH OTHER 01 2121165 0 0 SYMETRA FINL CORP COM 87151Q106 16679 1594580 SH OTHER 1589320 0 5260 TELEFLEX INC COM 879369106 32462 571712 SH OTHER 01 571712 0 0 TELEFLEX INC COM 879369106 26480 466356 SH OTHER 464506 0 1850 TELEFLEX INC NOTE 3.875% 8/0 879369AA4 20165 18650000 PRN OTHER 01 18650000 0 0 THOMPSON CREEK METALS CO INC COM 884768102 162 15000 SH OTHER 01 0 0 15000 TRANSATLANTIC HLDGS INC COM 893521104 44351 872717 SH OTHER 870527 0 2190 TRANSATLANTIC HLDGS INC COM 893521104 48868 961590 SH OTHER 01 956905 0 4685 UNILEVER N V N Y SHS NEW 904784709 29835 998480 SH OTHER 993845 0 4635 UNILEVER N V N Y SHS NEW 904784709 58557 1959726 SH OTHER 01 1959726 0 0 UNION PAC CORP COM 907818108 245 3000 SH OTHER 3000 0 0 UNITED RENTALS NORTH AMER IN NOTE 1.875%10/1 911365AH7 398 400000 PRN OTHER 01 400000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 242 3400 SH OTHER 01 3400 0 0 VERISIGN INC COM 92343E102 19871 626064 SH OTHER 622669 0 3395 VERISIGN INC COM 92343E102 22769 717349 SH OTHER 01 714069 0 3280 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 9164 8495000 PRN OTHER 8495000 0 0 VERISIGN INC SDCV 3.250% 8/1 92343EAD4 28457 26380000 PRN OTHER 01 26380000 0 0 WEBSENSE INC COM 947684106 24834 1399878 SH OTHER 1395163 0 4715 WEBSENSE INC COM 947684106 45234 2549876 SH OTHER 01 2546981 0 2895 WILLIAMS COS INC DEL COM 969457100 36527 1911415 SH OTHER 01 1906630 0 4785 WILLIAMS COS INC DEL COM 969457100 25914 1356045 SH OTHER 1351585 0 4460