13F-HR 1 ostm4q10.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, 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 February 07, 2011 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: 139 Form 13F Information Table Value Total: $3,286,700 (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 314 6550 SH OTHER 01 6550 0 0 ABBOTT LABS COM 002824100 120 2500 SH OTHER 2500 0 0 AGILENT TECHNOLOGIES INC COM 00846U101 48028 1159250 SH OTHER 1154850 0 4400 AGILENT TECHNOLOGIES INC COM 00846U101 67828 1637181 SH OTHER 01 1632466 0 1400 ALERE INC NOTE 3.000% 5/1 01449JAA3 4754 4490000 PRN OTHER 01 4490000 0 0 AMERICAN EXPRESS CO COM 025816109 250 5825 SH SOLE 5825 0 0 AMERICAN WTR WKS CO INC NEW COM 030420103 52077 2059165 SH OTHER 01 2049335 0 7930 AMERICAN WTR WKS CO INC NEW COM 030420103 42333 1673915 SH OTHER 1668930 0 4985 ANADARKO PETE CORP COM 032511107 237 3115 SH OTHER 01 3115 0 0 APACHE CORP COM 037411105 52220 437981 SH OTHER 01 437451 0 0 APACHE CORP COM 037411105 45601 382460 SH OTHER 381290 0 1170 APPLE INC COM 037833100 445 1379 SH OTHER 01 1379 0 0 AVERY DENNISON CORP COM 053611109 47722 1127115 SH OTHER 1124185 0 2930 AVERY DENNISON CORP COM 053611109 51219 1209700 SH OTHER 01 1205675 0 2805 AVNET INC COM 053807103 34243 1036718 SH OTHER 1033588 0 3130 AVNET INC COM 053807103 40947 1239705 SH OTHER 01 1238250 0 0 BARRETT BILL CORP NOTE 5.000% 3/1 06846NAA2 2004 1950000 PRN OTHER 01 1950000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 482 4 SH SOLE 4 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 205 2564 SH OTHER 01 1264 0 50 BRISTOL MYERS SQUIBB CO COM 110122108 288 10867 SH OTHER 10867 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 210 7949 SH OTHER 01 7949 0 0 CA INC COM 12673P105 35244 1442065 SH OTHER 1437995 0 4070 CA INC COM 12673P105 42176 1725710 SH OTHER 01 1725710 0 0 CENTRAL EUROPEAN DIST CORP NOTE 3.000% 3/1 153435AA0 15536 16750000 PRN OTHER 01 16750000 0 0 CHARMING SHOPPES INC NOTE 1.125% 5/0 161133AE3 10806 12941000 PRN OTHER 01 12941000 0 0 CHEVRON CORP NEW COM 166764100 185 2025 SH OTHER 01 2025 0 0 CITIGROUP INC COM 172967101 35055 7411065 SH OTHER 01 7373350 0 24655 CITIGROUP INC COM 172967101 34623 7319965 SH OTHER 7298110 0 21855 COCA COLA CO COM 191216100 261 3965 SH OTHER 01 3965 0 0 COMPUTER SCIENCES CORP COM 205363104 21947 442481 SH OTHER 442006 0 475 COMPUTER SCIENCES CORP COM 205363104 10219 206030 SH OTHER 01 205420 0 0 COMPUWARE CORP COM 205638109 61849 5299823 SH OTHER 5282148 0 17675 COMPUWARE CORP COM 205638109 81756 7005665 SH OTHER 01 6976340 0 14670 COMTECH TELECOMMUNICATIONS C NOTE 3.000% 5/0 205826AF7 4160 4000000 PRN OTHER 01 4000000 0 0 CROWN HOLDINGS INC COM 228368106 77549 2323209 SH OTHER 01 2323209 0 0 CROWN HOLDINGS INC COM 228368106 61310 1836739 SH OTHER 1830239 0 6500 DEVON ENERGY CORP NEW COM 25179M103 277 3534 SH OTHER 01 3534 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 37356 502569 SH OTHER 500534 0 2035 DIAGEO P L C SPON ADR NEW 25243Q205 57940 779486 SH OTHER 01 778536 0 0 DIGITALGLOBE INC COM NEW 25389M877 35518 1120075 SH OTHER 1115650 0 4425 DIGITALGLOBE INC COM NEW 25389M877 44750 1411246 SH OTHER 01 1409756 0 0 DRYSHIPS INC. NOTE 5.000%12/0 262498AB4 2563 2500000 PRN OTHER 01 2500000 0 0 DURECT CORP COM 266605104 394 114156 SH OTHER 114156 0 0 DURECT CORP COM 266605104 1040 301200 SH OTHER 01 33200 0 268000 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 28113 719545 SH OTHER 716605 0 2940 ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 20900 534960 SH OTHER 01 525505 0 8300 ENTERPRISE PRODS PARTNERS L COM 293792107 52090 1251863 SH OTHER 1248358 0 3505 ENTERPRISE PRODS PARTNERS L COM 293792107 27502 660960 SH OTHER 01 645480 0 14130 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 5834 5900000 PRN OTHER 01 5900000 0 0 EXXON MOBIL CORP COM 30231G102 1226 16764 SH OTHER 01 16764 0 0 EXXON MOBIL CORP COM 30231G102 823 11257 SH OTHER 11257 0 0 F M C CORP COM NEW 302491303 14779 184986 SH OTHER 01 184986 0 0 F M C CORP COM NEW 302491303 17584 220104 SH OTHER 219434 0 670 FIRST REP BK SAN FRAN CALI N COM 33616C100 22636 777335 SH OTHER 775010 0 2325 FIRST REP BK SAN FRAN CALI N COM 33616C100 26381 905935 SH OTHER 01 904475 0 0 GENERAL ELECTRIC CO COM 369604103 145 7945 SH OTHER 7945 0 0 GENERAL ELECTRIC CO COM 369604103 235 12862 SH OTHER 01 6307 0 6555 GEN-PROBE INC NEW COM 36866T103 35980 616625 SH OTHER 614480 0 2145 GEN-PROBE INC NEW COM 36866T103 58936 1010045 SH OTHER 01 1004900 0 4035 HEALTHSOUTH CORP COM NEW 421924309 35035 1691679 SH OTHER 1689454 0 2225 HEALTHSOUTH CORP COM NEW 421924309 33862 1635042 SH OTHER 01 1631917 0 0 HEWLETT PACKARD CO COM 428236103 27354 649729 SH OTHER 01 644959 0 3425 HEWLETT PACKARD CO COM 428236103 31711 753230 SH OTHER 750980 0 2250 HOLOGIC INC FRNT 2.000%12/1 436440AA9 66 70000 PRN OTHER 70000 0 0 HOLOGIC INC FRNT 2.000%12/1 436440AA9 3773 4030000 PRN OTHER 01 4030000 0 0 HONEYWELL INTL INC COM 438516106 22130 416295 SH OTHER 415315 0 980 HONEYWELL INTL INC COM 438516106 14661 275792 SH OTHER 01 275332 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 597 4070 SH OTHER 01 4070 0 0 JOHNSON & JOHNSON COM 478160104 56949 920754 SH OTHER 01 918039 0 1605 JOHNSON & JOHNSON COM 478160104 45557 736573 SH OTHER 734438 0 2135 JPMORGAN CHASE & CO COM 46625H100 562 13260 SH OTHER 01 13260 0 0 L-1 IDENTITY SOLUTIONS INC NOTE 3.750% 5/1 50212AAB2 1401 1405000 PRN OTHER 1405000 0 0 L-1 IDENTITY SOLUTIONS INC NOTE 3.750% 5/1 50212AAB2 18643 18690000 PRN OTHER 01 18690000 0 0 LILLY ELI & CO COM 532457108 951 27151 SH SOLE 27151 0 0 LIONS GATE ENTMNT CORP NOTE 2.938%10/1 535919AF1 5654 5755000 PRN OTHER 01 5755000 0 0 LSB INDS INC SDCV 5.500% 7/0 502160AG9 9481 9295000 PRN OTHER 01 9295000 0 0 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 36006 637267 SH OTHER 634492 0 2775 MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 27156 480630 SH OTHER 01 473315 0 6295 MEAD JOHNSON NUTRITION CO COM 582839106 155 2495 SH OTHER 2495 0 0 MEDTRONIC INC COM 585055106 36028 971380 SH OTHER 971380 0 0 MEDTRONIC INC COM 585055106 559 15055 SH OTHER 01 12850 0 2205 MEDTRONIC INC NOTE 1.500% 4/1 585055AL0 1600 1600000 PRN OTHER 01 1600000 0 0 MENTOR GRAPHICS CORP DEBT 6.250% 3/0 587200AH9 5325 5000000 PRN OTHER 01 5000000 0 0 MENTOR GRAPHICS CORP NOTE 6.250% 3/0 587200AG1 12204 11459000 PRN OTHER 01 11459000 0 0 MENTOR GRAPHICS CORP NOTE 6.250% 3/0 587200AG1 53 50000 PRN OTHER 50000 0 0 MENTOR GRAPHICS CORP SDCV 6.250% 3/0 587200AF3 12201 11456000 PRN OTHER 01 11456000 0 0 MENTOR GRAPHICS CORP SDCV 6.250% 3/0 587200AF3 64 60000 PRN OTHER 60000 0 0 MERCK & CO INC NEW COM 58933Y105 838 23225 SH OTHER 01 23225 0 0 MICROSOFT CORP COM 594918104 51086 1830401 SH OTHER 1824921 0 5480 MICROSOFT CORP COM 594918104 59752 2140885 SH OTHER 01 2132120 0 5485 NALCO HOLDING COMPANY COM 62985Q101 28875 904048 SH OTHER 901318 0 2730 NALCO HOLDING COMPANY COM 62985Q101 35020 1096433 SH OTHER 01 1096433 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 54584 556411 SH OTHER 01 555896 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 36654 373642 SH OTHER 372477 0 1165 PENN VA CORP NOTE 4.500%11/1 707882AA4 50 50000 PRN OTHER 50000 0 0 PENN VA CORP NOTE 4.500%11/1 707882AA4 20953 21165000 PRN OTHER 01 21165000 0 0 PEPSICO INC COM 713448108 410 6285 SH OTHER 01 6285 0 0 PHILIP MORRIS INTL INC COM 718172109 132 2259 SH OTHER 2259 0 0 PHILIP MORRIS INTL INC COM 718172109 72 1225 SH OTHER 01 1225 0 0 PROCTER & GAMBLE CO COM 742718109 2833 44036 SH OTHER 42521 0 1515 PROCTER & GAMBLE CO COM 742718109 3146 48897 SH OTHER 01 48897 0 0 QUALCOMM INC COM 747525103 17849 360650 SH OTHER 359520 0 1130 QUALCOMM INC COM 747525103 26205 529511 SH OTHER 01 529026 0 0 QUESTAR CORP COM 748356102 43991 2526740 SH OTHER 2520565 0 6175 QUESTAR CORP COM 748356102 48160 2766297 SH OTHER 01 2762402 0 480 REPUBLIC SVCS INC COM 760759100 48757 1632850 SH OTHER 1628033 0 4817 REPUBLIC SVCS INC COM 760759100 56393 1888581 SH OTHER 01 1886136 0 0 SAFEWAY INC COM NEW 786514208 34942 1553660 SH OTHER 1549100 0 4560 SAFEWAY INC COM NEW 786514208 44228 1966559 SH OTHER 01 1956364 0 7130 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 960 40805 SH OTHER 40805 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 306 13000 SH OTHER 01 13000 0 0 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 17806 18500000 PRN OTHER 01 18500000 0 0 SCHOOL SPECIALTY INC SDCV 3.750%11/3 807863AL9 25530 26185000 PRN OTHER 01 26185000 0 0 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 24958 25210000 PRN OTHER 01 25210000 0 0 SMITH & WESSON HLDG CORP NOTE 4.000%12/1 831756AB7 74 75000 PRN OTHER 75000 0 0 SPARTAN STORES INC NOTE 3.375% 5/1 846822AE4 12634 13334000 PRN OTHER 01 13334000 0 0 STANLEY BLACK & DECKER INC UNIT 99/99/9999 854502309 1635 15000 PRN OTHER 01 15000 0 0 STEWART ENTERPRISES INC NOTE 3.125% 7/1 860370AH8 10292 10665000 PRN OTHER 01 10665000 0 0 SUPERVALU INC NOTE 11/0 868536AP8 7066 18236000 PRN OTHER 01 18236000 0 0 SYMETRA FINL CORP COM 87151Q106 31120 2271545 SH OTHER 01 2268670 0 0 SYMETRA FINL CORP COM 87151Q106 21810 1591955 SH OTHER 1586695 0 5260 TARGA RES CORP COM 87612G101 7703 287335 SH OTHER 01 287335 0 0 TARGA RES CORP COM 87612G101 340 12665 SH OTHER 12665 0 0 TELEFLEX INC COM 879369106 31595 587160 SH OTHER 585310 0 1850 TELEFLEX INC COM 879369106 33865 629342 SH OTHER 01 628452 0 0 TELEFLEX INC NOTE 3.875% 8/0 879369AA4 19583 18650000 PRN OTHER 01 18650000 0 0 THOMPSON CREEK METALS CO INC COM 884768102 221 15000 SH OTHER 01 0 0 15000 TRANSATLANTIC HLDGS INC COM 893521104 45505 881532 SH OTHER 879242 0 2290 TRANSATLANTIC HLDGS INC COM 893521104 51591 999440 SH OTHER 01 993630 0 4685 UNILEVER N V N Y SHS NEW 904784709 31571 1005430 SH OTHER 1000795 0 4635 UNILEVER N V N Y SHS NEW 904784709 54426 1733316 SH OTHER 01 1730936 0 0 UNION PAC CORP COM 907818108 278 3000 SH SOLE 3000 0 0 UNITED TECHNOLOGIES CORP COM 913017109 268 3400 SH OTHER 01 3400 0 0 VALEANT PHARMACEUTICALS INTL COM 91911K102 60940 2154117 SH OTHER 2147608 0 6509 VALEANT PHARMACEUTICALS INTL COM 91911K102 75315 2662274 SH OTHER 01 2656638 0 2951 WEBSENSE INC COM 947684106 28092 1387273 SH OTHER 1382558 0 4715 WEBSENSE INC COM 947684106 52745 2604686 SH OTHER 01 2599106 0 2895 WILLIAMS COS INC DEL COM 969457100 57485 2325460 SH OTHER 01 2318165 0 4785 WILLIAMS COS INC DEL COM 969457100 49113 1986780 SH OTHER 1980740 0 6040