13F-HR 1 ostm2q07.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, 2007 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 06, 2007 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: 211 Form13F Information Table Value Total: $2,530,689 (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 28-05660 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 2148 24754 SH OTHER 01 24754 0 0 3M CO COM 88579Y101 881 10150 SH OTHER 10150 0 0 A D C TELECOMMUNICATIONS FRNT 6/1 000886AB7 2434 2500000 PRN OTHER 01 2500000 0 0 ABBOTT LABS COM 002824100 1499 28000 SH OTHER 28000 0 0 ABBOTT LABS COM 002824100 585 10933 SH OTHER 01 10933 0 0 ACE LTD ORD G0070K103 350 5600 SH OTHER 01 5600 0 0 ADAPTEC INC NOTE 0.750%12/2 00651FAG3 5312 5750000 PRN OTHER 01 5750000 0 0 AFLAC INC COM 001055102 324 6300 SH OTHER 01 6300 0 0 ALESCO FINL INC COM 014485106 124 15200 SH OTHER 01 0 0 15200 ALTRIA GROUP INC COM 02209S103 289 4115 SH OTHER 4115 0 0 ALTRIA GROUP INC COM 02209S103 260 3710 SH OTHER 01 3710 0 0 AMERICAN COMMERCIAL LINES COM NEW 025195207 30901 1186250 SH OTHER 01 1178250 0 8000 AMERICAN COMMERCIAL LINES COM NEW 025195207 16394 629325 SH OTHER 624950 0 4375 AMERICAN EXPRESS CO COM 025816109 387 6325 SH OTHER 6325 0 0 AMERICAN EXPRESS CO COM 025816109 171 2800 SH OTHER 01 2800 0 0 AMERICAN INTL GROUP INC COM 026874107 1115 15925 SH OTHER 15925 0 0 AMERICAN INTL GROUP INC COM 026874107 10984 156853 SH OTHER 01 156796 0 57 AMGEN INC COM 031162100 445 8050 SH OTHER 01 8050 0 0 ANADARKO PETE CORP COM 032511107 399 7675 SH OTHER 01 7675 0 0 ANNALY CAP MGMT INC COM 035710409 28805 1997578 SH OTHER 1985578 0 12000 ANNALY CAP MGMT INC COM 035710409 51126 3545497 SH OTHER 01 3522497 0 23000 APTARGROUP INC COM 038336103 692 19472 SH OTHER 01 19472 0 0 ARES CAP CORP COM 04010L103 10433 619156 SH OTHER 610081 0 9075 ARES CAP CORP COM 04010L103 27118 1609355 SH OTHER 01 1588119 0 21236 AUTOMATIC DATA PROCESSING IN COM 053015103 120 2470 SH OTHER 01 2470 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 291 6000 SH OTHER 6000 0 0 BARE ESCENTUALS INC COM 067511105 2112 61831 SH SOLE 61831 0 0 BASIC ENERGY SVCS INC NEW COM 06985P100 212 8300 SH OTHER 01 0 0 8300 BASIN WTR INC COM 07011T306 282 32440 SH SOLE 32440 0 0 BECTON DICKINSON & CO COM 075887109 335 4500 SH OTHER 01 4500 0 0 BERKLEY W R CORP COM 084423102 346 10630 SH OTHER 01 10630 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 547 5 SH SOLE 5 0 0 BP PLC SPONSORED ADR 055622104 280 3880 SH OTHER 01 3880 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 1083 34328 SH OTHER 34328 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 598 18940 SH OTHER 01 18940 0 0 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 19357 398300 SH OTHER 392950 0 5350 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 30896 635725 SH OTHER 01 635725 0 0 CANADIAN NAT RES LTD COM 136385101 299 4500 SH OTHER 01 4500 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 4980 326575 SH OTHER 326575 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 6492 425725 SH OTHER 01 425725 0 0 CBS CORP NEW CL B 124857202 2763 82934 SH OTHER 01 82934 0 0 CBS CORP NEW CL B 124857202 3442 103312 SH OTHER 102725 0 587 CELGENE CORP COM 151020104 226 3950 SH OTHER 3950 0 0 CHARLES RIV LABS INTL INC COM 159864107 23095 447400 SH OTHER 443150 0 4250 CHARLES RIV LABS INTL INC COM 159864107 55312 1071525 SH OTHER 01 1071525 0 0 CHART INDS INC COM PAR $0.01 16115Q308 12590 442675 SH OTHER 442675 0 0 CHART INDS INC COM PAR $0.01 16115Q308 14260 501400 SH OTHER 01 501400 0 0 CHEVRON CORP NEW COM 166764100 652 7739 SH OTHER 7739 0 0 CHEVRON CORP NEW COM 166764100 3115 36980 SH OTHER 01 36980 0 0 CIENA CORP NOTE 3.750% 2/0 171779AA9 1226 1240000 PRN OTHER 1240000 0 0 CIENA CORP NOTE 3.750% 2/0 171779AA9 6056 6125000 PRN OTHER 01 6125000 0 0 CISCO SYS INC COM 17275R102 207 7448 SH OTHER 01 7448 0 0 CITADEL BROADCASTING CORP COM 17285T106 1866 289305 SH OTHER 01 285305 0 4000 CITADEL BROADCASTING CORP COM 17285T106 3889 602975 SH OTHER 602975 0 0 CITIGROUP INC COM 172967101 652 12710 SH OTHER 01 12710 0 0 CLOROX CO DEL COM 189054109 571 9200 SH OTHER 01 9200 0 0 COCA COLA CO COM 191216100 449 8580 SH OTHER 8580 0 0 COCA COLA CO COM 191216100 638 12190 SH OTHER 01 12190 0 0 COLLEGIATE PACIFIC INC NOTE 5.750%12/0 194589AB3 2191 2250000 PRN OTHER 01 2250000 0 0 COMCAST CORP NEW CL A 20030N101 216 7672 SH OTHER 01 7672 0 0 CONEXANT SYSTEMS INC NOTE 4.000% 3/0 207142AH3 3870 4500000 PRN OTHER 01 4500000 0 0 CONOCOPHILLIPS COM 20825C104 761 9693 SH OTHER 01 9693 0 0 COSTCO WHSL CORP NEW COM 22160K105 25331 432864 SH OTHER 429764 0 3100 COSTCO WHSL CORP NEW COM 22160K105 49966 853834 SH OTHER 01 853834 0 0 CREDENCE SYS CORP NOTE 1.500% 5/1 225302AF5 943 1000000 PRN OTHER 01 1000000 0 0 CROWN CASTLE INTL CORP COM 228227104 10690 294745 SH OTHER 294745 0 0 CROWN CASTLE INTL CORP COM 228227104 17301 477000 SH OTHER 01 455957 0 21043 CROWN HOLDINGS INC COM 228368106 40729 1631107 SH OTHER 1621307 0 9800 CROWN HOLDINGS INC COM 228368106 79340 3177409 SH OTHER 01 3175409 0 2000 DEVON ENERGY CORP NEW COM 25179M103 508 6484 SH OTHER 01 6484 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 25825 309982 SH OTHER 307482 0 2500 DIAGEO P L C SPON ADR NEW 25243Q205 42081 505109 SH OTHER 01 505109 0 0 DISNEY WALT CO COM DISNEY 254687106 270 7900 SH OTHER 01 7900 0 0 DOW CHEM CO COM 260543103 768 17385 SH OTHER 01 17385 0 0 DURECT CORP COM 266605104 995 258406 SH OTHER 258406 0 0 DURECT CORP COM 266605104 2487 646002 SH OTHER 01 595002 0 51000 DYNEX CAP INC PFD D 9.50% 26817Q605 304 29327 PRN OTHER 01 0 0 29327 DYNEX CAP INC COM NEW 26817Q506 142 17225 SH OTHER 01 0 0 17225 EDISON INTL COM 281020107 265 4722 SH OTHER 01 4722 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 19345 608144 SH OTHER 601569 0 6575 ENTERPRISE PRODS PARTNERS L COM 293792107 26902 845731 SH OTHER 01 823931 0 21800 EXXON MOBIL CORP COM 30231G102 3533 42116 SH OTHER 42116 0 0 EXXON MOBIL CORP COM 30231G102 5403 64407 SH OTHER 01 63907 0 500 FEI CO NOTE 5.500% 8/1 30241LAB5 203 205000 PRN OTHER 01 205000 0 0 FIRST AMERN CORP CALIF COM 318522307 32182 650143 SH OTHER 646168 0 3975 FIRST AMERN CORP CALIF COM 318522307 57876 1169212 SH OTHER 01 1158837 0 10375 FOOT LOCKER INC COM 344849104 8663 397375 SH OTHER 397375 0 0 FOOT LOCKER INC COM 344849104 19133 877675 SH OTHER 01 877675 0 0 FOREST OIL CORP COM PAR $0.01 346091705 26477 626519 SH OTHER 622994 0 3525 FOREST OIL CORP COM PAR $0.01 346091705 46248 1094356 SH OTHER 01 1088356 0 6000 FRANKLIN RES INC COM 354613101 1192 9000 SH OTHER 01 9000 0 0 GENERAL ELECTRIC CO COM 369604103 1479 38624 SH OTHER 38624 0 0 GENERAL ELECTRIC CO COM 369604103 2713 70886 SH OTHER 01 70886 0 0 GENWORTH FINL INC COM CL A 37247D106 22736 660931 SH OTHER 657856 0 3075 GENWORTH FINL INC COM CL A 37247D106 44877 1304569 SH OTHER 01 1304569 0 0 HALLIBURTON CO COM 406216101 511 14804 SH OTHER 01 14804 0 0 HEALTHSOUTH CORP COM NEW 421924309 15192 838848 SH OTHER 834393 0 4455 HEALTHSOUTH CORP COM NEW 421924309 34573 1909090 SH OTHER 01 1906090 0 3000 HEWLETT PACKARD CO COM 428236103 205 4599 SH OTHER 01 4599 0 0 HOME DEPOT INC COM 437076102 260 6600 SH OTHER 01 6600 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 395 7200 SH OTHER 01 7200 0 0 INHALE THERAPEUTIC SYS INC NOTE 3.500%10/1 457191AH7 892 910000 PRN OTHER 01 910000 0 0 INTEL CORP COM 458140100 475 20000 SH OTHER 01 20000 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 350 3324 SH OTHER 01 3324 0 0 INTERNATIONAL RECTIFIER CORP NOTE 4.250% 7/1 460254AE5 3718 3727000 PRN OTHER 01 3727000 0 0 INTERNATIONAL RECTIFIER CORP NOTE 4.250% 7/1 460254AE5 956 958000 PRN OTHER 958000 0 0 INVITROGEN CORP COM 46185R100 20143 273132 SH OTHER 271632 0 1500 INVITROGEN CORP COM 46185R100 38177 517654 SH OTHER 01 517654 0 0 ITC HLDGS CORP COM 465685105 16270 400438 SH OTHER 395638 0 4800 ITC HLDGS CORP COM 465685105 20110 494962 SH OTHER 01 494962 0 0 JETBLUE AWYS CORP NOTE 3.500% 7/1 477143AB7 558 575000 PRN OTHER 575000 0 0 JETBLUE AWYS CORP NOTE 3.500% 7/1 477143AB7 7566 7800000 PRN OTHER 01 7800000 0 0 JOHNSON & JOHNSON COM 478160104 22778 369659 SH OTHER 368359 0 1300 JOHNSON & JOHNSON COM 478160104 44427 720990 SH OTHER 01 720990 0 0 KIMBERLY CLARK CORP COM 494368103 294 4400 SH OTHER 01 4400 0 0 KINETIC CONCEPTS INC COM NEW 49460W208 30371 584400 SH OTHER 581750 0 2650 KINETIC CONCEPTS INC COM NEW 49460W208 49068 944157 SH OTHER 01 937157 0 7000 LAMAR ADVERTISING CO CL A 512815101 21575 343762 SH OTHER 340562 0 3200 LAMAR ADVERTISING CO CL A 512815101 48327 770025 SH OTHER 01 770025 0 0 LIBERTY GLOBAL INC COM SER A 530555101 41401 1008780 SH OTHER 01 1008423 0 357 LIBERTY GLOBAL INC COM SER C 530555309 18276 465045 SH OTHER 463057 0 1988 LIBERTY GLOBAL INC COM SER C 530555309 40512 1030846 SH OTHER 01 1030489 0 357 LIBERTY GLOBAL INC COM SER A 530555101 20516 499894 SH OTHER 497906 0 1988 LIBERTY MEDIA HLDG CORP INT COM SER A 53071M104 968 43334 SH OTHER 43334 0 0 LIBERTY MEDIA HLDG CORP INT COM SER A 53071M104 1417 63445 SH OTHER 01 62945 0 500 LILLY ELI & CO COM 532457108 5854 104757 SH OTHER 103657 0 1100 LILLY ELI & CO COM 532457108 1098 19654 SH OTHER 01 19654 0 0 LIN TELEVISION CORP SDEB 2.500% 5/1 532776AL5 3880 4000000 PRN OTHER 01 4000000 0 0 LOEWS CORP COM 540424108 324 6355 SH SOLE 6355 0 0 LTX CORP NOTE 4.250% 8/1 502392AG8 3104 3000000 PRN OTHER 01 3000000 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 11153 371769 SH OTHER 371769 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 22640 754656 SH OTHER 01 754656 0 0 MANOR CARE INC NEW COM 564055101 30562 468101 SH OTHER 465001 0 3100 MANOR CARE INC NEW COM 564055101 43148 660873 SH OTHER 01 660873 0 0 MCGRATH RENTCORP COM 580589109 202 6000 SH OTHER 01 6000 0 0 MERCK & CO INC COM 589331107 938 18839 SH OTHER 18839 0 0 MERCK & CO INC COM 589331107 1253 25158 SH OTHER 01 25158 0 0 MERCURY GENL CORP NEW COM 589400100 220 4000 SH OTHER 01 0 0 4000 MICROSOFT CORP COM 594918104 436 14783 SH OTHER 14783 0 0 MICROSOFT CORP COM 594918104 1440 48870 SH OTHER 01 48870 0 0 MORGAN STANLEY COM NEW 617446448 245 2923 SH OTHER 01 300 0 2623 NESS TECHNOLOGIES INC COM 64104X108 12531 963175 SH OTHER 963175 0 0 NESS TECHNOLOGIES INC COM 64104X108 26569 2042220 SH OTHER 01 2042220 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 666 675000 PRN OTHER 675000 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 7540 7645000 PRN OTHER 01 7645000 0 0 NOVADEL PHARMA INC COM 66986X106 55 47619 SH SOLE 47619 0 0 NOVARTIS A G SPONSORED ADR 66987V109 1325 23625 SH OTHER 23625 0 0 NOVARTIS A G SPONSORED ADR 66987V109 6238 111250 SH OTHER 01 111250 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 289 5000 SH OTHER 01 5000 0 0 OMNICARE CAP TR II PFD B TR 4.00% 68214Q200 2886 58000 PRN OTHER 01 58000 0 0 OMNICARE INC COM 681904108 24516 679859 SH OTHER 679859 0 0 OMNICARE INC COM 681904108 45683 1266841 SH OTHER 01 1256841 0 10000 PCM FUND INC COM 69323T101 110 10000 PRN OTHER 01 10000 0 0 PEPSICO INC COM 713448108 3817 58866 SH OTHER 58866 0 0 PEPSICO INC COM 713448108 18793 289788 SH OTHER 01 289632 0 156 PETROCHINA CO LTD SPONSORED ADR 71646E100 297 2000 SH OTHER 01 2000 0 0 PFIZER INC COM 717081103 567 22181 SH OTHER 01 22181 0 0 POPE & TALBOT INC COM 732827100 165 41576 SH OTHER 41576 0 0 POPE & TALBOT INC COM 732827100 190 47953 SH OTHER 01 47953 0 0 PRAXAIR INC COM 74005P104 216 3000 SH OTHER 01 3000 0 0 PROCTER & GAMBLE CO COM 742718109 8044 131457 SH OTHER 128457 0 3000 PROCTER & GAMBLE CO COM 742718109 9954 162670 SH OTHER 01 162670 0 0 QLT INC NOTE 3.000% 9/1 746927AB8 311 325000 PRN OTHER 325000 0 0 QLT INC NOTE 3.000% 9/1 746927AB8 6008 6275000 PRN OTHER 01 6275000 0 0 QUANTA SVCS INC NOTE 4.000% 7/0 74762EAA0 300 300000 PRN OTHER 01 300000 0 0 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 5 10780 SH SOLE 10780 0 0 R H DONNELLEY CORP COM NEW 74955W307 32657 430950 SH OTHER 428386 0 2564 R H DONNELLEY CORP COM NEW 74955W307 63622 839561 SH OTHER 01 838716 0 845 RAIT FINANCIAL TRUST COM 749227104 19208 738200 SH OTHER 732875 0 5325 RAIT FINANCIAL TRUST COM 749227104 31483 1209950 SH OTHER 01 1207950 0 2000 REPUBLIC SVCS INC COM 760759100 15816 516183 SH OTHER 510671 0 5512 REPUBLIC SVCS INC COM 760759100 40409 1318836 SH OTHER 01 1318836 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 247 3042 SH OTHER 01 3042 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1851 22801 SH OTHER 22801 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 7553 237430 SH OTHER 237430 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 4613 145014 SH OTHER 01 145014 0 0 SCHERING PLOUGH CORP COM 806605101 684 22475 SH OTHER 01 22475 0 0 SCHLUMBERGER LTD COM 806857108 22361 263251 SH OTHER 263251 0 0 SCHLUMBERGER LTD COM 806857108 44852 528039 SH OTHER 01 528039 0 0 SERVICE CORP INTL COM 817565104 24251 1897590 SH OTHER 1885040 0 12550 SERVICE CORP INTL COM 817565104 47546 3720377 SH OTHER 01 3720377 0 0 SOUTHERN UN CO NEW COM 844030106 32759 1005180 SH OTHER 998980 0 6200 SOUTHERN UN CO NEW COM 844030106 59033 1811404 SH OTHER 01 1801754 0 9650 STANDARD MTR PRODS INC SDCV 6.750% 7/1 853666AB1 44 44000 PRN OTHER 01 44000 0 0 SUNCOR ENERGY INC COM 867229106 228 2531 SH OTHER 01 2531 0 0 TARGET CORP COM 87612E106 729 11470 SH OTHER 01 11470 0 0 TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 324 8540 SH OTHER 01 8540 0 0 TESORO CORP COM 881609101 572 10000 SH OTHER 01 10000 0 0 ULTRAPETROL BAHAMAS LTD COM P94398107 616 26000 SH OTHER 01 7000 0 19000 UNITED TECHNOLOGIES CORP COM 913017109 518 7300 SH OTHER 01 7300 0 0 VALEANT PHARMACEUTICALS INTL COM 91911X104 21625 1295675 SH OTHER 1286050 0 9625 VALEANT PHARMACEUTICALS INTL COM 91911X104 36756 2202275 SH OTHER 01 2202275 0 0 VERIFONE HLDGS INC COM 92342Y109 3271 92798 SH OTHER 92798 0 0 VERIFONE HLDGS INC COM 92342Y109 8058 228589 SH OTHER 01 222781 0 5808 VERISIGN INC COM 92343E102 35970 1133628 SH OTHER 1126903 0 6725 VERISIGN INC COM 92343E102 65991 2079772 SH OTHER 01 2066772 0 13000 VIACOM INC NEW CL B 92553P201 4000 96074 SH OTHER 95687 0 387 VIACOM INC NEW CL B 92553P201 2827 67908 SH OTHER 01 67908 0 0 VITAL IMAGES INC COM 92846N104 272 10000 SH OTHER 01 10000 0 0 WACHOVIA CORP NEW COM 929903102 840 16395 SH OTHER 01 16395 0 0 WALGREEN CO COM 931422109 435 10000 SH OTHER 10000 0 0 WALGREEN CO COM 931422109 376 8634 SH OTHER 01 8634 0 0 WASTE MGMT INC DEL COM 94106L109 6980 178750 SH OTHER 178750 0 0 WASTE MGMT INC DEL COM 94106L109 5422 138850 SH OTHER 01 138850 0 0 WATTS WATER TECHNOLOGIES INC CL A 942749102 281 7500 SH OTHER 01 7500 0 0 WEBSENSE INC COM 947684106 18674 878763 SH OTHER 872563 0 6200 WEBSENSE INC COM 947684106 45755 2153205 SH OTHER 01 2144587 0 8618 WILLIAMS COS INC DEL COM 969457100 316 10000 SH OTHER 01 0 0 10000 WORKSTREAM INC COM 981402100 166 157069 SH OTHER 01 0 0 157069 WYETH COM 983024100 284 4950 SH OTHER 01 4950 0 0 WYETH COM 983024100 201 3512 SH OTHER 3512 0 0