13F-HR 1 ostm2q05.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, 2005 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: Pamela Nichter Title: Chief Operating Officer Phone: 415-434-4441 Signature, Place, and Date of Signing: /s/ Pamela Nichter San Francisco, CA August 09, 2005 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: 209 Form13F Information Table Value Total: $1,969,666 (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 788 10900 SH SOLE 10900 0 0 3M CO COM 88579Y101 1211 16754 SH SOLE 01 16754 0 0 3M CO COM 88579Y101 897 12400 SH OTHER 01 12400 0 0 ABBOTT LABS COM 002824100 1431 29200 SH SOLE 29200 0 0 ABBOTT LABS COM 002824100 551 11233 SH SOLE 01 11233 0 0 ACE LTD ORD G0070K103 251 5600 SH SOLE 01 5600 0 0 ADOBE SYS INC COM 00724F101 363 12700 SH SOLE 01 12700 0 0 ADVANCED ENERGY INDS NOTE 5.250%11/1 007973AA8 1945 1990000 PRN SOLE 1140000 0 850000 ADVANCED ENERGY INDS NOTE 5.250%11/1 007973AA8 4492 4595000 PRN SOLE 01 4595000 0 0 ADVANCED ENERGY INDS NOTE 5.000% 9/0 007973AC4 1329 1360000 PRN SOLE 1360000 0 0 ADVANCED ENERGY INDS NOTE 5.000% 9/0 007973AC4 489 500000 PRN SOLE 01 500000 0 0 AFLAC INC COM 001055102 342 7900 SH SOLE 01 7900 0 0 AGERE SYS INC NOTE 6.500%12/1 00845VAA8 1108 1100000 PRN SOLE 01 1100000 0 0 AIRTRAN HLDGS INC COM 00949P108 12995 1407955 SH SOLE 01 1407955 0 0 AIRTRAN HLDGS INC COM 00949P108 4969 538300 SH SOLE 442100 0 96200 ALLIANCE ONE INTL INC COM 018772103 7459 1241075 SH SOLE 01 1241075 0 0 ALLIANCE ONE INTL INC COM 018772103 1851 307925 SH SOLE 206025 0 101900 ALLIED WASTE INDS INC SDCV 4.250% 4/1 019589AD2 3078 3600000 PRN SOLE 01 3600000 0 0 ALLIED WASTE INDS INC SDCV 4.250% 4/1 019589AD2 335 392000 PRN SOLE 392000 0 0 ALTRIA GROUP INC COM 02209S103 270 4180 SH SOLE 4180 0 0 ALTRIA GROUP INC COM 02209S103 240 3710 SH SOLE 01 3710 0 0 AMERICAN EXPRESS CO COM 025816109 458 8600 SH SOLE 8600 0 0 AMERICAN INTL GROUP INC COM 026874107 3267 56232 SH OTHER 01 56232 0 0 ANADARKO PETE CORP COM 032511107 345 4200 SH SOLE 01 4200 0 0 ANTIGENICS INC DEL COM 037032109 124 22862 SH SOLE 22862 0 0 APTARGROUP INC COM 038336103 749 14736 SH SOLE 01 14736 0 0 ARES CAP CORP COM 04010L103 26048 1460884 SH SOLE 01 1460884 0 0 ARES CAP CORP COM 04010L103 14269 800300 SH SOLE 718100 0 82200 ASPECT COMMUNICATIONS CORP COM 04523Q102 33367 2971197 SH SOLE 01 2971197 0 0 ASPECT COMMUNICATIONS CORP COM 04523Q102 15442 1375038 SH SOLE 1270588 0 104450 AUTOMATIC DATA PROCESSING IN COM 053015103 252 6000 SH SOLE 6000 0 0 AVERY DENNISON CORP COM 053611109 27562 520425 SH SOLE 01 520425 0 0 AVERY DENNISON CORP COM 053611109 13012 245700 SH SOLE 214400 0 31300 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 1563 1595000 PRN SOLE 01 1595000 0 0 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 10 10000 PRN SOLE 10000 0 0 BANK OF AMERICA CORPORATION COM 060505104 8483 186000 SH SOLE 167650 0 18350 BANK OF AMERICA CORPORATION COM 060505104 8877 194618 SH SOLE 01 194618 0 0 BAUSCH & LOMB INC COM 071707103 45200 544578 SH SOLE 01 544578 0 0 BAUSCH & LOMB INC COM 071707103 28122 338815 SH SOLE 267265 0 71550 BECTON DICKINSON & CO COM 075887109 249 4750 SH SOLE 01 4750 0 0 BERKLEY W R CORP COM 084423102 253 7087 SH SOLE 01 7087 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 418 5 SH SOLE 5 0 0 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 3580 3625000 PRN SOLE 01 3625000 0 0 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 1605 1625000 PRN SOLE 950000 0 675000 BP PLC SPONSORED ADR 055622104 205 3280 SH SOLE 01 3280 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 907 36328 SH SOLE 36328 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 634 25392 SH SOLE 01 25392 0 0 CAPITAL ONE FINL CORP COM 14040H105 216 2700 SH SOLE 01 2700 0 0 CAREMARK RX INC COM 141705103 394 8840 SH SOLE 01 8840 0 0 CEDAR FAIR L P DEPOSITRY UNIT 150185106 5267 163627 SH SOLE 01 163627 0 0 CEDAR FAIR L P DEPOSITRY UNIT 150185106 6349 197232 SH SOLE 117482 0 79750 CHEVRON CORP NEW COM 166764100 1293 23130 SH SOLE 01 23130 0 0 CHEVRON CORP NEW COM 166764100 671 12000 SH OTHER 01 12000 0 0 CHEVRON CORP NEW COM 166764100 455 8139 SH SOLE 6139 0 2000 CITADEL BROADCASTING CORP COM 17285T106 12502 1091896 SH SOLE 904221 0 187675 CITADEL BROADCASTING CORP COM 17285T106 22077 1928102 SH SOLE 01 1928102 0 0 CITIGROUP INC COM 172967101 283 6122 SH SOLE 01 6122 0 0 CLOROX CO DEL COM 189054109 390 7000 SH SOLE 01 7000 0 0 COCA COLA CO COM 191216100 358 8580 SH SOLE 5380 0 3200 COCA COLA CO COM 191216100 814 19490 SH SOLE 01 19490 0 0 COMCAST CORP NEW CL A 20030N101 770 25115 SH SOLE 01 25115 0 0 CONOCOPHILLIPS COM 20825C104 556 9666 SH SOLE 01 9666 0 0 COSTCO WHSL CORP NEW COM 22160K105 28459 636229 SH SOLE 01 636229 0 0 COSTCO WHSL CORP NEW COM 22160K105 11855 265031 SH SOLE 231981 0 33050 CROWN HOLDINGS INC COM 228368106 19090 1341515 SH SOLE 1072015 0 269500 CROWN HOLDINGS INC COM 228368106 44421 3121623 SH SOLE 01 3121623 0 0 DEVON ENERGY CORP NEW COM 25179M103 329 6484 SH SOLE 01 6484 0 0 DEX MEDIA INC COM 25212E100 22787 933526 SH SOLE 748026 0 185500 DEX MEDIA INC COM 25212E100 44753 1833386 SH SOLE 01 1833386 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 32252 543872 SH SOLE 01 543872 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 19234 324349 SH SOLE 265149 0 59200 DOR BIOPHARMA INC COM 258094101 20 62814 SH SOLE 62814 0 0 DOW CHEM CO COM 260543103 398 8941 SH OTHER 01 8941 0 0 DOW CHEM CO COM 260543103 417 9354 SH SOLE 01 9354 0 0 DURECT CORP COM 266605104 3524 692250 SH SOLE 01 692250 0 0 DURECT CORP COM 266605104 1624 319006 SH SOLE 305206 0 13800 ENTERPRISE PRODS PARTNERS L COM 293792107 12085 451117 SH SOLE 01 451117 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 370 13800 SH OTHER 01 13800 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 5561 207575 SH SOLE 187775 0 19800 EXXON MOBIL CORP COM 30231G102 2464 42873 SH SOLE 42873 0 0 EXXON MOBIL CORP COM 30231G102 3497 60854 SH SOLE 01 60854 0 0 FLEXTRONICS INTL LTD ORD Y2573F102 8398 635695 SH SOLE 524595 0 111100 FLEXTRONICS INTL LTD ORD Y2573F102 21190 1604070 SH SOLE 01 1604070 0 0 GASCO ENERGY INC COM 367220100 37 10000 SH OTHER 01 10000 0 0 GASCO ENERGY INC COM 367220100 81 22000 SH SOLE 01 22000 0 0 GENERAL ELEC CO COM 369604103 2940 84840 SH SOLE 01 84840 0 0 GENERAL ELEC CO COM 369604103 249 7200 SH OTHER 01 7200 0 0 GENERAL ELEC CO COM 369604103 1845 53246 SH SOLE 53246 0 0 GLOBAL SIGNAL INC COM 37944Q103 6096 161900 SH SOLE 01 161900 0 0 GLOBAL SIGNAL INC COM 37944Q103 3084 81900 SH SOLE 80600 0 1300 GLOBESPAN INC NOTE 5.250% 5/1 379571AB8 4183 4279000 PRN SOLE 01 4279000 0 0 GLOBESPAN INC NOTE 5.250% 5/1 379571AB8 489 500000 PRN SOLE 500000 0 0 GOLD RESV INC CL A 38068N108 33 10000 SH OTHER 01 10000 0 0 GOLD RESV INC CL A 38068N108 52 16000 SH SOLE 01 16000 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 206 3200 SH SOLE 3200 0 0 HOME DEPOT INC COM 437076102 257 6600 SH SOLE 01 6600 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 278 3900 SH SOLE 01 3900 0 0 INHALE THERAPEUTIC SYS INC NOTE 5.000% 2/0 457191AF1 1811 1860000 PRN SOLE 01 1860000 0 0 INHALE THERAPEUTIC SYS INC NOTE 5.000% 2/0 457191AF1 433 445000 PRN SOLE 445000 0 0 INTEL CORP COM 458140100 644 24759 SH SOLE 01 24759 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 332 4470 SH SOLE 01 4470 0 0 INVITROGEN CORP COM 46185R100 31093 373308 SH SOLE 01 373308 0 0 INVITROGEN CORP COM 46185R100 16471 197749 SH SOLE 162524 0 35225 JOHNSON & JOHNSON COM 478160104 6011 92471 SH SOLE 01 92471 0 0 JOHNSON & JOHNSON COM 478160104 3430 52765 SH SOLE 52765 0 0 KIMBERLY CLARK CORP COM 494368103 275 4400 SH SOLE 01 4400 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 14877 292166 SH SOLE 01 292166 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 20851 409489 SH SOLE 327189 0 82300 KINDER MORGAN MANAGEMENT LLC SHS 49455U100 516 11215 SH SOLE 01 11215 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 18410 368936 SH SOLE 292686 0 76250 LABORATORY CORP AMER HLDGS COM NEW 50540R409 33182 664979 SH SOLE 01 664979 0 0 LAIDLAW INTL INC COM 50730R102 31758 1317765 SH SOLE 1086715 0 231050 LAIDLAW INTL INC COM 50730R102 55430 2299991 SH SOLE 01 2299991 0 0 LAMAR ADVERTISING CO CL A 512815101 24055 562428 SH SOLE 01 562428 0 0 LAMAR ADVERTISING CO CL A 512815101 16497 385715 SH SOLE 327165 0 58550 LIBERTY MEDIA CORP NEW COM SER A 530718105 5254 515602 SH SOLE 375102 0 140500 LIBERTY MEDIA CORP NEW COM SER A 530718105 12090 1186416 SH SOLE 01 1186416 0 0 LILLY ELI & CO COM 532457108 6091 109342 SH SOLE 95542 0 13800 LILLY ELI & CO COM 532457108 1053 18904 SH SOLE 01 18904 0 0 LIPMAN ELECTRONIC ENGINEERIN ORD M6772H101 5279 171550 SH SOLE 163300 0 8250 LIPMAN ELECTRONIC ENGINEERIN ORD M6772H101 14739 479000 SH SOLE 01 479000 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 569 575000 PRN SOLE 01 575000 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 267 270000 PRN SOLE 270000 0 0 LUCENT TECHNOLOGIES INC SDCV 8.000% 8/0 549463AK3 1541 1500000 PRN SOLE 01 1500000 0 0 MANOR CARE INC NEW COM 564055101 30291 762425 SH SOLE 626725 0 135700 MANOR CARE INC NEW COM 564055101 48564 1222361 SH SOLE 01 1222361 0 0 MAXTOR CORP NOTE 6.800% 4/3 577729AC0 1476 1600000 PRN SOLE 01 1600000 0 0 MEDIACOM COMMUNICATIONS CORP NOTE 5.250% 7/0 58446KAA3 2157 2165000 PRN SOLE 2165000 0 0 MEDIACOM COMMUNICATIONS CORP NOTE 5.250% 7/0 58446KAA3 3522 3535000 PRN SOLE 01 3535000 0 0 MENTOR GRAPHICS CORP NOTE 6.875% 6/1 587200AB2 20 20000 PRN SOLE 20000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 1243 1400000 PRN SOLE 01 1400000 0 0 MENTOR GRAPHICS CORP NOTE 6.875% 6/1 587200AB2 4648 4695000 PRN SOLE 01 4695000 0 0 MERCK & CO INC COM 589331107 868 28184 SH SOLE 01 28184 0 0 MERCK & CO INC COM 589331107 649 21080 SH SOLE 21080 0 0 MICROSOFT CORP COM 594918104 1504 60540 SH SOLE 01 60540 0 0 MICROSOFT CORP COM 594918104 401 16126 SH SOLE 16126 0 0 NATURAL MICROSYSTEMS CORP NOTE 5.000%10/1 638882AA8 9975 10025000 PRN SOLE 01 10025000 0 0 NATURAL MICROSYSTEMS CORP NOTE 5.000%10/1 638882AA8 4438 4460000 PRN SOLE 3180000 0 1280000 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 4748 4790000 PRN SOLE 01 4790000 0 0 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 952 960000 PRN SOLE 960000 0 0 NEW SKIES SATELLITES HLDGS SHS G64865101 6749 340000 SH SOLE 01 340000 0 0 NEW SKIES SATELLITES HLDGS SHS G64865101 2593 130650 SH SOLE 114850 0 15800 NEWMONT MINING CORP COM 651639106 10522 269575 SH SOLE 01 269575 0 0 NEWMONT MINING CORP COM 651639106 4959 127065 SH SOLE 82865 0 44200 NOVADEL PHARMA INC COM 66986X106 59 47618 SH SOLE 47618 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 231 3000 SH SOLE 01 3000 0 0 OMNICARE INC COM 681904108 21537 507596 SH SOLE 380196 0 127400 OMNICARE INC COM 681904108 33183 782076 SH SOLE 01 782076 0 0 PEPSICO INC COM 713448108 3266 60566 SH SOLE 55016 0 5550 PEPSICO INC COM 713448108 21547 399532 SH SOLE 01 399532 0 0 PFIZER INC COM 717081103 993 35989 SH SOLE 01 35989 0 0 PLAINS EXPL& PRODTN CO COM 726505100 26246 738708 SH SOLE 589900 0 148808 PLAINS EXPL& PRODTN CO COM 726505100 55817 1570975 SH SOLE 01 1570975 0 0 POTLATCH CORP COM 737628107 241 4600 SH SOLE 01 4600 0 0 PROCTER & GAMBLE CO COM 742718109 8845 167676 SH SOLE 01 167676 0 0 PROCTER & GAMBLE CO COM 742718109 8208 155600 SH SOLE 107600 0 48000 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 7 10780 SH SOLE 10780 0 0 REGAL ENTMT GROUP CL A 758766109 18971 1004814 SH SOLE 798364 0 206450 REGAL ENTMT GROUP CL A 758766109 35265 1867848 SH SOLE 01 1867848 0 0 REPUBLIC SVCS INC COM 760759100 40006 1110975 SH SOLE 01 1110975 0 0 REPUBLIC SVCS INC COM 760759100 15821 439360 SH SOLE 394810 0 44550 ROBBINS & MYERS INC NOTE 8.000% 1/3 770196AB9 73 71000 PRN SOLE 01 71000 0 0 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 1499 23101 SH SOLE 23101 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 8427 200873 SH SOLE 01 200873 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 16087 383470 SH SOLE 248920 0 134550 SCHERING PLOUGH CORP COM 806605101 428 22475 SH SOLE 01 22475 0 0 SCHLUMBERGER LTD COM 806857108 14049 185001 SH SOLE 153401 0 31600 SCHLUMBERGER LTD COM 806857108 35850 472084 SH SOLE 01 472084 0 0 SCI SYS INC NOTE 3.000% 3/1 783890AF3 940 1000000 PRN SOLE 01 1000000 0 0 SERVICE CORP INTL COM 817565104 33981 4237020 SH SOLE 01 4237020 0 0 SERVICE CORP INTL COM 817565104 15224 1898232 SH SOLE 1545107 0 353125 SERVICEMASTER CO COM 81760N109 35078 2617783 SH SOLE 01 2617783 0 0 SERVICEMASTER CO COM 81760N109 18521 1382185 SH SOLE 1155277 0 226908 SHIRE PHARMACEUTICALS GRP PL SPONSORED ADR 82481R106 18648 568550 SH SOLE 01 568550 0 0 SHIRE PHARMACEUTICALS GRP PL SPONSORED ADR 82481R106 6793 207100 SH SOLE 183925 0 23175 SLM CORP COM 78442P106 5992 117950 SH SOLE 01 117950 0 0 SLM CORP COM 78442P106 1055 20775 SH SOLE 20775 0 0 SOUTHERN UN CO NEW COM 844030106 32110 1307929 SH SOLE 01 1307929 0 0 SOUTHERN UN CO NEW COM 844030106 14403 586675 SH SOLE 466225 0 120450 SPDR TR UNIT SER 1 78462F103 346 2900 PRN SOLE 01 2900 0 0 STATION CASINOS INC COM 857689103 25410 382681 SH SOLE 315756 0 66925 STATION CASINOS INC COM 857689103 35902 540693 SH SOLE 01 540693 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 6905 192986 SH SOLE 01 192986 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 403 11250 SH OTHER 01 11250 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 7844 219234 SH SOLE 154984 0 64250 TARGET CORP COM 87612E106 218 4000 SH SOLE 01 4000 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 206 6600 SH SOLE 01 6600 0 0 TRIQUINT SEMICONDUCTOR INC NOTE 4.000% 3/0 89674KAB9 15 15000 PRN SOLE 15000 0 0 UNITED ONLINE INC COM 911268100 27958 2576736 SH SOLE 01 2576736 0 0 UNITED ONLINE INC COM 911268100 11690 1077438 SH SOLE 982138 0 95300 UNITED TECHNOLOGIES CORP COM 913017109 493 9600 SH SOLE 01 9600 0 0 VEECO INSTRS INC DEL NOTE 4.125%12/2 922417AB6 1341 1500000 PRN SOLE 01 1500000 0 0 VIACOM INC CL B 925524308 5377 167940 SH SOLE 01 167940 0 0 VIACOM INC CL B 925524308 8348 260724 SH SOLE 215166 0 45558 VISHAY INTERTECHNOLOGY INC COM 928298108 11023 928650 SH SOLE 01 928650 0 0 VISHAY INTERTECHNOLOGY INC COM 928298108 5785 487400 SH SOLE 441300 0 46100 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 36565 1503487 SH SOLE 01 1503487 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 20330 835921 SH SOLE 681221 0 154700 WAL MART STORES INC COM 931142103 617 12802 SH SOLE 01 12802 0 0 WALGREEN CO COM 931422109 460 10000 SH SOLE 10000 0 0 WALGREEN CO COM 931422109 236 5134 SH SOLE 01 5134 0 0 WEBSENSE INC COM 947684106 20713 431071 SH SOLE 01 431071 0 0 WEBSENSE INC COM 947684106 9240 192300 SH SOLE 166850 0 25450 WELLS FARGO & CO NEW COM 949746101 33190 538972 SH SOLE 01 538972 0 0 WELLS FARGO & CO NEW COM 949746101 21503 349193 SH SOLE 284493 0 64700 WESTERN GAS RES INC COM 958259103 16762 480282 SH SOLE 01 480282 0 0 WESTERN GAS RES INC COM 958259103 6072 173987 SH SOLE 169987 0 4000 WESTWOOD ONE INC COM 961815107 4755 232751 SH SOLE 195817 0 36934 WESTWOOD ONE INC COM 961815107 972 47555 SH SOLE 01 47555 0 0