13F-HR 1 ostm3q04.txt ACN - 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, 2004 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 S. Nichter Title: Chief Compliance Officer Phone: 415-434-4441 Signature, Place, and Date of Signing: /s/ Pamela S. Nichter San Francisco, CA November 10, 2004 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: $1,679,695 (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 2337 29214 SH OTHER 01 29214 0 0 3M CO COM 88579Y101 872 10900 SH OTHER 10900 0 0 ABBOTT LABS COM 002824100 1186 28000 SH OTHER 28000 0 0 ABBOTT LABS COM 002824100 226 5334 SH OTHER 01 5334 0 0 ACE LTD ORD G0070K103 200 5000 SH OTHER 01 5000 0 0 ADVANCED ENERGY INDS NOTE 5.000% 9/0 007973AC4 1345 1360000 PRN OTHER 1360000 0 0 ADVANCED ENERGY INDS NOTE 5.000% 9/0 007973AC4 494 500000 PRN OTHER 01 500000 0 0 ADVANCED ENERGY INDS NOTE 5.250%11/1 007973AA8 1362 1390000 PRN OTHER 540000 0 850000 ADVANCED ENERGY INDS NOTE 5.250%11/1 007973AA8 1646 1680000 PRN OTHER 01 1680000 0 0 AETHER SYS INC NOTE 6.000% 3/2 00808VAA3 2363 2335000 PRN OTHER 2160000 0 175000 AETHER SYS INC NOTE 6.000% 3/2 00808VAA3 6350 6275000 PRN OTHER 01 6275000 0 0 AIRTRAN HLDGS INC COM 00949P108 16201 1626634 SH OTHER 01 1620334 0 6300 AIRTRAN HLDGS INC COM 00949P108 7914 794566 SH OTHER 679866 0 114700 ALLIED WASTE INDS INC SDCV 4.250% 4/1 019589AD2 343 392000 PRN OTHER 392000 0 0 ALLIED WASTE INDS INC SDCV 4.250% 4/1 019589AD2 2278 2600000 PRN OTHER 01 2600000 0 0 ALTRIA GROUP INC COM 02209S103 208 4430 SH OTHER 4430 0 0 ALTRIA GROUP INC COM 02209S103 175 3710 SH OTHER 01 3710 0 0 AMERICAN EXPRESS CO COM 025816109 443 8600 SH OTHER 8600 0 0 AMERICAN EXPRESS CO COM 025816109 147 2850 SH OTHER 01 2850 0 0 AMERICAN INTL GROUP INC COM 026874107 2810 41335 SH OTHER 35835 0 5500 AMERICAN INTL GROUP INC COM 026874107 14923 219478 SH OTHER 01 219478 0 0 AMGEN INC COM 031162100 392 6900 SH OTHER 01 6900 0 0 ANADARKO PETE CORP COM 032511107 279 4200 SH OTHER 01 4200 0 0 ANHEUSER BUSCH COS INC COM 035229103 3331 66696 SH OTHER 64096 0 2600 ANHEUSER BUSCH COS INC COM 035229103 6471 129550 SH OTHER 01 129550 0 0 ANTIGENICS INC DEL COM 037032109 146 24262 SH OTHER 24262 0 0 ANTIGENICS INC DEL COM 037032109 11 1750 SH OTHER 01 1750 0 0 APTARGROUP INC COM 038336103 991 22536 SH OTHER 01 22536 0 0 ASPECT COMMUNICATIONS CORP COM 04523Q102 6195 623850 SH OTHER 555350 0 68500 ASPECT COMMUNICATIONS CORP COM 04523Q102 13729 1382550 SH OTHER 01 1377150 0 5400 ASPEN TECHNOLOGY INC SDCV 5.250% 6/1 045327AB9 501 500000 PRN OTHER 500000 0 0 ASPEN TECHNOLOGY INC SDCV 5.250% 6/1 045327AB9 851 850000 PRN OTHER 01 850000 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 331 8000 SH OTHER 8000 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 190 4595 SH OTHER 01 4595 0 0 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 10 10000 PRN OTHER 10000 0 0 AXCELIS TECHNOLOGIES INC NOTE 4.250% 1/1 054540AB5 1549 1595000 PRN OTHER 01 1595000 0 0 BANK OF AMERICA CORPORATION COM 060505104 232 5356 SH OTHER 01 5356 0 0 BAUSCH & LOMB INC COM 071707103 35469 533765 SH OTHER 01 533765 0 0 BAUSCH & LOMB INC COM 071707103 23360 351538 SH OTHER 279988 0 71550 BECTON DICKINSON & CO COM 075887109 259 5000 SH OTHER 01 5000 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 433 5 SH SOLE 5 0 0 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 1348 1375000 PRN OTHER 700000 0 675000 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 3063 3125000 PRN OTHER 01 3125000 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 860 36328 SH OTHER 36328 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 601 25392 SH OTHER 01 25392 0 0 CEDAR FAIR L P DEPOSITRY UNIT 150185106 6489 211700 SH OTHER 131950 0 79750 CEDAR FAIR L P DEPOSITRY UNIT 150185106 4258 138934 SH OTHER 01 136434 0 2500 CHEVRONTEXACO CORP COM 166764100 400 7464 SH OTHER 5464 0 2000 CHEVRONTEXACO CORP COM 166764100 1754 32696 SH OTHER 01 32696 0 0 CISCO SYS INC COM 17275R102 401 22168 SH OTHER 01 22168 0 0 CITIGROUP INC COM 172967101 279 6313 SH OTHER 01 6313 0 0 CLOROX CO DEL COM 189054109 373 7000 SH OTHER 01 7000 0 0 COCA COLA CO COM 191216100 1002 25010 SH OTHER 01 25010 0 0 COCA COLA CO COM 191216100 344 8580 SH OTHER 5380 0 3200 COLOR KINETICS INC COM 19624P100 1163 90843 SH SOLE 90843 0 0 COMCAST CORP NEW CL A 20030N101 822 29115 SH OTHER 01 29115 0 0 CONOCOPHILLIPS COM 20825C104 414 5000 SH OTHER 01 5000 0 0 COSTCO WHSL CORP NEW COM 22160K105 7696 185400 SH OTHER 163450 0 21950 COSTCO WHSL CORP NEW COM 22160K105 15716 378600 SH OTHER 01 377700 0 900 CROWN HOLDINGS INC COM 228368106 13971 1355133 SH OTHER 1110633 0 244500 CROWN HOLDINGS INC COM 228368106 29500 2861267 SH OTHER 01 2852067 0 9200 DANAHER CORP DEL COM 235851102 210 4100 SH OTHER 01 4100 0 0 DESIGN WITHIN REACH INC COM 250557105 172 10000 SH SOLE 10000 0 0 DEVON ENERGY CORP NEW COM 25179M103 230 3242 SH OTHER 01 3242 0 0 DEX MEDIA INC COM 25212E100 18394 868883 SH OTHER 689283 0 179600 DEX MEDIA INC COM 25212E100 32335 1527417 SH OTHER 01 1523517 0 3900 DIAGEO P L C SPON ADR NEW 25243Q205 27022 535841 SH OTHER 01 534291 0 1550 DIAGEO P L C SPON ADR NEW 25243Q205 16719 331534 SH OTHER 272334 0 59200 DOR BIOPHARMA INC COM 258094101 35 62814 SH SOLE 62814 0 0 DOW CHEM CO COM 260543103 79 1750 SH OTHER 1750 0 0 DOW CHEM CO COM 260543103 827 18295 SH OTHER 01 18295 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 98 2300 SH OTHER 2300 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 140 3278 SH OTHER 01 3278 0 0 DURECT CORP COM 266605104 644 459806 SH OTHER 446006 0 13800 DURECT CORP COM 266605104 959 684950 SH OTHER 01 684950 0 0 E TRADE FINANCIAL CORP NOTE 6.000% 2/0 269246AB0 40 39000 PRN OTHER 39000 0 0 E TRADE FINANCIAL CORP NOTE 6.000% 2/0 269246AB0 1833 1793000 PRN OTHER 01 1793000 0 0 ELECTRO SCIENTIFIC INDS NOTE 4.250%12/2 285229AC4 2167 2200000 PRN OTHER 01 2200000 0 0 EMERSON ELEC CO COM 291011104 399 6450 SH OTHER 01 6450 0 0 EXTREME NETWORKS INC NOTE 3.500%12/0 30226DAB2 241 250000 PRN OTHER 100000 0 150000 EXTREME NETWORKS INC NOTE 3.500%12/0 30226DAB2 439 455000 PRN OTHER 01 455000 0 0 EXXON MOBIL CORP COM 30231G102 2213 45785 SH OTHER 45785 0 0 EXXON MOBIL CORP COM 30231G102 2866 59306 SH OTHER 01 59306 0 0 FEI CO NOTE 5.500% 8/1 30241LAB5 505 500000 PRN OTHER 500000 0 0 FEI CO NOTE 5.500% 8/1 30241LAB5 3535 3500000 PRN OTHER 01 3500000 0 0 FLEXTRONICS INTL LTD ORD Y2573F102 9825 741500 SH OTHER 623000 0 118500 FLEXTRONICS INTL LTD ORD Y2573F102 24675 1862250 SH OTHER 01 1857450 0 4800 GATX CORP COM 361448103 16446 616866 SH OTHER 497266 0 119600 GATX CORP COM 361448103 25593 959984 SH OTHER 01 959984 0 0 GENERAL ELEC CO COM 369604103 3152 93861 SH OTHER 01 93861 0 0 GENERAL ELEC CO COM 369604103 1895 56438 SH OTHER 56438 0 0 GLOBAL SIGNAL INC COM 37944Q103 1566 68400 SH OTHER 68400 0 0 GLOBAL SIGNAL INC COM 37944Q103 1548 67600 SH OTHER 01 65100 0 2500 GLOBESPAN INC NOTE 5.250% 5/1 379571AB8 3157 3250000 PRN OTHER 01 3250000 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 178 1600 SH OTHER 1600 0 0 GOLDEN WEST FINL CORP DEL COM 381317106 43 390 SH OTHER 01 390 0 0 HOME DEPOT INC COM 437076102 600 15300 SH OTHER 01 15300 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 265 3900 SH OTHER 01 3900 0 0 INTEL CORP COM 458140100 328 16329 SH OTHER 01 16329 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 401 4679 SH OTHER 01 4679 0 0 INVITROGEN CORP COM 46185R100 13150 239142 SH OTHER 201292 0 37850 INVITROGEN CORP COM 46185R100 28381 516108 SH OTHER 01 515008 0 1100 INVITROGEN CORP NOTE 2.250%12/1 46185RAD2 246 250000 PRN OTHER 01 250000 0 0 JOHNSON & JOHNSON COM 478160104 4741 84157 SH OTHER 01 84157 0 0 JOHNSON & JOHNSON COM 478160104 3016 53540 SH OTHER 53540 0 0 KIMBERLY CLARK CORP COM 494368103 258 4000 SH OTHER 01 4000 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 20683 441576 SH OTHER 358176 0 83400 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 15450 329854 SH OTHER 01 329854 0 0 KINDER MORGAN MANAGEMENT LLC SHS 49455U100 442 10647 SH OTHER 01 10647 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 18437 421700 SH OTHER 334550 0 87150 LABORATORY CORP AMER HLDGS COM NEW 50540R409 34456 788100 SH OTHER 01 788100 0 0 LAIDLAW INTL INC COM 50730R102 28387 1725666 SH OTHER 1413966 0 311700 LAIDLAW INTL INC COM 50730R102 45596 2771784 SH OTHER 01 2765984 0 5800 LAMAR ADVERTISING CO CL A 512815101 8000 192250 SH OTHER 178850 0 13400 LAMAR ADVERTISING CO CL A 512815101 13515 324800 SH OTHER 01 324800 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 7992 916507 SH OTHER 01 916507 0 0 LIBERTY MEDIA CORP NEW COM SER A 530718105 3216 368852 SH OTHER 249652 0 119200 LIBERTY MEDIA INTL INC COM SER A 530719103 343 10270 SH OTHER 01 10270 0 0 LIFEPOINT HOSPITALS INC NOTE 4.500% 6/0 53219LAE9 1485 1500000 PRN OTHER 01 1500000 0 0 LILLY ELI & CO COM 532457108 7219 120222 SH OTHER 104722 0 15500 LILLY ELI & CO COM 532457108 1763 29357 SH OTHER 01 29357 0 0 LIZ CLAIBORNE INC COM 539320101 302 8000 SH OTHER 01 8000 0 0 LOEWS CORP COM 540424108 216 3695 SH SOLE 3695 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 295 300000 PRN OTHER 300000 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 565 575000 PRN OTHER 01 575000 0 0 LUCENT TECHNOLOGIES INC SDCV 8.000% 8/0 549463AK3 233 215000 PRN OTHER 215000 0 0 LUCENT TECHNOLOGIES INC SDCV 8.000% 8/0 549463AK3 1001 925000 PRN OTHER 01 925000 0 0 MANOR CARE INC NEW COM 564055101 25409 848087 SH OTHER 695037 0 153050 MANOR CARE INC NEW COM 564055101 34441 1149561 SH OTHER 01 1149561 0 0 MARSH & MCLENNAN COS INC COM 571748102 10052 219666 SH OTHER 200066 0 19600 MARSH & MCLENNAN COS INC COM 571748102 14073 307534 SH OTHER 01 305834 0 1700 MENTOR GRAPHICS CORP NOTE 6.875% 6/1 587200AB2 2168 2100000 PRN OTHER 01 2100000 0 0 MERCK & CO INC COM 589331107 757 22946 SH OTHER 22946 0 0 MERCK & CO INC COM 589331107 1549 46950 SH OTHER 01 46950 0 0 MICROSOFT CORP COM 594918104 451 16308 SH OTHER 16308 0 0 MICROSOFT CORP COM 594918104 2180 78850 SH OTHER 01 78850 0 0 MOTOROLA INC COM 620076109 12421 688500 SH OTHER 530000 0 158500 MOTOROLA INC COM 620076109 22517 1248150 SH OTHER 01 1248150 0 0 NATURAL MICROSYSTEMS CORP NOTE 5.000%10/1 638882AA8 1377 1386000 PRN OTHER 01 1386000 0 0 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 791 750000 PRN OTHER 01 750000 0 0 NEWMONT MINING CORP COM 651639106 16830 369650 SH OTHER 287950 0 81700 NEWMONT MINING CORP COM 651639106 29645 651100 SH OTHER 01 651100 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 507 525000 PRN OTHER 01 525000 0 0 NOVADEL PHARMA INC COM 66986X106 90 47618 SH SOLE 47618 0 0 OMNICARE INC COM 681904108 27479 968934 SH OTHER 01 966234 0 2700 OMNICARE INC COM 681904108 12489 440376 SH OTHER 351776 0 88600 PEPSICO INC COM 713448108 3033 62341 SH OTHER 56791 0 5550 PEPSICO INC COM 713448108 18603 382382 SH OTHER 01 382382 0 0 PERFORMANCE FOOD GROUP CO NOTE 5.500%10/1 713755AA4 516 500000 PRN OTHER 01 500000 0 0 PFIZER INC COM 717081103 116 3800 SH OTHER 3800 0 0 PFIZER INC COM 717081103 1847 60349 SH OTHER 01 60349 0 0 PLAINS EXPL& PRODTN CO COM 726505100 17914 750793 SH OTHER 600985 0 149808 PLAINS EXPL& PRODTN CO COM 726505100 35533 1489239 SH OTHER 01 1484939 0 4300 PROCTER & GAMBLE CO COM 742718109 8616 159206 SH OTHER 111206 0 48000 PROCTER & GAMBLE CO COM 742718109 8956 165488 SH OTHER 01 165488 0 0 PROVINCE HEALTHCARE CO NOTE 4.500%11/2 743977AC4 920 915000 PRN OTHER 915000 0 0 PROVINCE HEALTHCARE CO NOTE 4.500%11/2 743977AC4 2648 2635000 PRN OTHER 01 2635000 0 0 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 5 10780 SH SOLE 10780 0 0 REGAL ENTMT GROUP CL A 758766109 20494 1072991 SH OTHER 866541 0 206450 REGAL ENTMT GROUP CL A 758766109 35483 1857734 SH OTHER 01 1853434 0 4300 ROBBINS & MYERS INC NOTE 8.000% 1/3 770196AB9 74 71000 PRN OTHER 01 71000 0 0 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 1224 23726 SH OTHER 23726 0 0 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 174 3367 SH OTHER 01 3367 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 12746 417778 SH OTHER 283228 0 134550 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 6037 197856 SH OTHER 01 197856 0 0 SCHERING PLOUGH CORP COM 806605101 517 27100 SH OTHER 01 27100 0 0 SCHLUMBERGER LTD COM 806857108 12683 188434 SH OTHER 156834 0 31600 SCHLUMBERGER LTD COM 806857108 30573 454216 SH OTHER 01 454216 0 0 SERVICEMASTER CO COM 81760N109 18947 1473326 SH OTHER 1245418 0 227908 SERVICEMASTER CO COM 81760N109 38809 3017841 SH OTHER 01 3011341 0 6500 SOUTHERN UN CO NEW COM 844030106 20655 1007567 SH OTHER 01 1003467 0 4100 SOUTHERN UN CO NEW COM 844030106 9451 461033 SH OTHER 433333 0 27700 SPDR TR UNIT SER 1 78462F103 2192 19610 PRN OTHER 01 19610 0 0 STATION CASINOS INC COM 857689103 37053 755558 SH OTHER 602158 0 153400 STATION CASINOS INC COM 857689103 53363 1088158 SH OTHER 01 1088158 0 0 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 8063 233700 SH OTHER 169450 0 64250 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 6960 201750 SH OTHER 01 199150 0 2600 TIME WARNER INC COM 887317105 269 16650 SH OTHER 01 16650 0 0 TORCHMARK CORP COM 891027104 8390 157766 SH OTHER 117016 0 40750 TORCHMARK CORP COM 891027104 23409 440184 SH OTHER 01 440184 0 0 TOYS R US INC COM 892335100 46174 2602817 SH OTHER 01 2597517 0 5300 TOYS R US INC COM 892335100 28040 1580633 SH OTHER 1286383 0 294250 TRANSMONTAIGNE INC COM 893934109 136 23400 SH OTHER 01 23400 0 0 TRIBUNE CO NEW COM 896047107 195 4750 SH OTHER 4750 0 0 TRIBUNE CO NEW COM 896047107 169 4100 SH OTHER 01 4100 0 0 TRIQUINT SEMICONDUCTOR INC NOTE 4.000% 3/0 89674KAB9 14 15000 PRN OTHER 15000 0 0 TRIQUINT SEMICONDUCTOR INC NOTE 4.000% 3/0 89674KAB9 14 15000 PRN OTHER 01 15000 0 0 UNITED PARCEL SERVICE INC CL B 911312106 307 4050 SH OTHER 01 4050 0 0 UNITED TECHNOLOGIES CORP COM 913017109 411 4400 SH OTHER 01 4400 0 0 UNITEDGLOBALCOM CL A 913247508 18800 2516730 SH SOLE 2060236 0 456494 UNITEDGLOBALCOM CL A 913247508 31168 4172391 SH SOLE 01 4161591 0 10800 UNIVISION COMMUNICATIONS INC CL A 914906102 341 10800 SH OTHER 01 10800 0 0 VIACOM INC CL B 925524308 10232 304873 SH OTHER 248863 0 56010 VIACOM INC CL B 925524308 6695 199504 SH OTHER 01 199504 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 20441 847833 SH OTHER 693133 0 154700 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 33743 1399542 SH OTHER 01 1396342 0 3200 WAL MART STORES INC COM 931142103 1053 19802 SH OTHER 01 19802 0 0 WALGREEN CO COM 931422109 358 10000 SH OTHER 10000 0 0 WALGREEN CO COM 931422109 91 2534 SH OTHER 01 2534 0 0 WEBSENSE INC COM 947684106 11925 286183 SH OTHER 248733 0 37450 WEBSENSE INC COM 947684106 21952 526817 SH OTHER 01 525317 0 1500 WELLS FARGO & CO NEW COM 949746101 20711 347326 SH OTHER 282626 0 64700 WELLS FARGO & CO NEW COM 949746101 30194 506354 SH OTHER 01 505054 0 1300 WESTERN GAS RES INC COM 958259103 5235 183108 SH OTHER 179108 0 4000 WESTERN GAS RES INC COM 958259103 13248 463392 SH OTHER 01 463392 0 0 WESTWOOD ONE INC COM 961815107 5112 258551 SH OTHER 219217 0 39334 WESTWOOD ONE INC COM 961815107 1017 51420 SH OTHER 01 51420 0 0 WYETH COM 983024100 120 3200 SH OTHER 01 3200 0 0 WYETH COM 983024100 131 3512 SH OTHER 3512 0 0