13F-HR 1 ostm3q07.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, 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 November 05, 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: 198 Form13F Information Table Value Total: $2,520,847 (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 2316 24754 SH OTHER 01 24754 0 0 3M CO COM 88579Y101 950 10150 SH OTHER 10150 0 0 ABBOTT LABS COM 002824100 1501 28000 SH OTHER 28000 0 0 ABBOTT LABS COM 002824100 576 10733 SH OTHER 01 10733 0 0 ACE LTD ORD G0070K103 339 5600 SH OTHER 01 5600 0 0 ADAPTEC INC NOTE 0.750%12/2 00651FAG3 5348 5750000 PRN OTHER 01 5750000 0 0 ADVENT SOFTWARE INC COM 007974108 237 5050 SH OTHER 01 5050 0 0 AFLAC INC COM 001055102 359 6300 SH OTHER 01 6300 0 0 ALTRIA GROUP INC COM 02209S103 249 3575 SH OTHER 3575 0 0 ALTRIA GROUP INC COM 02209S103 296 4250 SH OTHER 01 4250 0 0 AMERICAN COMMERCIAL LINES COM NEW 025195207 31756 1338200 SH OTHER 01 1330200 0 8000 AMERICAN COMMERCIAL LINES COM NEW 025195207 14934 629325 SH OTHER 624950 0 4375 AMERICAN EXPRESS CO COM 025816109 376 6325 SH OTHER 6325 0 0 AMERICAN EXPRESS CO COM 025816109 166 2800 SH OTHER 01 2800 0 0 AMERICAN INTL GROUP INC COM 026874107 2178 32200 SH OTHER 32200 0 0 AMERICAN INTL GROUP INC COM 026874107 30394 449278 SH OTHER 01 449221 0 57 ANADARKO PETE CORP COM 032511107 413 7675 SH OTHER 01 7675 0 0 ANNALY CAP MGMT INC COM 035710409 31804 1996478 SH OTHER 1984478 0 12000 ANNALY CAP MGMT INC COM 035710409 61512 3861397 SH OTHER 01 3848397 0 13000 ANWORTH MORTGAGE ASSET CP COM 037347101 108 20000 SH OTHER 01 0 0 20000 APTARGROUP INC COM 038336103 476 12572 SH OTHER 01 12572 0 0 ARES CAP CORP COM 04010L103 9389 577056 SH OTHER 567981 0 9075 ARES CAP CORP COM 04010L103 23600 1450530 SH OTHER 01 1438294 0 12236 AUTOMATIC DATA PROCESSING IN COM 053015103 276 6000 SH OTHER 6000 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 80 1750 SH OTHER 01 1750 0 0 BARE ESCENTUALS INC COM 067511105 1538 61831 SH SOLE 61831 0 0 BASIN WTR INC COM 07011T306 384 32440 SH SOLE 32440 0 0 BECTON DICKINSON & CO COM 075887109 369 4500 SH OTHER 01 4500 0 0 BERKLEY W R CORP COM 084423102 315 10630 SH OTHER 01 10630 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 593 5 SH SOLE 5 0 0 BP PLC SPONSORED ADR 055622104 269 3880 SH OTHER 01 3880 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 989 34328 SH OTHER 34328 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 546 18940 SH OTHER 01 18940 0 0 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 19580 398300 SH OTHER 392950 0 5350 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 31230 635275 SH OTHER 01 635275 0 0 CANADIAN NAT RES LTD COM 136385101 341 4500 SH OTHER 01 4500 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 7473 667275 SH OTHER 667275 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 7564 675400 SH OTHER 01 675400 0 0 CBS CORP NEW CL B 124857202 3104 98543 SH OTHER 97956 0 587 CBS CORP NEW CL B 124857202 2186 69412 SH OTHER 01 69412 0 0 CELGENE CORP COM 151020104 282 3950 SH OTHER 3950 0 0 CHARLES RIV LABS INTL INC COM 159864107 25103 447075 SH OTHER 442825 0 4250 CHARLES RIV LABS INTL INC COM 159864107 61279 1091350 SH OTHER 01 1091350 0 0 CHART INDS INC COM PAR $0.01 16115Q308 14236 442675 SH OTHER 442675 0 0 CHART INDS INC COM PAR $0.01 16115Q308 16724 520025 SH OTHER 01 520025 0 0 CHEVRON CORP NEW COM 166764100 724 7739 SH OTHER 7739 0 0 CHEVRON CORP NEW COM 166764100 3461 36980 SH OTHER 01 36980 0 0 CLOROX CO DEL COM 189054109 561 9200 SH OTHER 01 9200 0 0 COCA COLA CO COM 191216100 493 8580 SH OTHER 8580 0 0 COCA COLA CO COM 191216100 701 12190 SH OTHER 01 12190 0 0 COLLEGIATE PACIFIC INC NOTE 5.750%12/0 194589AB3 2174 2250000 PRN OTHER 01 2250000 0 0 CONOCOPHILLIPS COM 20825C104 851 9693 SH OTHER 01 9693 0 0 COSTCO WHSL CORP NEW COM 22160K105 13291 216564 SH OTHER 215014 0 1550 COSTCO WHSL CORP NEW COM 22160K105 26782 436409 SH OTHER 01 436409 0 0 CREDENCE SYS CORP NOTE 1.500% 5/1 225302AF5 955 1000000 PRN OTHER 01 1000000 0 0 CROWN CASTLE INTL CORP COM 228227104 11975 294745 SH OTHER 294745 0 0 CROWN CASTLE INTL CORP COM 228227104 26585 654325 SH OTHER 01 633282 0 21043 CROWN HOLDINGS INC COM 228368106 35937 1578942 SH OTHER 1569142 0 9800 CROWN HOLDINGS INC COM 228368106 74589 3277184 SH OTHER 01 3275184 0 2000 DENBURY RES INC COM NEW 247916208 237 5300 SH OTHER 01 5300 0 0 DEVON ENERGY CORP NEW COM 25179M103 539 6484 SH OTHER 01 6484 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 27173 309732 SH OTHER 307232 0 2500 DIAGEO P L C SPON ADR NEW 25243Q205 44228 504134 SH OTHER 01 504134 0 0 DISNEY WALT CO COM DISNEY 254687106 272 7900 SH OTHER 01 7900 0 0 DOW CHEM CO COM 260543103 43 1004 SH OTHER 1004 0 0 DOW CHEM CO COM 260543103 744 17285 SH OTHER 01 17285 0 0 DURECT CORP COM 266605104 1416 258406 SH OTHER 258406 0 0 DURECT CORP COM 266605104 3284 599210 SH OTHER 01 557602 0 41608 DYNEX CAP INC COM NEW 26817Q506 136 17225 SH OTHER 01 0 0 17225 DYNEX CAP INC PFD D 9.50% 26817Q605 301 29327 PRN OTHER 01 0 0 29327 EDISON INTL COM 281020107 262 4722 SH OTHER 01 4722 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 18414 608719 SH OTHER 602144 0 6575 ENTERPRISE PRODS PARTNERS L COM 293792107 27642 913806 SH OTHER 01 892006 0 21800 EXXON MOBIL CORP COM 30231G102 3824 41316 SH OTHER 41316 0 0 EXXON MOBIL CORP COM 30231G102 6013 64967 SH OTHER 01 64467 0 500 FEI CO NOTE 5.500% 8/1 30241LAB5 500 505000 PRN OTHER 01 505000 0 0 FIRST AMERN CORP CALIF COM 318522307 23795 649768 SH OTHER 645793 0 3975 FIRST AMERN CORP CALIF COM 318522307 45163 1233287 SH OTHER 01 1222912 0 10375 FOREST OIL CORP COM PAR $0.01 346091705 26965 626519 SH OTHER 622994 0 3525 FOREST OIL CORP COM PAR $0.01 346091705 52679 1223956 SH OTHER 01 1217956 0 6000 FRANKLIN RES INC COM 354613101 1148 9000 SH OTHER 01 9000 0 0 GENERAL ELECTRIC CO COM 369604103 1596 38559 SH OTHER 38559 0 0 GENERAL ELECTRIC CO COM 369604103 2937 70951 SH OTHER 01 70951 0 0 GENWORTH FINL INC COM CL A 37247D106 25692 836056 SH OTHER 832981 0 3075 GENWORTH FINL INC COM CL A 37247D106 52309 1702219 SH OTHER 01 1702219 0 0 HALLIBURTON CO COM 406216101 154 4000 SH OTHER 4000 0 0 HALLIBURTON CO COM 406216101 568 14804 SH OTHER 01 14804 0 0 HANOVER COMPRESSOR CO NOTE 4.750% 3/1 410768AC9 3111 3150000 PRN OTHER 01 3150000 0 0 HANOVER COMPRESSOR CO NOTE 4.750% 3/1 410768AC9 839 850000 PRN OTHER 850000 0 0 HEALTHSOUTH CORP COM NEW 421924309 20925 1195048 SH OTHER 1190593 0 4455 HEALTHSOUTH CORP COM NEW 421924309 40653 2321690 SH OTHER 01 2318690 0 3000 HEWLETT PACKARD CO COM 428236103 229 4599 SH OTHER 01 4599 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 365 6700 SH OTHER 01 6700 0 0 INHALE THERAPEUTIC SYS INC NOTE 3.500%10/1 457191AH7 899 910000 PRN OTHER 01 910000 0 0 INTEL CORP COM 458140100 474 18325 SH OTHER 01 18325 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 392 3324 SH OTHER 01 3324 0 0 INVITROGEN CORP COM 46185R100 14119 172757 SH OTHER 171707 0 1050 INVITROGEN CORP COM 46185R100 25694 314379 SH OTHER 01 314379 0 0 ITC HLDGS CORP COM 465685105 26460 534012 SH OTHER 01 534012 0 0 ITC HLDGS CORP COM 465685105 19842 400438 SH OTHER 395638 0 4800 JETBLUE AWYS CORP NOTE 3.500% 7/1 477143AB7 557 575000 PRN OTHER 575000 0 0 JETBLUE AWYS CORP NOTE 3.500% 7/1 477143AB7 9009 9300000 PRN OTHER 01 9300000 0 0 JOHNSON & JOHNSON COM 478160104 27687 421409 SH OTHER 420109 0 1300 JOHNSON & JOHNSON COM 478160104 53621 816142 SH OTHER 01 816142 0 0 KINETIC CONCEPTS INC COM NEW 49460W208 25073 445500 SH OTHER 442850 0 2650 KINETIC CONCEPTS INC COM NEW 49460W208 48783 866782 SH OTHER 01 859782 0 7000 LAYNE CHRISTENSEN CO COM 521050104 222 4000 SH OTHER 01 0 0 4000 LIBERTY GLOBAL INC COM SER C 530555309 37343 965917 SH OTHER 01 965560 0 357 LIBERTY GLOBAL INC COM SER A 530555101 20450 498539 SH OTHER 496551 0 1988 LIBERTY GLOBAL INC COM SER A 530555101 44440 1083354 SH OTHER 01 1082997 0 357 LIBERTY GLOBAL INC COM SER C 530555309 16434 425078 SH OTHER 423090 0 1988 LIBERTY MEDIA HLDG CORP INT COM SER A 53071M104 829 43178 SH OTHER 43178 0 0 LIBERTY MEDIA HLDG CORP INT COM SER A 53071M104 1160 60358 SH OTHER 01 59858 0 500 LILLY ELI & CO COM 532457108 5964 104757 SH OTHER 103657 0 1100 LILLY ELI & CO COM 532457108 1119 19654 SH OTHER 01 19654 0 0 LIN TELEVISION CORP SDEB 2.500% 5/1 532776AL5 3890 4000000 PRN OTHER 01 4000000 0 0 LOEWS CORP COM 540424108 307 6355 SH SOLE 6355 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 18073 684569 SH OTHER 684569 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 20926 792656 SH OTHER 01 792656 0 0 MANOR CARE INC NEW COM 564055101 31846 494508 SH OTHER 491408 0 3100 MANOR CARE INC NEW COM 564055101 42929 666592 SH OTHER 01 666592 0 0 MCGRAW HILL COS INC COM 580645109 41459 814350 SH OTHER 01 814350 0 0 MCGRAW HILL COS INC COM 580645109 14961 293875 SH OTHER 291725 0 2150 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 3318 3250000 PRN OTHER 01 3250000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 102 100000 PRN OTHER 100000 0 0 MERCK & CO INC COM 589331107 919 17776 SH OTHER 17776 0 0 MERCK & CO INC COM 589331107 1345 26022 SH OTHER 01 26022 0 0 MERCURY GENL CORP NEW COM 589400100 216 4000 SH OTHER 01 0 0 4000 MFA MTG INVTS INC COM 55272X102 121 15000 SH OTHER 01 0 0 15000 MICROSOFT CORP COM 594918104 436 14783 SH OTHER 14783 0 0 MICROSOFT CORP COM 594918104 1440 48870 SH OTHER 01 48870 0 0 NESS TECHNOLOGIES INC COM 64104X108 10563 967275 SH OTHER 967275 0 0 NESS TECHNOLOGIES INC COM 64104X108 26848 2458625 SH OTHER 01 2458625 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 2865 2920000 PRN OTHER 01 2920000 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 270 275000 PRN OTHER 275000 0 0 NOVADEL PHARMA INC COM 66986X106 24 47619 SH SOLE 47619 0 0 NOVARTIS A G SPONSORED ADR 66987V109 7736 140750 SH OTHER 01 140750 0 0 NOVARTIS A G SPONSORED ADR 66987V109 1298 23625 SH OTHER 23625 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 320 5000 SH OTHER 01 5000 0 0 OMNICARE CAP TR II PFD B TR 4.00% 68214Q200 2611 58000 PRN OTHER 01 58000 0 0 OMNICARE INC COM 681904108 18448 556850 SH OTHER 556850 0 0 OMNICARE INC COM 681904108 42743 1290150 SH OTHER 01 1282150 0 8000 PEPSICO INC COM 713448108 2847 38866 SH OTHER 38866 0 0 PEPSICO INC COM 713448108 21816 297788 SH OTHER 01 297632 0 156 PETROCHINA CO LTD SPONSORED ADR 71646E100 370 2000 SH OTHER 01 2000 0 0 PFIZER INC COM 717081103 542 22181 SH OTHER 01 22181 0 0 PRAXAIR INC COM 74005P104 251 3000 SH OTHER 01 3000 0 0 PROCTER & GAMBLE CO COM 742718109 9180 130507 SH OTHER 127507 0 3000 PROCTER & GAMBLE CO COM 742718109 11439 162624 SH OTHER 01 162624 0 0 QLT INC NOTE 3.000% 9/1 746927AB8 310 325000 PRN OTHER 325000 0 0 QLT INC NOTE 3.000% 9/1 746927AB8 6453 6775000 PRN OTHER 01 6775000 0 0 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 7 10780 SH SOLE 10780 0 0 R H DONNELLEY CORP COM NEW 74955W307 24129 430725 SH OTHER 428161 0 2564 R H DONNELLEY CORP COM NEW 74955W307 51262 915072 SH OTHER 01 914227 0 845 REPUBLIC SVCS INC COM 760759100 16884 516182 SH OTHER 510670 0 5512 REPUBLIC SVCS INC COM 760759100 48983 1497486 SH OTHER 01 1497486 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1874 22801 SH OTHER 22801 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 250 3042 SH OTHER 01 3042 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 4499 133114 SH OTHER 01 133114 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 8025 237430 SH OTHER 237430 0 0 SCHERING PLOUGH CORP COM 806605101 711 22475 SH OTHER 01 22475 0 0 SCHLUMBERGER LTD COM 806857108 45989 437989 SH OTHER 01 437989 0 0 SCHLUMBERGER LTD COM 806857108 24103 229551 SH OTHER 229551 0 0 SERVICE CORP INTL COM 817565104 24479 1897590 SH OTHER 1885040 0 12550 SERVICE CORP INTL COM 817565104 48884 3789427 SH OTHER 01 3789427 0 0 SOUTHERN UN CO NEW COM 844030106 31251 1004530 SH OTHER 998330 0 6200 SOUTHERN UN CO NEW COM 844030106 61036 1961954 SH OTHER 01 1952304 0 9650 STANDARD MTR PRODS INC SDCV 6.750% 7/1 853666AB1 42 44000 PRN OTHER 01 44000 0 0 SUNCOR ENERGY INC COM 867229106 240 2531 SH OTHER 01 2531 0 0 TARGET CORP COM 87612E106 475 7470 SH OTHER 01 7470 0 0 TELEFONOS DE MEXICO S A B SPON ADR ORD L 879403780 281 8540 SH OTHER 01 8540 0 0 TESORO CORP COM 881609101 460 10000 SH OTHER 01 10000 0 0 TIME WARNER INC COM 887317105 21253 1157575 SH OTHER 1157575 0 0 TIME WARNER INC COM 887317105 46656 2541150 SH OTHER 01 2541150 0 0 ULTRAPETROL BAHAMAS LTD COM P94398107 432 26000 SH OTHER 01 7000 0 19000 UNITED TECHNOLOGIES CORP COM 913017109 588 7300 SH OTHER 01 7300 0 0 VALEANT PHARMACEUTICALS INTL COM 91911X104 20077 1296975 SH OTHER 1287350 0 9625 VALEANT PHARMACEUTICALS INTL COM 91911X104 44284 2860750 SH OTHER 01 2860750 0 0 VERIFONE HLDGS INC COM 92342Y109 4114 92798 SH OTHER 92798 0 0 VERIFONE HLDGS INC COM 92342Y109 10442 235563 SH OTHER 01 229755 0 5808 VERISIGN INC COM 92343E102 39870 1181678 SH OTHER 1174953 0 6725 VERISIGN INC COM 92343E102 74898 2219847 SH OTHER 01 2206847 0 13000 VIACOM INC NEW CL B 92553P201 3623 92969 SH OTHER 92687 0 282 VIACOM INC NEW CL B 92553P201 2113 54211 SH OTHER 01 54211 0 0 WABASH NATL CORP NOTE 3.250% 8/0 929566AD9 96 100000 PRN OTHER 100000 0 0 WABASH NATL CORP NOTE 3.250% 8/0 929566AD9 2936 3062000 PRN OTHER 01 3062000 0 0 WACHOVIA CORP NEW COM 929903102 328 6545 SH OTHER 01 6545 0 0 WACHOVIA CORP NEW COM 929903102 113 2263 SH OTHER 2263 0 0 WALGREEN CO COM 931422109 472 10000 SH OTHER 10000 0 0 WALGREEN CO COM 931422109 361 7634 SH OTHER 01 7634 0 0 WASTE MGMT INC DEL COM 94106L109 6746 178750 SH OTHER 178750 0 0 WASTE MGMT INC DEL COM 94106L109 8175 216625 SH OTHER 01 216625 0 0 WATTS WATER TECHNOLOGIES INC CL A 942749102 230 7500 SH OTHER 01 7500 0 0 WEBSENSE INC COM 947684106 17325 878113 SH OTHER 871913 0 6200 WEBSENSE INC COM 947684106 44350 2247855 SH OTHER 01 2239237 0 8618 WILLIAMS COS INC DEL COM 969457100 341 10000 SH OTHER 01 0 0 10000 WORKSTREAM INC COM 981402100 173 157069 SH OTHER 01 0 0 157069 WYETH COM 983024100 221 4950 SH OTHER 01 4950 0 0