13F-HR 1 ostm1q07.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: March 31, 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. DO NOT ELIMINATE 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 May 04, 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: 213 Form13F Information Table Value Total: $2,316,963 (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 1854 24254 SH OTHER 01 24254 0 0 3M CO COM 88579Y101 776 10150 SH OTHER 10150 0 0 A D C TELECOMMUNICATIONS FRNT 6/1 000886AB7 2413 2500000 PRN OTHER 01 2500000 0 0 ABBOTT LABS COM 002824100 1562 28000 SH OTHER 28000 0 0 ABBOTT LABS COM 002824100 610 10933 SH OTHER 01 10933 0 0 ACE LTD ORD G0070K103 320 5600 SH OTHER 01 5600 0 0 ADAPTEC INC NOTE 0.750%12/2 00651FAG3 6480 7250000 PRN OTHER 01 7250000 0 0 ADVENT SOFTWARE INC COM 007974108 211 6050 SH OTHER 01 6050 0 0 AFLAC INC COM 001055102 296 6300 SH OTHER 01 6300 0 0 AGERE SYS INC NOTE 6.500%12/1 00845VAA8 921 900000 PRN OTHER 01 900000 0 0 ALESCO FINL INC COM 014485106 7713 885588 SH OTHER 878863 0 6725 ALESCO FINL INC COM 014485106 22171 2545462 SH OTHER 01 2477462 0 68000 ALTRIA GROUP INC COM 02209S103 361 4115 SH OTHER 4115 0 0 ALTRIA GROUP INC COM 02209S103 638 7261 SH OTHER 01 7261 0 0 AMERICAN COMMERCIAL LINES COM NEW 025195207 252 8000 SH OTHER 01 0 0 8000 AMERICAN EXPRESS CO COM 025816109 357 6325 SH OTHER 6325 0 0 AMERICAN EXPRESS CO COM 025816109 326 5788 SH OTHER 01 5788 0 0 AMERICAN INTL GROUP INC COM 026874107 3835 57053 SH OTHER 01 56996 0 57 AMETEK INC NEW COM 031100100 259 7500 SH OTHER 01 7500 0 0 AMGEN INC COM 031162100 450 8050 SH OTHER 01 8050 0 0 ANADARKO PETE CORP COM 032511107 340 7900 SH OTHER 01 7900 0 0 ANNALY CAP MGMT INC COM 035710409 28724 1855553 SH OTHER 1843553 0 12000 ANNALY CAP MGMT INC COM 035710409 52665 3402072 SH OTHER 01 3380072 0 22000 APTARGROUP INC COM 038336103 719 10736 SH OTHER 01 10736 0 0 ARES CAP CORP COM 04010L103 40716 2240805 SH OTHER 01 2209569 0 31236 ARES CAP CORP COM 04010L103 21973 1209281 SH OTHER 1200206 0 9075 AUTOMATIC DATA PROCESSING IN COM 053015103 120 2470 SH OTHER 01 2470 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 290 6000 SH OTHER 6000 0 0 BARE ESCENTUALS INC COM 067511105 2592 72249 SH SOLE 72249 0 0 BASIN WTR INC COM 07011T306 223 32440 SH SOLE 32440 0 0 BECTON DICKINSON & CO COM 075887109 346 4500 SH OTHER 01 4500 0 0 BERKLEY W R CORP COM 084423102 352 10630 SH OTHER 01 10630 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 545 5 SH SOLE 5 0 0 BP PLC SPONSORED ADR 055622104 212 3280 SH OTHER 01 3280 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 953 34328 SH OTHER 34328 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 526 18940 SH OTHER 01 18940 0 0 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 380 12500 SH OTHER 01 12500 0 0 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 29919 621375 SH OTHER 01 621375 0 0 CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 20136 418200 SH OTHER 412850 0 5350 CANADIAN NAT RES LTD COM 136385101 248 4500 SH OTHER 01 4500 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 1766 121675 SH OTHER 01 121675 0 0 CARROLS RESTAURANT GROUP INC COM 14574X104 146 10075 SH OTHER 10075 0 0 CBS CORP NEW CL B 124857202 3340 109192 SH OTHER 108605 0 587 CBS CORP NEW CL B 124857202 2513 82164 SH OTHER 01 82164 0 0 CELGENE CORP COM 151020104 207 3950 SH OTHER 3950 0 0 CHARLES RIV LABS INTL INC COM 159864107 20735 448225 SH OTHER 443975 0 4250 CHARLES RIV LABS INTL INC COM 159864107 49674 1073800 SH OTHER 01 1073800 0 0 CHART INDS INC COM PAR $0.01 16115Q308 5460 300675 SH OTHER 300675 0 0 CHART INDS INC COM PAR $0.01 16115Q308 6551 360725 SH OTHER 01 360725 0 0 CHARTERMAC SH BEN INT 160908109 194 10000 SH OTHER 01 0 0 10000 CHEVRON CORP NEW COM 166764100 572 7739 SH OTHER 7739 0 0 CHEVRON CORP NEW COM 166764100 3090 41767 SH OTHER 01 41767 0 0 CIENA CORP NOTE 3.750% 2/0 171779AA9 1217 1240000 PRN OTHER 1240000 0 0 CIENA CORP NOTE 3.750% 2/0 171779AA9 6010 6125000 PRN OTHER 01 6125000 0 0 CITADEL BROADCASTING CORP COM 17285T106 7920 832775 SH OTHER 832775 0 0 CITADEL BROADCASTING CORP COM 17285T106 7311 768750 SH OTHER 01 764750 0 4000 CITIGROUP INC COM 172967101 653 12710 SH OTHER 01 12710 0 0 CLOROX CO DEL COM 189054109 586 9200 SH OTHER 01 9200 0 0 COCA COLA CO COM 191216100 412 8580 SH OTHER 8580 0 0 COCA COLA CO COM 191216100 585 12190 SH OTHER 01 12190 0 0 COLLEGIATE PACIFIC INC NOTE 5.750%12/0 194589AB3 1163 1250000 PRN OTHER 01 1250000 0 0 CONEXANT SYSTEMS INC NOTE 4.000% 3/0 207142AH3 3921 4500000 PRN OTHER 01 4500000 0 0 CONOCOPHILLIPS COM 20825C104 1031 15085 SH OTHER 01 15085 0 0 COSTCO WHSL CORP NEW COM 22160K105 23762 441339 SH OTHER 438239 0 3100 COSTCO WHSL CORP NEW COM 22160K105 45608 847109 SH OTHER 01 847109 0 0 CROWN CASTLE INTL CORP COM 228227104 2421 75345 SH OTHER 75345 0 0 CROWN CASTLE INTL CORP COM 228227104 6439 200425 SH OTHER 01 178382 0 22043 CROWN HOLDINGS INC COM 228368106 76890 3143484 SH OTHER 01 3141484 0 2000 CROWN HOLDINGS INC COM 228368106 40800 1668027 SH OTHER 1658227 0 9800 DEVON ENERGY CORP NEW COM 25179M103 449 6484 SH OTHER 01 6484 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 25801 318732 SH OTHER 316232 0 2500 DIAGEO P L C SPON ADR NEW 25243Q205 40595 501484 SH OTHER 01 501484 0 0 DISNEY WALT CO COM DISNEY 254687106 277 8050 SH OTHER 01 8050 0 0 DOW CHEM CO COM 260543103 46 1004 SH OTHER 1004 0 0 DOW CHEM CO COM 260543103 797 17385 SH OTHER 01 17385 0 0 DURECT CORP COM 266605104 1087 261406 SH OTHER 261406 0 0 DURECT CORP COM 266605104 2879 692152 SH OTHER 01 641152 0 51000 DYNEX CAP INC PFD D 9.50% 26817Q605 298 29327 PRN OTHER 01 0 0 29327 DYNEX CAP INC COM NEW 26817Q506 133 17225 SH OTHER 01 0 0 17225 EDISON INTL COM 281020107 232 4722 SH OTHER 01 4722 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 20135 633169 SH OTHER 626594 0 6575 ENTERPRISE PRODS PARTNERS L COM 293792107 26159 822606 SH OTHER 01 800806 0 21800 EXXON MOBIL CORP COM 30231G102 3237 42908 SH OTHER 42908 0 0 EXXON MOBIL CORP COM 30231G102 5144 68181 SH OTHER 01 67681 0 500 FEI CO NOTE 5.500% 8/1 30241LAB5 203 205000 PRN OTHER 01 205000 0 0 FIRST AMERN CORP CALIF COM 318522307 33747 665368 SH OTHER 661393 0 3975 FIRST AMERN CORP CALIF COM 318522307 58929 1161862 SH OTHER 01 1151487 0 10375 FOREST OIL CORP COM PAR $0.01 346091705 21357 640019 SH OTHER 636494 0 3525 FOREST OIL CORP COM PAR $0.01 346091705 35749 1071306 SH OTHER 01 1065306 0 6000 FRANKLIN RES INC COM 354613101 1087 9000 SH OTHER 01 9000 0 0 GENERAL ELECTRIC CO COM 369604103 2998 84776 SH OTHER 01 84776 0 0 GENERAL ELECTRIC CO COM 369604103 1435 40572 SH OTHER 40572 0 0 GENWORTH FINL INC COM CL A 37247D106 23294 666681 SH OTHER 663606 0 3075 GENWORTH FINL INC COM CL A 37247D106 43163 1235333 SH OTHER 01 1235333 0 0 GREIF INC CL A 397624107 556 5000 SH OTHER 01 5000 0 0 HALLIBURTON CO COM 406216101 127 4000 SH OTHER 4000 0 0 HALLIBURTON CO COM 406216101 470 14804 SH OTHER 01 14804 0 0 HEALTHSOUTH CORP COM NEW 421924309 16634 791738 SH OTHER 787283 0 4455 HEALTHSOUTH CORP COM NEW 421924309 39524 1881192 SH OTHER 01 1876037 0 5155 HOME DEPOT INC COM 437076102 242 6600 SH OTHER 01 6600 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 325 7500 SH OTHER 01 7500 0 0 INHALE THERAPEUTIC SYS INC NOTE 3.500%10/1 457191AH7 893 910000 PRN OTHER 01 910000 0 0 INTEL CORP COM 458140100 370 19329 SH OTHER 01 19329 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 313 3324 SH OTHER 01 3324 0 0 INTERNATIONAL RECTIFIER CORP NOTE 4.250% 7/1 460254AE5 3704 3727000 PRN OTHER 01 3727000 0 0 INTERNATIONAL RECTIFIER CORP NOTE 4.250% 7/1 460254AE5 952 958000 PRN OTHER 958000 0 0 INVITROGEN CORP COM 46185R100 17694 277982 SH OTHER 276482 0 1500 INVITROGEN CORP COM 46185R100 35203 553079 SH OTHER 01 553079 0 0 ITC HLDGS CORP COM 465685105 17392 401763 SH OTHER 396963 0 4800 ITC HLDGS CORP COM 465685105 19530 451137 SH OTHER 01 451137 0 0 JETBLUE AWYS CORP NOTE 3.500% 7/1 477143AB7 554 575000 PRN OTHER 575000 0 0 JETBLUE AWYS CORP NOTE 3.500% 7/1 477143AB7 7517 7800000 PRN OTHER 01 7800000 0 0 JOHNSON & JOHNSON COM 478160104 20474 339763 SH OTHER 338463 0 1300 JOHNSON & JOHNSON COM 478160104 39736 659417 SH OTHER 01 659417 0 0 KIMBERLY CLARK CORP COM 494368103 301 4400 SH OTHER 01 4400 0 0 KINETIC CONCEPTS INC COM NEW 49460W208 30961 611400 SH OTHER 608750 0 2650 KINETIC CONCEPTS INC COM NEW 49460W208 48008 948032 SH OTHER 01 941032 0 7000 LAMAR ADVERTISING CO CL A 512815101 44263 702925 SH OTHER 01 702925 0 0 LAMAR ADVERTISING CO CL A 512815101 22394 355637 SH OTHER 352437 0 3200 LIBERTY GLOBAL INC COM SER C 530555309 32334 1055279 SH OTHER 01 1052336 0 2943 LIBERTY GLOBAL INC COM SER C 530555309 16320 532648 SH OTHER 530660 0 1988 LIBERTY GLOBAL INC COM SER A 530555101 16862 512047 SH OTHER 510059 0 1988 LIBERTY GLOBAL INC COM SER A 530555101 32853 997663 SH OTHER 01 994720 0 2943 LIBERTY MEDIA HLDG CORP CAP COM SER A 53071M302 958 8665 SH OTHER 8665 0 0 LIBERTY MEDIA HLDG CORP CAP COM SER A 53071M302 2403 21730 SH OTHER 01 21630 0 100 LIBERTY MEDIA HLDG CORP INT COM SER A 53071M104 1032 43334 SH OTHER 43334 0 0 LIBERTY MEDIA HLDG CORP INT COM SER A 53071M104 2645 111054 SH OTHER 01 110554 0 500 LILLY ELI & CO COM 532457108 5680 105757 SH OTHER 104657 0 1100 LILLY ELI & CO COM 532457108 1002 18654 SH OTHER 01 18654 0 0 LIN TELEVISION CORP SDEB 2.500% 5/1 532776AL5 3840 4000000 PRN OTHER 01 4000000 0 0 LOEWS CORP COM 540424108 316 6945 SH SOLE 6945 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 19686 746256 SH OTHER 01 746256 0 0 MAGELLAN MIDSTREAM HLDGS LP COM LP INTS 55907R108 9847 373269 SH OTHER 373269 0 0 MANOR CARE INC NEW COM 564055101 25792 474468 SH OTHER 471368 0 3100 MANOR CARE INC NEW COM 564055101 35752 657698 SH OTHER 01 657698 0 0 MERCK & CO INC COM 589331107 844 19119 SH OTHER 19119 0 0 MERCK & CO INC COM 589331107 1111 25158 SH OTHER 01 25158 0 0 MERCURY GENL CORP NEW COM 589400100 212 4000 SH OTHER 01 0 0 4000 MICROSOFT CORP COM 594918104 412 14783 SH OTHER 14783 0 0 MICROSOFT CORP COM 594918104 1346 48290 SH OTHER 01 48290 0 0 MORGAN STANLEY COM NEW 617446448 546 6923 SH OTHER 01 300 0 6623 NETWORK ENGINES INC COM 64121A107 40 20000 SH OTHER 01 0 0 20000 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 7549 7645000 PRN OTHER 01 7645000 0 0 NORTEL NETWORKS CORP NEW NOTE 4.250% 9/0 656568AB8 667 675000 PRN OTHER 675000 0 0 NOVADEL PHARMA INC COM 66986X106 62 47619 SH SOLE 47619 0 0 NOVARTIS A G SPONSORED ADR 66987V109 4413 80775 SH OTHER 01 80775 0 0 NOVARTIS A G SPONSORED ADR 66987V109 1647 30150 SH OTHER 30150 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 247 5000 SH OTHER 01 5000 0 0 OMNICARE CAP TR II PFD B TR 4.00% 68214Q200 1799 33000 PRN OTHER 01 33000 0 0 OMNICARE INC COM 681904108 24199 608484 SH OTHER 608484 0 0 OMNICARE INC COM 681904108 44514 1119266 SH OTHER 01 1109266 0 10000 PEPSICO INC COM 713448108 3773 59366 SH OTHER 59366 0 0 PEPSICO INC COM 713448108 18298 287888 SH OTHER 01 287732 0 156 PETROCHINA CO LTD SPONSORED ADR 71646E100 234 2000 SH OTHER 01 2000 0 0 PFIZER INC COM 717081103 560 22181 SH OTHER 01 22181 0 0 PIMCO COML MTG SECS TR INC COM 693388100 121 10000 PRN OTHER 01 10000 0 0 PITNEY BOWES INC COM 724479100 44770 986337 SH OTHER 01 984062 0 2275 PITNEY BOWES INC COM 724479100 24566 541213 SH OTHER 537463 0 3750 PROCTER & GAMBLE CO COM 742718109 10529 166696 SH OTHER 01 166696 0 0 PROCTER & GAMBLE CO COM 742718109 8317 131678 SH OTHER 128678 0 3000 QLT INC NOTE 3.000% 9/1 746927AB8 309 325000 PRN OTHER 325000 0 0 QLT INC NOTE 3.000% 9/1 746927AB8 5961 6275000 PRN OTHER 01 6275000 0 0 QUANTA SVCS INC NOTE 4.000% 7/0 74762EAA0 296 300000 PRN OTHER 01 300000 0 0 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 11 10780 SH SOLE 10780 0 0 R H DONNELLEY CORP COM NEW 74955W307 31300 441536 SH OTHER 438972 0 2564 R H DONNELLEY CORP COM NEW 74955W307 58452 824539 SH OTHER 01 823694 0 845 RAIT FINANCIAL TRUST COM 749227104 20042 717325 SH OTHER 712000 0 5325 RAIT FINANCIAL TRUST COM 749227104 29957 1072200 SH OTHER 01 1070200 0 2000 REPUBLIC SVCS INC COM 760759100 14889 535195 SH OTHER 529683 0 5512 REPUBLIC SVCS INC COM 760759100 36344 1306386 SH OTHER 01 1306386 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1512 22801 SH OTHER 22801 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 202 3042 SH OTHER 01 3042 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 4141 132564 SH OTHER 01 132564 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 7844 251080 SH OTHER 251080 0 0 SCHERING PLOUGH CORP COM 806605101 573 22475 SH OTHER 01 22475 0 0 SCHLUMBERGER LTD COM 806857108 20113 291076 SH OTHER 291076 0 0 SCHLUMBERGER LTD COM 806857108 39949 578139 SH OTHER 01 578139 0 0 SERVICE CORP INTL COM 817565104 23117 1949190 SH OTHER 1936640 0 12550 SERVICE CORP INTL COM 817565104 43820 3694767 SH OTHER 01 3694767 0 0 SOUTHERN UN CO NEW COM 844030106 31435 1034382 SH OTHER 1028182 0 6200 SOUTHERN UN CO NEW COM 844030106 52244 1719102 SH OTHER 01 1702102 0 17000 TARGET CORP COM 87612E106 680 11470 SH OTHER 01 11470 0 0 TELEFONOS DE MEXICO S A B SPON ADR 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SH OTHER 10000 0 0 WALGREEN CO COM 931422109 350 7634 SH OTHER 01 7634 0 0 WASTE MGMT INC DEL COM 94106L109 4711 136900 SH OTHER 01 136900 0 0 WASTE MGMT INC DEL COM 94106L109 6205 180325 SH OTHER 180325 0 0 WATTS WATER TECHNOLOGIES INC CL A 942749102 285 7500 SH OTHER 01 7500 0 0 WEBSENSE INC COM 947684106 20840 906488 SH OTHER 900288 0 6200 WEBSENSE INC COM 947684106 48242 2098380 SH OTHER 01 2089762 0 8618 WELLS FARGO & CO NEW COM 949746101 157 4548 SH OTHER 4548 0 0 WELLS FARGO & CO NEW COM 949746101 53 1550 SH OTHER 01 1550 0 0 WESTWOOD ONE INC COM 961815107 157 22825 SH OTHER 22825 0 0 WESTWOOD ONE INC COM 961815107 163 23740 SH OTHER 01 20100 0 3640 WILLIAMS COS INC DEL COM 969457100 285 10000 SH OTHER 01 0 0 10000 WORKSTREAM INC COM 981402100 206 157069 SH OTHER 01 0 0 157069 WORLD COLOR PRESS INC DEL NOTE 6.000%10/0 981443AA2 2974 3000000 PRN OTHER 01 3000000 0 0 WYETH COM 983024100 248 4950 SH OTHER 01 4950 0 0