13F-HR 1 ostm3q05.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, 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: John Tavernetti Title: Chief Compliance Officer Phone: 415-434-4441 Signature, Place, and Date of Signing: /s/ John Tavernetti San Francisco, CA November 11, 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: 210 Form13F Information Table Value Total: $2,047,669 (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 2139 29154 SH OTHER 01 29154 0 0 3M CO COM 88579Y101 800 10900 SH OTHER 10900 0 0 ABBOTT LABS COM 002824100 1238 29200 SH OTHER 29200 0 0 ABBOTT LABS COM 002824100 464 10933 SH OTHER 01 10933 0 0 ACE LTD ORD G0070K103 264 5600 SH SOLE 01 5600 0 0 ADOBE SYS INC COM 00724F101 251 8400 SH SOLE 01 8400 0 0 AFLAC INC COM 001055102 349 7700 SH SOLE 01 7700 0 0 AGERE SYS INC NOTE 6.500%12/1 00845VAA8 1100 1100000 PRN SOLE 01 1100000 0 0 AIRTRAN HLDGS INC COM 00949P108 6684 528000 SH OTHER 431800 0 96200 AIRTRAN HLDGS INC COM 00949P108 17630 1392605 SH OTHER 01 1392605 0 0 ALLIANCE ONE INTL INC COM 018772103 3151 890125 SH OTHER 762125 0 128000 ALLIANCE ONE INTL INC COM 018772103 8174 2308925 SH OTHER 01 2308925 0 0 ALLIED WASTE INDS INC SDCV 4.250% 4/1 019589AD2 344 392000 PRN OTHER 392000 0 0 ALLIED WASTE INDS INC SDCV 4.250% 4/1 019589AD2 1185 1350000 PRN OTHER 01 1350000 0 0 ALTRIA GROUP INC COM 02209S103 273 3710 SH OTHER 01 3710 0 0 ALTRIA GROUP INC COM 02209S103 308 4180 SH OTHER 4180 0 0 AMERICAN EXPRESS CO COM 025816109 494 8600 SH OTHER 8600 0 0 AMERICAN EXPRESS CO COM 025816109 72 1250 SH OTHER 01 1250 0 0 AMERICAN INTL GROUP INC COM 026874107 3535 57053 SH OTHER 01 57053 0 0 ANADARKO PETE CORP COM 032511107 402 4200 SH SOLE 01 4200 0 0 ANTIGENICS INC DEL COM 037032109 124 22862 SH OTHER 22862 0 0 ANTIGENICS INC DEL COM 037032109 9 1750 SH OTHER 01 1750 0 0 APTARGROUP INC COM 038336103 734 14736 SH SOLE 01 14736 0 0 ARES CAP CORP COM 04010L103 13024 799975 SH OTHER 717775 0 82200 ARES CAP CORP COM 04010L103 23955 1471445 SH OTHER 01 1471445 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 258 6000 SH OTHER 6000 0 0 AUTOMATIC DATA PROCESSING IN COM 053015103 141 3270 SH OTHER 01 3270 0 0 AVERY DENNISON CORP COM 053611109 14515 277050 SH OTHER 221450 0 55600 AVERY DENNISON CORP COM 053611109 28820 550100 SH OTHER 01 550100 0 0 AXCAN PHARMA INC COM 054923107 786 60825 SH OTHER 53200 0 7625 AXCAN PHARMA INC COM 054923107 5339 413250 SH OTHER 01 413250 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 1573 1595000 PRN OTHER 01 1595000 0 0 BAUSCH & LOMB INC COM 071707103 23871 295871 SH OTHER 231221 0 64650 BAUSCH & LOMB INC COM 071707103 39729 492432 SH OTHER 01 492432 0 0 BECTON DICKINSON & CO COM 075887109 249 4750 SH SOLE 01 4750 0 0 BERKLEY W R CORP COM 084423102 280 7087 SH SOLE 01 7087 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 410 5 SH SOLE 5 0 0 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 1645 1655000 PRN OTHER 980000 0 675000 BISYS GROUP INC NOTE 4.000% 3/1 055472AB0 4268 4295000 PRN OTHER 01 4295000 0 0 BP PLC SPONSORED ADR 055622104 232 3280 SH SOLE 01 3280 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 864 35928 SH OTHER 35928 0 0 BRISTOL MYERS SQUIBB CO COM 110122108 611 25392 SH OTHER 01 25392 0 0 CEDAR FAIR L P DEPOSITRY UNIT 150185106 5554 185200 SH OTHER 105450 0 79750 CEDAR FAIR L P DEPOSITRY UNIT 150185106 4833 161159 SH OTHER 01 161159 0 0 CEDAR SHOPPING CTRS INC COM NEW 150602209 203 14000 SH OTHER 01 14000 0 0 CHARTERMAC SH BEN INT 160908109 205 10000 SH OTHER 01 10000 0 0 CHEVRON CORP NEW COM 166764100 527 8139 SH OTHER 6139 0 2000 CHEVRON CORP NEW COM 166764100 2268 35030 SH OTHER 01 35030 0 0 CITADEL BROADCASTING CORP COM 17285T106 14045 1022945 SH OTHER 859995 0 162950 CITADEL BROADCASTING CORP COM 17285T106 26372 1920753 SH OTHER 01 1920753 0 0 CITIGROUP INC COM 172967101 279 6122 SH SOLE 01 6122 0 0 CLOROX CO DEL COM 189054109 389 7000 SH SOLE 01 7000 0 0 COCA COLA CO COM 191216100 371 8580 SH OTHER 5380 0 3200 COCA COLA CO COM 191216100 842 19490 SH OTHER 01 19490 0 0 COMCAST CORP NEW CL A 20030N101 738 25115 SH SOLE 01 25115 0 0 COMVERSE TECHNOLOGY INC DBCV 1.500%12/0 205862AJ4 4925 5000000 PRN SOLE 5000000 0 0 CONOCOPHILLIPS COM 20825C104 676 9666 SH SOLE 01 9666 0 0 COSTCO WHSL CORP NEW COM 22160K105 11159 258981 SH OTHER 225931 0 33050 COSTCO WHSL CORP NEW COM 22160K105 27994 649675 SH OTHER 01 649675 0 0 COURTSIDE ACQUISITION CORP UNIT 99/99/9999 22274N201 69 11000 SH OTHER 01 11000 0 0 CROWN HOLDINGS INC COM 228368106 20886 1310315 SH OTHER 1040815 0 269500 CROWN HOLDINGS INC COM 228368106 49834 3126323 SH OTHER 01 3126323 0 0 DEERFIELD TRIARC CAP CORP COM 244572301 194 14000 SH OTHER 01 14000 0 0 DEVON ENERGY CORP NEW COM 25179M103 445 6484 SH SOLE 01 6484 0 0 DEX MEDIA INC COM 25212E100 25502 917676 SH OTHER 732176 0 185500 DEX MEDIA INC COM 25212E100 52278 1881202 SH OTHER 01 1881202 0 0 DIAGEO P L C SPON ADR NEW 25243Q205 18482 318599 SH OTHER 259399 0 59200 DIAGEO P L C SPON ADR NEW 25243Q205 31684 546185 SH OTHER 01 546185 0 0 DOR BIOPHARMA INC COM 258094101 21 62814 SH SOLE 62814 0 0 DOW CHEM CO COM 260543103 763 18295 SH OTHER 01 18295 0 0 DURECT CORP COM 266605104 2032 296606 SH OTHER 282806 0 13800 DURECT CORP COM 266605104 4902 715650 SH OTHER 01 715650 0 0 DYNEX CAP INC COM NEW 26817Q506 123 17225 SH OTHER 01 17225 0 0 DYNEX CAP INC PFD D 9.50% 26817Q605 407 39103 PRN OTHER 01 39103 0 0 EDISON INTL COM 281020107 223 4722 SH SOLE 01 4722 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 12506 496692 SH OTHER 01 496692 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 6140 243825 SH OTHER 188075 0 55750 EOG RES INC COM 26875P101 262 3500 SH SOLE 01 3500 0 0 EXXON MOBIL CORP COM 30231G102 2724 42873 SH OTHER 42873 0 0 EXXON MOBIL CORP COM 30231G102 4120 64832 SH OTHER 01 64832 0 0 GASCO ENERGY INC COM 367220100 213 32000 SH OTHER 01 32000 0 0 GENERAL ELEC CO COM 369604103 1701 50516 SH OTHER 50516 0 0 GENERAL ELEC CO COM 369604103 2840 84368 SH OTHER 01 84368 0 0 GLOBAL SIGNAL INC COM 37944Q103 3664 81900 SH OTHER 80600 0 1300 GLOBAL SIGNAL INC COM 37944Q103 7946 177600 SH OTHER 01 177600 0 0 GLOBESPAN INC NOTE 5.250% 5/1 379571AB8 493 500000 PRN OTHER 500000 0 0 GLOBESPAN INC NOTE 5.250% 5/1 379571AB8 5113 5184000 PRN OTHER 01 5184000 0 0 GOLD RESV INC CL A 38068N108 39 17000 SH OTHER 01 17000 0 0 HEALTHSOUTH CORP COM 421924101 8192 1978845 SH OTHER 1782145 0 196700 HEALTHSOUTH CORP COM 421924101 22908 5533230 SH OTHER 01 5533230 0 0 HOME DEPOT INC COM 437076102 252 6600 SH SOLE 01 6600 0 0 INGERSOLL-RAND COMPANY LTD CL A G4776G101 298 7800 SH SOLE 01 7800 0 0 INHALE THERAPEUTIC SYS INC NOTE 5.000% 2/0 457191AF1 440 445000 PRN OTHER 445000 0 0 INHALE THERAPEUTIC SYS INC NOTE 5.000% 2/0 457191AF1 1839 1860000 PRN OTHER 01 1860000 0 0 INTEL CORP COM 458140100 566 22959 SH SOLE 01 22959 0 0 INTERNATIONAL BUSINESS MACHS COM 459200101 359 4470 SH OTHER 01 4470 0 0 INVITROGEN CORP COM 46185R100 14596 194024 SH OTHER 158799 0 35225 INVITROGEN CORP COM 46185R100 29198 388117 SH OTHER 01 388117 0 0 ITC HLDGS CORP COM 465685105 1193 41150 SH OTHER 41150 0 0 ITC HLDGS CORP COM 465685105 4612 159150 SH OTHER 01 159150 0 0 JER INVT TR INC COM 46614H301 6417 355300 SH OTHER 314200 0 41100 JER INVT TR INC COM 46614H301 12923 715550 SH OTHER 01 715550 0 0 JOHNSON & JOHNSON COM 478160104 3339 52765 SH OTHER 52765 0 0 JOHNSON & JOHNSON COM 478160104 6322 99913 SH OTHER 01 99913 0 0 KIMBERLY CLARK CORP COM 494368103 262 4400 SH SOLE 01 4400 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 15319 289866 SH OTHER 01 289866 0 0 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 21504 406889 SH OTHER 324589 0 82300 KINDER MORGAN MANAGEMENT LLC SHS 49455U100 565 11395 SH SOLE 01 11395 0 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 17657 362486 SH OTHER 286236 0 76250 LABORATORY CORP AMER HLDGS COM NEW 50540R409 32465 666495 SH OTHER 01 666495 0 0 LAIDLAW INTL INC COM 50730R102 31308 1295340 SH OTHER 1064290 0 231050 LAIDLAW INTL INC COM 50730R102 56505 2337825 SH OTHER 01 2337825 0 0 LAMAR ADVERTISING CO CL A 512815101 17810 392715 SH OTHER 329065 0 63650 LAMAR ADVERTISING CO CL A 512815101 35897 791553 SH OTHER 01 791553 0 0 LIBERTY GLOBAL INC COM SER C 530555309 27426 1065093 SH OTHER 01 1065093 0 0 LIBERTY GLOBAL INC COM SER A 530555101 14830 547437 SH OTHER 444081 0 103356 LIBERTY GLOBAL INC COM SER A 530555101 28854 1065093 SH OTHER 01 1065093 0 0 LIBERTY GLOBAL INC COM SER C 530555309 14097 547437 SH OTHER 444081 0 103356 LIBERTY MEDIA CORP NEW COM SER A 530718105 3887 482861 SH OTHER 342361 0 140500 LIBERTY MEDIA CORP NEW COM SER A 530718105 9865 1225422 SH OTHER 01 1225422 0 0 LILLY ELI & CO COM 532457108 5852 109342 SH OTHER 95542 0 13800 LILLY ELI & CO COM 532457108 1004 18754 SH OTHER 01 18754 0 0 LOEWS CORP COM 540424108 232 2515 SH SOLE 2515 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 169 170000 PRN OTHER 170000 0 0 LSI LOGIC CORP NOTE 4.000%11/0 502161AG7 298 300000 PRN OTHER 01 300000 0 0 LUCENT TECHNOLOGIES INC SDCV 8.000% 8/0 549463AK3 516 500000 PRN SOLE 01 500000 0 0 MAGMA DESIGN AUTOMATION NOTE 5/1 559181AB8 1107 1410000 PRN SOLE 01 1410000 0 0 MANOR CARE INC NEW COM 564055101 28792 749600 SH OTHER 613900 0 135700 MANOR CARE INC NEW COM 564055101 46994 1223490 SH OTHER 01 1223490 0 0 MEDIACOM COMMUNICATIONS CORP NOTE 5.250% 7/0 58446KAA3 3517 3535000 PRN OTHER 01 3535000 0 0 MEDIACOM COMMUNICATIONS CORP NOTE 5.250% 7/0 58446KAA3 2154 2165000 PRN OTHER 2165000 0 0 MENTOR GRAPHICS CORP NOTE 6.875% 6/1 587200AB2 4666 4695000 PRN OTHER 01 4695000 0 0 MENTOR GRAPHICS CORP NOTE 6.875% 6/1 587200AB2 20 20000 PRN OTHER 20000 0 0 MENTOR GRAPHICS CORP FRNT 8/0 587200AD8 1250 1400000 PRN SOLE 01 1400000 0 0 MERCK & CO INC COM 589331107 574 21080 SH OTHER 21080 0 0 MERCK & CO INC COM 589331107 760 27940 SH OTHER 01 27940 0 0 MERCURY GENL CORP NEW COM 589400100 240 4000 SH OTHER 01 4000 0 0 MICROSOFT CORP COM 594918104 415 16126 SH OTHER 16126 0 0 MICROSOFT CORP COM 594918104 1439 55940 SH OTHER 01 55940 0 0 NATURAL MICROSYSTEMS CORP NOTE 5.000%10/1 638882AA8 4305 4310000 PRN OTHER 3045000 0 1265000 NATURAL MICROSYSTEMS CORP NOTE 5.000%10/1 638882AA8 7660 7670000 PRN OTHER 01 7670000 0 0 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 954 960000 PRN OTHER 960000 0 0 NCO GROUP INC NOTE 4.750% 4/1 628858AB8 4616 4645000 PRN OTHER 01 4645000 0 0 NEW SKIES SATELLITES HLDGS SHS G64865101 1867 88700 SH OTHER 77975 0 10725 NEW SKIES SATELLITES HLDGS SHS G64865101 5074 241050 SH OTHER 01 241050 0 0 NEWMONT MINING CORP COM 651639106 2764 58600 SH SOLE 01 58600 0 0 NEWMONT MINING CORP COM 651639106 5739 121665 SH SOLE 82865 0 38800 NOVADEL PHARMA INC COM 66986X106 83 47618 SH SOLE 47618 0 0 OCCIDENTAL PETE CORP DEL COM 674599105 256 3000 SH SOLE 01 3000 0 0 OMNICARE INC COM 681904108 25507 453612 SH OTHER 330012 0 123600 OMNICARE INC COM 681904108 35551 632235 SH OTHER 01 632235 0 0 PEPSICO INC COM 713448108 3435 60566 SH OTHER 55016 0 5550 PEPSICO INC COM 713448108 22773 401563 SH OTHER 01 401563 0 0 PETROFUND ENERGY TRUST TR UNIT 71648W108 196 10000 SH OTHER 01 10000 0 0 PFIZER INC COM 717081103 799 31989 SH OTHER 01 31989 0 0 PITNEY BOWES INC COM 724479100 36239 868200 SH OTHER 01 868200 0 0 PITNEY BOWES INC COM 724479100 15002 359425 SH OTHER 293800 0 65625 PLAINS EXPL& PRODTN CO COM 726505100 54325 1268675 SH OTHER 01 1268675 0 0 PLAINS EXPL& PRODTN CO COM 726505100 26633 621983 SH OTHER 497150 0 124833 POTLATCH CORP COM 737628107 214 4100 SH SOLE 01 4100 0 0 PROCTER & GAMBLE CO COM 742718109 8675 145900 SH OTHER 97900 0 48000 PROCTER & GAMBLE CO COM 742718109 10244 172276 SH OTHER 01 172276 0 0 QUESTCOR PHARMACEUTICALS INC COM 74835Y101 6 10780 SH SOLE 10780 0 0 REGAL ENTMT GROUP CL A 758766109 17977 897064 SH OTHER 716364 0 180700 REGAL ENTMT GROUP CL A 758766109 32613 1627382 SH OTHER 01 1627382 0 0 REPUBLIC SVCS INC COM 760759100 14955 423785 SH OTHER 384385 0 39400 REPUBLIC SVCS INC COM 760759100 40412 1145150 SH OTHER 01 1145150 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 1516 23101 SH OTHER 23101 0 0 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 200 3042 SH OTHER 01 3042 0 0 SALESFORCE COM INC COM 79466L302 7 300 SH SOLE 01 300 0 0 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 13711 280955 SH OTHER 188605 0 92350 SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 7731 158423 SH OTHER 01 158423 0 0 SCHERING PLOUGH CORP COM 806605101 473 22475 SH SOLE 01 22475 0 0 SCHLUMBERGER LTD COM 806857108 15286 181151 SH OTHER 149551 0 31600 SCHLUMBERGER LTD COM 806857108 39897 472825 SH OTHER 01 472825 0 0 SERVICE CORP INTL COM 817565104 15392 1856657 SH OTHER 1503532 0 353125 SERVICE CORP INTL COM 817565104 35610 4295554 SH OTHER 01 4295554 0 0 SERVICEMASTER CO COM 81760N109 17832 1316971 SH OTHER 1090063 0 226908 SERVICEMASTER CO COM 81760N109 35398 2614325 SH OTHER 01 2614325 0 0 SLM CORP COM 78442P106 1074 20025 SH OTHER 20025 0 0 SLM CORP COM 78442P106 8826 164550 SH OTHER 01 164550 0 0 SOUTHERN UN CO NEW COM 844030106 38496 1493846 SH OTHER 01 1493846 0 0 SOUTHERN UN CO NEW COM 844030106 19401 752835 SH OTHER 624891 0 127944 STATION CASINOS INC COM 857689103 35330 532400 SH OTHER 01 532400 0 0 STATION CASINOS INC COM 857689103 24175 364306 SH OTHER 299531 0 64775 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 4636 161600 SH OTHER 100650 0 60950 SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 4297 149770 SH OTHER 01 149770 0 0 TARGET CORP COM 87612E106 208 4000 SH SOLE 01 4000 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 221 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 14414 1040713 SH OTHER 961513 0 79200 UNITED ONLINE INC COM 911268100 35920 2593554 SH OTHER 01 2593554 0 0 UNITED TECHNOLOGIES CORP COM 913017109 477 9200 SH SOLE 01 9200 0 0 VEECO INSTRS INC DEL NOTE 4.125%12/2 922417AB6 234 250000 PRN SOLE 01 250000 0 0 VIACOM INC CL B 925524308 5113 154891 SH OTHER 01 154891 0 0 VIACOM INC CL B 925524308 8366 253438 SH OTHER 212880 0 40558 VISHAY INTERTECHNOLOGY INC COM 928298108 5609 469400 SH OTHER 423300 0 46100 VISHAY INTERTECHNOLOGY INC COM 928298108 11105 929300 SH OTHER 01 929300 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 21376 823096 SH OTHER 668396 0 154700 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 39160 1507893 SH OTHER 01 1507893 0 0 WALGREEN CO COM 931422109 435 10000 SH OTHER 10000 0 0 WALGREEN CO COM 931422109 223 5134 SH OTHER 01 5134 0 0 WEBSENSE INC COM 947684106 11435 223300 SH OTHER 194600 0 28700 WEBSENSE INC COM 947684106 25591 499730 SH OTHER 01 499730 0 0 WELLS FARGO & CO NEW COM 949746101 20117 343468 SH OTHER 279118 0 64350 WELLS FARGO & CO NEW COM 949746101 34576 590334 SH OTHER 01 590334 0 0 WESTWOOD ONE INC COM 961815107 4551 228831 SH OTHER 191897 0 36934 WESTWOOD ONE INC COM 961815107 1016 51075 SH OTHER 01 51075 0 0 WILLIAMS COS INC DEL COM 969457100 351 14000 SH OTHER 01 14000 0 0