SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* BAUGHMAN JANE L (Last) (First) (Middle) 200 4TH STREET (Street) OAKLAND CA 94607 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 10/10/2006	3. Issuer Name and Ticker or Trading Symbol COST PLUS INC/CA/ [ CPWM ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) SVP, Financial Operations	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Cost Plus Common Stock	1,765(5)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	09/16/2002	09/16/2009	Cost Plus Common Stock	6,000	$31.52	D
Employee Stock Option (right to buy)	02/24/2006	02/24/2010	Cost Plus Common Stock	2,500	$16.625	D
Employee Stock Option (right to buy)	08/22/2004	08/22/2011	Cost Plus Common Stock	1,667	$21.85	D
Employee Stock Option (right to buy)	11/02/2005	11/02/2011	Cost Plus Common Stock	5,000	$20	D
Employee Stock Option (right to buy)	02/27/2006	02/27/2012	Cost Plus Common Stock	4,000	$24.31	D
Employee Stock Option (right to buy)	(1)	02/26/2013	Cost Plus Common Stock	6,000	$22.96	D
Employee Stock Option (right to buy)	(2)	02/26/2014	Cost Plus Common Stock	10,000	$38.5	D
Employee Stock Option (right to buy)	(3)	04/01/2015	Cost Plus Common Stock	10,000	$26.88	D
Employee Stock Option (right to buy)	(4)	02/14/2013	Cost Plus Common Stock	10,000	$19.17	D
Employee Stock Option (right to buy)	02/28/2007	02/28/2011	Cost Plus Common Stock	2,500	$24	D

Explanation of Responses:

1. Option vests in four equal annual installments beginning on February 26, 2004, which is the anniversary date of the grant.

2. Option vests in four equal annual installments on January 26, 2005; February 26, 2006; February 26, 2007; and February 26, 2008.

3. 25% of the option vested on April 1, 2006 and 1/48 of the option will vest each month thereafter.

4. Option vests in four equal annual installments beginning on February 14, 2007, which is the anniversary date of the grant.

5. Includes 1,428 shares pursuant to the Employee Stock Purchase Plan.

	Jane L. Baughman	10/19/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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