Osterweis Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABBVIE INC	COM	00287Y109	179	2,470	SH		OTR	1	2,470	0	0
ABBVIE INC	COM	00287Y109	87	1,200	SH		OTR		1,200	0	0
ACELRX PHARMACEUTICALS INC	COM	00444T100	22	10,339	SH		SOLE		10,339	0	0
ACETO CORP	NOTE 2.000%11/0	004446AD2	17,443	18,986,000	PRN		OTR	1	18,986,000	0	0
ADVANCED DISP SVCS INC DEL	COM	00790X101	861	37,858	SH		OTR		37,363	0	495
ADVANCED DISP SVCS INC DEL	COM	00790X101	1,360	59,840	SH		OTR	1	58,895	0	945
AGRIUM INC	COM	008916108	90	1,000	SH		OTR	1	1,000	0	0
AGRIUM INC	COM	008916108	724	8,000	SH		OTR		8,000	0	0
AIR LEASE CORP	CL A	00912X302	15,358	411,094	SH		OTR		406,264	0	4,830
AIR LEASE CORP	CL A	00912X302	23,479	628,453	SH		OTR	1	615,614	0	12,654
ALARM COM HLDGS INC	COM	011642105	1,295	34,410	SH		OTR	1	34,410	0	0
ALIGN TECHNOLOGY INC	COM	016255101	5,645	37,600	SH		OTR	1	37,600	0	0
ALPHABET INC	CAP STK CL A	02079K305	2,038	2,192	SH		OTR		2,137	0	55
ALPHABET INC	CAP STK CL A	02079K305	8,306	8,934	SH		OTR	1	6,653	0	220
ALPHABET INC	CAP STK CL C	02079K107	27,261	29,999	SH		OTR		29,656	0	343
ALPHABET INC	CAP STK CL C	02079K107	41,265	45,409	SH		OTR	1	42,108	0	866
AMERICAN EXPRESS CO	COM	025816109	453	5,375	SH		OTR		5,375	0	0
AMERICAN EXPRESS CO	COM	025816109	84	1,000	SH		OTR	1	0	0	1,000
AMERICAN WTR WKS CO INC NEW	COM	030420103	7,178	92,087	SH		OTR		89,837	0	2,250
AMERICAN WTR WKS CO INC NEW	COM	030420103	16,251	208,470	SH		OTR	1	203,314	0	5,021
AMN HEALTHCARE SERVICES INC	COM	001744101	1,447	37,045	SH		OTR	1	37,045	0	0
APPLE INC	COM	037833100	1,346	9,348	SH		OTR	1	9,348	0	0
ATRICURE INC	COM	04963C209	1,996	82,298	SH		OTR	1	82,298	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	255	1	SH		OTR	1	0	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	1,019	4	SH		OTR		4	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	517	3,055	SH		OTR	1	3,005	0	50
BERRY GLOBAL GROUP INC	COM	08579W103	23,953	420,144	SH		OTR	1	412,651	0	7,493
BERRY GLOBAL GROUP INC	COM	08579W103	16,333	286,502	SH		OTR		283,162	0	3,340
BIO TECHNE CORP	COM	09073M104	2,911	24,775	SH		OTR	1	24,775	0	0
BOEING CO	COM	097023105	13,449	68,009	SH		OTR		67,304	0	705
BOEING CO	COM	097023105	21,542	108,937	SH		OTR	1	106,459	0	2,478
BRISTOL MYERS SQUIBB CO	COM	110122108	592	10,617	SH		OTR		10,617	0	0
BRISTOL MYERS SQUIBB CO	COM	110122108	328	5,886	SH		OTR	1	5,886	0	0
CAVCO INDS INC DEL	COM	149568107	2,922	22,536	SH		OTR	1	22,536	0	0
CEDAR FAIR L P	DEPOSITRY UNIT	150185106	16,429	227,860	SH		OTR	1	224,440	0	3,420
CEDAR FAIR L P	DEPOSITRY UNIT	150185106	11,658	161,696	SH		OTR		159,881	0	1,815
CF INDS HLDGS INC	COM	125269100	10,271	367,335	SH		OTR		364,000	0	3,335
CF INDS HLDGS INC	COM	125269100	13,218	472,733	SH		OTR	1	464,041	0	8,692
CHART INDS INC	NOTE 2.000% 8/0	16115QAC4	22,748	22,949,000	PRN		OTR	1	22,949,000	0	0
CHARTER COMMUNICATIONS INC N	CL A	16119P108	12,161	36,102	SH		OTR		35,715	0	387
CHARTER COMMUNICATIONS INC N	CL A	16119P108	16,621	49,340	SH		OTR	1	48,433	0	866
COGENT COMMUNICATIONS HLDGS	COM NEW	19239V302	2,892	72,120	SH		OTR	1	72,120	0	0
COMMERCEHUB INC	COM SER A	20084V108	1,843	105,795	SH		OTR	1	105,795	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	13,977	139,515	SH		OTR	1	137,745	0	1,770
CROWN CASTLE INTL CORP NEW	COM	22822V101	9,575	95,575	SH		OTR		94,880	0	695
CROWN HOLDINGS INC	COM	228368106	15,569	260,955	SH		OTR		255,895	0	5,060
CROWN HOLDINGS INC	COM	228368106	28,260	473,686	SH		OTR	1	465,266	0	8,290
DANAHER CORP DEL	COM	235851102	9,650	114,350	SH		OTR		112,890	0	1,460
DANAHER CORP DEL	COM	235851102	15,327	181,615	SH		OTR	1	178,335	0	3,280
DAVE & BUSTERS ENTMT INC	COM	238337109	5,448	81,909	SH		OTR	1	81,909	0	0
DIAGEO P L C	SPON ADR NEW	25243Q205	12,408	103,548	SH		OTR		102,483	0	1,065
DIAGEO P L C	SPON ADR NEW	25243Q205	16,354	136,479	SH		OTR	1	133,469	0	2,970
ENTERPRISE PRODS PARTNERS L	COM	293792107	19,186	708,485	SH		OTR		701,735	0	6,750
ENTERPRISE PRODS PARTNERS L	COM	293792107	21,959	810,919	SH		OTR	1	798,285	0	12,474
EPR PPTYS	COM SH BEN INT	26884U109	940	13,073	SH		SOLE		13,073	0	0
EVOLENT HEALTH INC	CL A	30050B101	2,981	117,605	SH		OTR	1	117,605	0	0
EXXON MOBIL CORP	COM	30231G102	870	10,776	SH		OTR		10,776	0	0
EXXON MOBIL CORP	COM	30231G102	607	7,518	SH		OTR	1	7,518	0	0
EZCORP INC	NOTE 2.625% 6/1	302301AB2	9,203	9,500,000	PRN		OTR	1	9,500,000	0	0
FIRST REP BK SAN FRANCISCO C	COM	33616C100	1,794	17,925	SH		OTR		17,925	0	0
FIRST REP BK SAN FRANCISCO C	COM	33616C100	95	952	SH		OTR	1	952	0	0
FOUR CORNERS PPTY TR INC	COM	35086T109	2,859	113,870	SH		OTR		113,870	0	0
FOUR CORNERS PPTY TR INC	COM	35086T109	12,146	483,705	SH		OTR	1	480,705	0	3,000
GENERAL ELECTRIC CO	COM	369604103	10,275	380,405	SH		OTR		376,255	0	4,150
GENERAL ELECTRIC CO	COM	369604103	17,780	658,276	SH		OTR	1	649,089	0	9,112
GLAXOSMITHKLINE PLC	SPONSORED ADR	37733W105	11,510	266,930	SH		OTR		263,820	0	3,110
GLAXOSMITHKLINE PLC	SPONSORED ADR	37733W105	17,572	407,496	SH		OTR	1	398,101	0	9,355
GRAPHIC PACKAGING HLDG CO	COM	388689101	23,998	1,741,462	SH		OTR	1	1,710,510	0	30,952
GRAPHIC PACKAGING HLDG CO	COM	388689101	15,631	1,134,318	SH		OTR		1,122,498	0	11,820
GTT COMMUNICATIONS INC	COM	362393100	4,348	137,392	SH		OTR	1	137,392	0	0
HALLIBURTON CO	COM	406216101	14,028	328,436	SH		OTR		324,241	0	4,195
HALLIBURTON CO	COM	406216101	22,632	529,908	SH		OTR	1	519,505	0	10,403
HANNON ARMSTRONG SUST INFR C	COM	41068X100	5,235	228,890	SH		OTR		226,075	0	2,815
HANNON ARMSTRONG SUST INFR C	COM	41068X100	9,295	406,430	SH		OTR	1	400,110	0	6,320
HEALTH INS INNOVATIONS INC	COM CL A	42225K106	2,838	120,780	SH		OTR	1	120,780	0	0
HORIZON GLOBAL CORP	NOTE 2.750% 7/0	44052WAA2	20,173	21,319,000	PRN		OTR	1	21,319,000	0	0
HORTONWORKS INC	COM	440894103	3,062	237,755	SH		OTR	1	237,755	0	0
INOGEN INC	COM	45780L104	2,273	23,823	SH		OTR	1	23,823	0	0
INPHI CORP	COM	45772F107	2,990	87,164	SH		OTR	1	87,164	0	0
INTEL CORP	COM	458140100	13,392	396,926	SH		OTR		392,731	0	4,195
INTEL CORP	COM	458140100	18,433	546,329	SH		OTR	1	537,360	0	8,969
IRHYTHM TECHNOLOGIES INC	COM	450056106	3,281	77,225	SH		OTR	1	77,225	0	0
JOHNSON & JOHNSON	COM	478160104	10,452	79,005	SH		OTR		78,455	0	550
JOHNSON & JOHNSON	COM	478160104	17,391	131,465	SH		OTR	1	129,145	0	2,265
JPMORGAN CHASE & CO	COM	46625H100	12,419	135,879	SH		OTR		134,549	0	1,330
JPMORGAN CHASE & CO	COM	46625H100	15,896	173,916	SH		OTR	1	169,931	0	3,985
KRATOS DEFENSE & SEC SOLUTIO	COM NEW	50077B207	3,202	269,720	SH		OTR	1	269,720	0	0
LENDINGTREE INC NEW	COM	52603B107	4,874	28,302	SH		OTR	1	28,302	0	0
LIGAND PHARMACEUTICALS INC	COM NEW	53220K504	4,738	39,029	SH		OTR	1	39,029	0	0
LILLY ELI & CO	COM	532457108	1,354	16,451	SH		OTR		16,451	0	0
LILLY ELI & CO	COM	532457108	674	8,188	SH		OTR	1	8,188	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	19,271	270,391	SH		OTR	1	266,473	0	3,833
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	10,469	146,889	SH		OTR		144,074	0	2,815
MAXLINEAR INC	COM	57776J100	2,914	104,480	SH		OTR	1	104,480	0	0
MERCK & CO INC	COM	58933Y105	704	10,973	SH		OTR	1	10,973	0	0
MERCK & CO INC	COM	58933Y105	50	783	SH		OTR		783	0	0
MIDDLEBY CORP	COM	596278101	2,549	20,976	SH		OTR	1	20,976	0	0
NAVISTAR INTL CORP NEW	NOTE 4.500%10/1	63934EAQ1	42,281	42,360,000	PRN		OTR	1	42,360,000	0	0
NAVISTAR INTL CORP NEW	NOTE 4.750% 4/1	63934EAS7	20,602	21,144,000	PRN		OTR	1	21,144,000	0	0
NEW RELIC INC	COM	64829B100	3,252	75,605	SH		OTR	1	75,605	0	0
NEXTERA ENERGY INC	COM	65339F101	25,784	184,000	SH		OTR	1	180,240	0	3,760
NEXTERA ENERGY INC	COM	65339F101	16,360	116,750	SH		OTR		115,310	0	1,440
NOVARTIS A G	SPONSORED ADR	66987V109	28,258	338,542	SH		OTR	1	332,492	0	6,010
NOVARTIS A G	SPONSORED ADR	66987V109	17,480	209,413	SH		OTR		206,743	0	2,670
PLANET FITNESS INC	CL A	72703H101	2,993	128,240	SH		OTR	1	128,240	0	0
POPE RES DEL LTD PARTNERSHIP	DEPOSITRY RCPT	732857107	1,152	15,560	SH		OTR	1	0	0	0
PRA GROUP INC	COM	69354N106	2,885	76,125	SH		OTR	1	76,125	0	0
PROCTER AND GAMBLE CO	COM	742718109	1,387	15,911	SH		OTR		15,491	0	420
PROCTER AND GAMBLE CO	COM	742718109	1,542	17,699	SH		OTR	1	17,699	0	0
PROGRESSIVE CORP OHIO	COM	743315103	16,716	379,135	SH		OTR		373,815	0	5,320
PROGRESSIVE CORP OHIO	COM	743315103	29,120	660,465	SH		OTR	1	645,845	0	14,620
PUBLIC STORAGE	COM	74460D109	18,409	88,278	SH		OTR	1	86,721	0	1,557
PUBLIC STORAGE	COM	74460D109	11,980	57,452	SH		OTR		56,752	0	700
Q2 HLDGS INC	COM	74736L109	3,096	83,800	SH		OTR	1	83,800	0	0
QUOTIENT TECHNOLOGY INC	COM	749119103	1,540	133,905	SH		OTR	1	133,905	0	0
SANOFI	RIGHT 12/31/2020	80105N113	19	50,000	SH		OTR	1	0	0	50,000
SAREPTA THERAPEUTICS INC	COM	803607100	3,806	112,900	SH		OTR	1	112,900	0	0
SILICON LABORATORIES INC	COM	826919102	1,635	23,915	SH		OTR	1	23,915	0	0
SLM CORP	COM	78442P106	2,017	175,425	SH		OTR	1	175,425	0	0
SQUARE INC	CL A	852234103	3,148	134,193	SH		OTR	1	134,193	0	0
TACTILE SYS TECHNOLOGY INC	COM	87357P100	1,721	60,215	SH		OTR	1	60,215	0	0
TAHOE RES INC	COM	873868103	9,544	1,107,250	SH		OTR		1,094,625	0	12,625
TAHOE RES INC	COM	873868103	14,140	1,640,465	SH		OTR	1	1,612,410	0	28,055
TAKE-TWO INTERACTIVE SOFTWAR	COM	874054109	2,444	33,300	SH		OTR	1	33,300	0	0
TELEFLEX INC	COM	879369106	8,826	42,483	SH		OTR		41,953	0	530
TELEFLEX INC	COM	879369106	13,460	64,786	SH		OTR	1	63,718	0	988
THE TRADE DESK INC	COM CL A	88339J105	2,561	51,115	SH		OTR	1	51,115	0	0
TREX CO INC	COM	89531P105	1,564	23,115	SH		OTR	1	23,115	0	0
UNION PAC CORP	COM	907818108	653	6,000	SH		SOLE		6,000	0	0
UNISYS CORP	NOTE 5.500% 3/0	909214BS6	47,378	31,055,000	PRN		OTR	1	31,055,000	0	0
US FOODS HLDG CORP	COM	912008109	15,568	571,945	SH		OTR		565,210	0	6,735
US FOODS HLDG CORP	COM	912008109	24,765	909,810	SH		OTR	1	893,275	0	16,535
VARONIS SYS INC	COM	922280102	2,897	77,870	SH		OTR	1	77,870	0	0
VEEVA SYS INC	CL A COM	922475108	3,636	59,310	SH		OTR	1	59,310	0	0
WEB COM GROUP INC	NOTE 1.000% 8/1	94733AAA2	14,567	14,540,000	PRN		OTR	1	14,540,000	0	0
WELLS FARGO CO NEW	COM	949746101	541	9,755	SH		OTR	1	9,755	0	0
ZILLOW GROUP INC	CL A	98954M101	3,040	62,243	SH		OTR	1	62,243	0	0