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
3M CO	COM	88579Y101	7,771	36,880	SH		OTR	1	36,880	0	0
3M CO	COM	88579Y101	3,841	18,230	SH		OTR		18,230	0	0
ABBOTT LABS	COM	002824100	88	1,200	SH		OTR		1,200	0	0
ABBOTT LABS	COM	002824100	113	1,545	SH		OTR	1	1,545	0	0
ABBVIE INC	COM	00287Y109	113	1,200	SH		OTR		1,200	0	0
ABBVIE INC	COM	00287Y109	143	1,515	SH		OTR	1	1,515	0	0
ACETO CORP	NOTE 2.000%11/0	004446AD2	32,651	43,414,000	PRN		OTR	1	43,414,000	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	6,132	86,935	SH		OTR		86,935	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	12,598	178,592	SH		OTR	1	176,745	0	1,400
AIR LEASE CORP	CL A	00912X302	13,102	285,580	SH		OTR		285,580	0	0
AIR LEASE CORP	CL A	00912X302	23,810	518,978	SH		OTR	1	516,793	0	2,000
ALIGN TECHNOLOGY INC	COM	016255101	5,383	13,760	SH		OTR	1	13,760	0	0
ALPHABET INC	CAP STK CL A	02079K305	980	812	SH		OTR		812	0	0
ALPHABET INC	CAP STK CL A	02079K305	3,473	2,877	SH		OTR	1	2,872	0	0
ALPHABET INC	CAP STK CL C	02079K107	24,596	20,609	SH		OTR		20,609	0	0
ALPHABET INC	CAP STK CL C	02079K107	40,590	34,010	SH		OTR	1	33,800	0	200
ALTERYX INC	COM CL A	02156B103	8,497	148,530	SH		OTR	1	148,530	0	0
ALTRIA GROUP INC	COM	02209S103	52	868	SH		OTR	1	868	0	0
AMERICAN EXPRESS CO	COM	025816109	106	1,000	SH		OTR	1	0	0	1,000
AMERICAN EXPRESS CO	COM	025816109	572	5,375	SH		OTR		5,375	0	0
AMERICAN WTR WKS CO INC NEW	COM	030420103	15,711	178,599	SH		OTR	1	178,464	0	0
AMERICAN WTR WKS CO INC NEW	COM	030420103	6,516	74,073	SH		OTR		74,073	0	0
ANTERO MIDSTREAM GP LP	COM SHS REPSTG	03675Y103	321	18,955	SH		OTR		18,955	0	0
ANTERO MIDSTREAM GP LP	COM SHS REPSTG	03675Y103	1,370	80,960	SH		OTR	1	80,960	0	0
ANTERO MIDSTREAM PARTNERS LP	UNT LTD PARTN	03673L103	2,706	94,400	SH		OTR		94,400	0	0
ANTERO MIDSTREAM PARTNERS LP	UNT LTD PARTN	03673L103	4,882	170,355	SH		OTR	1	170,355	0	0
APPFOLIO INC	COM CL A	03783C100	6,982	89,050	SH		OTR	1	89,050	0	0
APPLE INC	COM	037833100	8,006	35,465	SH		OTR		35,465	0	0
APPLE INC	COM	037833100	14,819	65,647	SH		OTR	1	65,647	0	0
APPTIO INC	CL A	03835C108	7,703	208,415	SH		OTR	1	208,415	0	0
AUDENTES THERAPEUTICS INC	COM	05070R104	4,584	115,790	SH		OTR	1	115,790	0	0
AVALARA INC	COM	05338G106	4,830	138,285	SH		OTR	1	138,285	0	0
AXOS FINL INC	COM	05465C100	8,954	260,370	SH		OTR	1	260,370	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	1,280	4	SH		OTR		4	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	320	1	SH		OTR	1	0	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	1,469	6,861	SH		OTR	1	5,611	0	50
BIO TECHNE CORP	COM	09073M104	7,869	38,555	SH		OTR	1	38,555	0	0
BLUE BIRD CORP	COM	095306106	55,088	2,248,501	SH		OTR	1	2,248,501	0	0
BOEING CO	COM	097023105	22,575	60,702	SH		OTR	1	59,702	0	1,000
BOEING CO	COM	097023105	11,561	31,086	SH		OTR		31,086	0	0
BOINGO WIRELESS INC	COM	09739C102	11,283	323,295	SH		OTR	1	323,295	0	0
BRISTOL MYERS SQUIBB CO	COM	110122108	659	10,617	SH		OTR		10,617	0	0
BRISTOL MYERS SQUIBB CO	COM	110122108	166	2,672	SH		OTR	1	2,672	0	0
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	20,993	471,440	SH		OTR	1	471,440	0	0
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	10,679	239,815	SH		SOLE		239,815	0	0
CAVCO INDS INC DEL	COM	149568107	7,775	30,731	SH		OTR	1	30,731	0	0
CHARTER COMMUNICATIONS INC N	CL A	16119P108	10,818	33,197	SH		OTR		33,197	0	0
CHARTER COMMUNICATIONS INC N	CL A	16119P108	17,542	53,830	SH		OTR	1	53,289	0	500
CHEGG INC	COM	163092109	2,558	89,965	SH		OTR	1	89,965	0	0
CHEVRON CORP NEW	COM	166764100	57	465	SH		OTR		465	0	0
CHEVRON CORP NEW	COM	166764100	409	3,342	SH		OTR	1	555	0	0
CLEVELAND CLIFFS INC	DBCV 1.500% 1/1	185899AA9	34,745	21,175,000	PRN		OTR	1	21,175,000	0	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	7,301	94,630	SH		OTR		94,630	0	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	11,596	150,300	SH		OTR	1	150,300	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	10,963	98,471	SH		OTR		98,471	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	20,056	180,145	SH		OTR	1	180,145	0	0
CROWN HOLDINGS INC	COM	228368106	211	4,395	SH		OTR		4,395	0	0
CROWN HOLDINGS INC	COM	228368106	6	130	SH		OTR	1	0	0	0
DANAHER CORP DEL	COM	235851102	21,731	199,990	SH		OTR	1	199,390	0	600
DANAHER CORP DEL	COM	235851102	11,698	107,661	SH		OTR		107,661	0	0
DAVE & BUSTERS ENTMT INC	COM	238337109	4,332	65,420	SH		OTR	1	65,420	0	0
DIGITAL RLTY TR INC	COM	253868103	8,150	72,455	SH		OTR		72,455	0	0
DIGITAL RLTY TR INC	COM	253868103	15,945	141,765	SH		OTR	1	140,765	0	1,000
DOWDUPONT INC	COM	26078J100	10,108	157,170	SH		OTR		157,170	0	0
DOWDUPONT INC	COM	26078J100	17,394	270,467	SH		OTR	1	267,967	0	2,500
ENOVA INTL INC	COM	29357K103	10,678	370,755	SH		OTR	1	370,755	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	14,137	492,070	SH		OTR		492,070	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	21,630	752,873	SH		OTR	1	745,713	0	7,000
ETSY INC	COM	29786A106	10,429	202,975	SH		OTR	1	202,975	0	0
EVERBRIDGE INC	COM	29978A104	12,453	216,040	SH		OTR	1	216,040	0	0
EXXON MOBIL CORP	COM	30231G102	916	10,776	SH		OTR		10,776	0	0
EXXON MOBIL CORP	COM	30231G102	1,142	13,431	SH		OTR	1	7,403	0	0
EZCORP INC	NOTE 2.125% 6/1	302301AB2	9,761	9,875,000	PRN		OTR	1	9,875,000	0	0
EZCORP INC	NOTE 2.875% 7/0	302301AF3	20,882	16,835,000	PRN		OTR	1	16,835,000	0	0
FACEBOOK INC	CL A	30303M102	9,745	59,253	SH		OTR		59,253	0	0
FACEBOOK INC	CL A	30303M102	15,972	97,120	SH		OTR	1	96,220	0	900
FIRST REP BK SAN FRANCISCO C	COM	33616C100	1,643	17,110	SH		OTR		17,110	0	0
FIRST REP BK SAN FRANCISCO C	COM	33616C100	91	952	SH		OTR	1	952	0	0
FUNKO INC	COM CL A	361008105	4,068	171,715	SH		OTR	1	171,715	0	0
G-III APPAREL GROUP LTD	COM	36237H101	3,072	63,740	SH		OTR	1	63,740	0	0
GLAXOSMITHKLINE PLC	SPONSORED ADR	37733W105	201	5,000	SH		OTR	1	0	0	5,000
GREENSKY INC	CL A	39572G100	5,363	297,970	SH		OTR	1	297,970	0	0
GTT COMMUNICATIONS INC	COM	362393100	9,238	212,857	SH		OTR	1	212,857	0	0
HANNON ARMSTRONG SUST INFR C	COM	41068X100	1,851	86,202	SH		OTR		86,202	0	0
HANNON ARMSTRONG SUST INFR C	COM	41068X100	5,434	253,120	SH		OTR	1	253,120	0	0
HOLOGIC INC	COM	436440101	10,690	260,855	SH		OTR		260,855	0	0
HOLOGIC INC	COM	436440101	19,576	477,690	SH		OTR	1	473,690	0	4,000
HORIZON GLOBAL CORP	NOTE 2.750% 7/0	44052WAA2	25,523	34,222,000	PRN		OTR	1	34,222,000	0	0
HORTONWORKS INC	COM	440894103	4,087	179,195	SH		OTR	1	179,195	0	0
II VI INC	COM	902104108	5,923	125,220	SH		OTR	1	125,220	0	0
INSPIRE MED SYS INC	COM	457730109	4,672	111,017	SH		OTR	1	111,017	0	0
INSULET CORP	COM	45784P101	11,133	105,075	SH		OTR	1	105,075	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	301	1,988	SH		OTR	1	601	0	0
INTERSECT ENT INC	COM	46071F103	205	7,122	SH		OTR	1	0	0	7,122
IOVANCE BIOTHERAPEUTICS INC	COM	462260100	5,111	454,295	SH		OTR	1	454,295	0	0
ISHARES TR	CORE 1 5 YR USD	46432F859	263	5,370	PRN		OTR	1	5,370	0	0
JOHNSON & JOHNSON	COM	478160104	7,744	56,048	SH		OTR		56,048	0	0
JOHNSON & JOHNSON	COM	478160104	13,670	98,941	SH		OTR	1	94,086	0	1,600
JPMORGAN CHASE & CO	COM	46625H100	13,559	120,158	SH		OTR		120,158	0	0
JPMORGAN CHASE & CO	COM	46625H100	26,042	230,785	SH		OTR	1	230,785	0	0
LENDINGTREE INC NEW	COM	52603B107	3,333	14,487	SH		OTR	1	14,487	0	0
LIGAND PHARMACEUTICALS INC	COM NEW	53220K504	8,107	29,534	SH		OTR	1	29,534	0	0
LILLY ELI & CO	COM	532457108	1,765	16,451	SH		OTR		16,451	0	0
LILLY ELI & CO	COM	532457108	879	8,188	SH		OTR	1	8,188	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	5,901	87,134	SH		OTR		87,134	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	15,131	223,431	SH		OTR	1	219,346	0	0
MCGRATH RENTCORP	COM	580589109	215	3,939	SH		OTR	1	3,939	0	0
MEDIFAST INC	COM	58470H101	7,113	32,105	SH		OTR	1	32,105	0	0
MERCK & CO INC	COM	58933Y105	56	783	SH		OTR		783	0	0
MERCK & CO INC	COM	58933Y105	780	10,995	SH		OTR	1	10,730	0	0
MICROCHIP TECHNOLOGY INC	COM	595017104	6,190	78,450	SH		OTR		78,450	0	0
MICROCHIP TECHNOLOGY INC	COM	595017104	10,514	133,235	SH		OTR	1	132,975	0	260
MICROSOFT CORP	COM	594918104	29,103	254,465	SH		OTR	1	252,130	0	1,000
MICROSOFT CORP	COM	594918104	14,853	129,870	SH		OTR		129,870	0	0
MINDBODY INC	COM CL A	60255W105	3,488	85,795	SH		OTR	1	85,795	0	0
NAVISTAR INTL CORP NEW	NOTE 4.500%10/1	63934EAQ1	61,328	61,445,000	PRN		OTR	1	61,445,000	0	0
NEURONETICS INC	COM	64131A105	4,093	127,665	SH		OTR	1	127,665	0	0
NEXTERA ENERGY INC	COM	65339F101	11,351	67,725	SH		OTR		67,725	0	0
NEXTERA ENERGY INC	COM	65339F101	19,916	118,830	SH		OTR	1	118,830	0	0
NOVARTIS A G	SPONSORED ADR	66987V109	12,452	144,517	SH		OTR		144,517	0	0
NOVARTIS A G	SPONSORED ADR	66987V109	21,705	251,921	SH		OTR	1	249,881	0	2,000
NUTANIX INC	CL A	67059N108	4,328	101,315	SH		OTR	1	101,315	0	0
OCCIDENTAL PETE CORP DEL	COM	674599105	216	2,632	SH		OTR	1	0	0	0
ORACLE CORP	COM	68389X105	254	4,935	SH		OTR	1	0	0	2,000
OSI SYSTEMS INC	NOTE 1.250% 9/0	671044AD7	19,303	20,250,000	PRN		OTR	1	20,250,000	0	0
PIMCO ETF TR	0-5 HIGH YIELD	72201R783	625	6,215	PRN		OTR	1	6,215	0	0
PLANET FITNESS INC	CL A	72703H101	11,055	204,615	SH		OTR	1	204,615	0	0
POST HLDGS INC	COM	737446104	8,132	82,947	SH		OTR		82,947	0	0
POST HLDGS INC	COM	737446104	16,684	170,180	SH		OTR	1	170,180	0	0
PROCTER AND GAMBLE CO	COM	742718109	980	11,770	SH		OTR		11,770	0	0
PROCTER AND GAMBLE CO	COM	742718109	1,370	16,459	SH		OTR	1	16,459	0	0
PURE STORAGE INC	CL A	74624M102	9,728	374,870	SH		OTR	1	374,870	0	0
QUINSTREET INC	COM	74874Q100	4,079	300,621	SH		OTR	1	300,621	0	0
RAPID7 INC	COM	753422104	11,121	301,230	SH		OTR	1	301,230	0	0
RPM INTL INC	COM	749685103	9,759	150,271	SH		OTR		150,271	0	0
RPM INTL INC	COM	749685103	16,011	246,550	SH		OTR	1	246,550	0	0
SENDGRID INC	COM	816883102	10,807	293,735	SH		OTR	1	293,735	0	0
SERVICEMASTER GLOBAL HLDGS I	COM	81761R109	11,535	185,961	SH		OTR		185,961	0	0
SERVICEMASTER GLOBAL HLDGS I	COM	81761R109	20,106	324,135	SH		OTR	1	324,135	0	0
SOLARIS OILFIELD INFRSTR INC	COM CL A	83418M103	9,814	519,525	SH		OTR	1	519,525	0	0
SYNOPSYS INC	COM	871607107	6,908	70,050	SH		OTR	1	70,050	0	0
SYNOPSYS INC	COM	871607107	3,528	35,775	SH		OTR		35,775	0	0
TELADOC HEALTH INC	COM	87918A105	10,961	126,935	SH		OTR	1	126,935	0	0
TELEFLEX INC	COM	879369106	7,907	29,716	SH		OTR		29,716	0	0
TELEFLEX INC	COM	879369106	13,496	50,719	SH		OTR	1	50,639	0	0
TREX CO INC	COM	89531P105	7,253	94,225	SH		OTR	1	94,225	0	0
TUTOR PERINI CORP	NOTE 2.875% 6/1	901109AD0	6,130	6,010,000	PRN		OTR	1	6,010,000	0	0
UNION PAC CORP	COM	907818108	977	6,000	SH		OTR		6,000	0	0
UNION PAC CORP	COM	907818108	502	3,084	SH		OTR	1	0	0	0
UNISYS CORP	NOTE 5.500% 3/0	909214BS6	33,745	15,395,000	PRN		OTR	1	15,395,000	0	0
UNIVAR INC	COM	91336L107	22,329	728,285	SH		OTR	1	728,285	0	0
UNIVAR INC	COM	91336L107	11,847	386,390	SH		OTR		386,390	0	0
US FOODS HLDG CORP	COM	912008109	11,247	364,913	SH		OTR		364,913	0	0
US FOODS HLDG CORP	COM	912008109	21,802	707,385	SH		OTR	1	707,385	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	339	6,342	SH		OTR	1	0	0	4,000
VICI PPTYS INC	COM	925652109	6,208	287,145	SH		OTR		287,145	0	0
VICI PPTYS INC	COM	925652109	8,116	375,375	SH		OTR	1	375,375	0	0
VISA INC	COM CL A	92826C839	8,318	55,420	SH		OTR		55,420	0	0
VISA INC	COM CL A	92826C839	16,562	110,345	SH		OTR	1	109,945	0	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	915	12,542	SH		OTR	1	2,134	0	0
WASTE CONNECTIONS INC	COM	94106B101	9,195	115,270	SH		OTR		115,270	0	0
WASTE CONNECTIONS INC	COM	94106B101	16,265	203,890	SH		OTR	1	201,890	0	2,000
WELLS FARGO CO NEW	COM	949746101	726	13,807	SH		OTR	1	9,755	0	3,000