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
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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	13,314	69,875	SH		OTR	1	69,875	0	0
3M CO	COM	88579Y101	5,690	29,860	SH		OTR		29,860	0	0
ABBVIE INC	COM	00287Y109	111	1,200	SH		OTR		1,200	0	0
ABBVIE INC	COM	00287Y109	140	1,515	SH		OTR	1	1,515	0	0
ACETO CORP	NOTE 2.000%11/0	004446AD2	32,181	43,414,000	PRN		OTR	1	43,414,000	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	5,635	83,535	SH		OTR		83,535	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	11,577	171,619	SH		OTR	1	171,295	0	0
AIR LEASE CORP	CL A	00912X302	8,326	275,600	SH		OTR		275,600	0	0
AIR LEASE CORP	CL A	00912X302	14,968	495,447	SH		OTR	1	495,262	0	0
AKAMAI TECHNOLOGIES INC	DBCV 2/1	00971TAG6	11,436	11,500,000	PRN		OTR	1	11,500,000	0	0
ALPHABET INC	CAP STK CL A	02079K305	828	792	SH		OTR		792	0	0
ALPHABET INC	CAP STK CL A	02079K305	2,435	2,330	SH		OTR	1	2,325	0	0
ALPHABET INC	CAP STK CL C	02079K107	19,336	18,671	SH		OTR		18,671	0	0
ALPHABET INC	CAP STK CL C	02079K107	34,061	32,890	SH		OTR	1	32,880	0	0
ALTERYX INC	COM CL A	02156B103	8,451	142,100	SH		OTR	1	142,100	0	0
AMERICAN EXPRESS CO	COM	025816109	512	5,375	SH		SOLE		5,375	0	0
AMERICAN WTR WKS CO INC NEW	COM	030420103	6,274	69,123	SH		OTR		69,123	0	0
AMERICAN WTR WKS CO INC NEW	COM	030420103	15,594	171,801	SH		OTR	1	171,666	0	0
ANTERO MIDSTREAM GP LP	COM SHS REPSTG	03675Y103	3,534	316,070	SH		OTR		316,070	0	0
ANTERO MIDSTREAM GP LP	COM SHS REPSTG	03675Y103	5,946	531,885	SH		OTR	1	531,885	0	0
ANTERO MIDSTREAM PARTNERS LP	UNT LTD PARTN	03673L103	1,846	86,315	SH		OTR		86,315	0	0
ANTERO MIDSTREAM PARTNERS LP	UNT LTD PARTN	03673L103	3,450	161,310	SH		OTR	1	161,310	0	0
APPLE INC	COM	037833100	1,384	8,773	SH		OTR	1	8,773	0	0
AUDENTES THERAPEUTICS INC	COM	05070R104	3,318	155,650	SH		OTR	1	155,650	0	0
AVALARA INC	COM	05338G106	7,344	235,755	SH		OTR	1	235,755	0	0
AXOS FINL INC	COM	05465C100	4,922	195,485	SH		OTR	1	195,485	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	1,836	6	SH		OTR		4	0	0
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	306	1	SH		OTR	1	0	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,493	26,900	SH		OTR		26,525	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	12,472	61,083	SH		OTR	1	59,821	0	0
BIO TECHNE CORP	COM	09073M104	5,411	37,390	SH		OTR	1	37,390	0	0
BIOTELEMETRY INC	COM	090672106	5,677	95,065	SH		OTR	1	95,065	0	0
BLUE BIRD CORP	COM	095306106	44,346	2,437,938	SH		OTR	1	2,437,938	0	0
BOEING CO	COM	097023105	17,332	53,742	SH		OTR	1	53,742	0	0
BOEING CO	COM	097023105	8,730	27,071	SH		OTR		27,071	0	0
BOINGO WIRELESS INC	COM	09739C102	4,054	197,095	SH		OTR	1	197,095	0	0
BRISTOL MYERS SQUIBB CO	COM	110122108	552	10,617	SH		OTR		10,617	0	0
BRISTOL MYERS SQUIBB CO	COM	110122108	139	2,672	SH		OTR	1	2,672	0	0
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	15,069	392,939	SH		OTR		392,939	0	0
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	28,926	754,270	SH		OTR	1	753,270	0	0
CARE COM INC	COM	141633107	2,470	127,900	SH		OTR	1	127,900	0	0
CAREDX INC	COM	14167L103	5,243	208,550	SH		OTR	1	208,550	0	0
CAVCO INDS INC DEL	COM	149568107	3,073	23,571	SH		OTR	1	23,571	0	0
CEMEX SAB DE CV	NOTE 3.720% 3/1	151290BT9	42,746	43,838,000	PRN		OTR	1	43,838,000	0	0
CHARTER COMMUNICATIONS INC N	CL A	16119P108	14,528	50,981	SH		OTR	1	50,940	0	0
CHARTER COMMUNICATIONS INC N	CL A	16119P108	9,194	32,264	SH		OTR		32,264	0	0
CHEVRON CORP NEW	COM	166764100	51	465	SH		OTR		465	0	0
CHEVRON CORP NEW	COM	166764100	363	3,342	SH		OTR	1	555	0	0
CLEVELAND CLIFFS INC	DBCV 1.500% 1/1	185899AA9	12,373	11,125,000	PRN		OTR	1	11,125,000	0	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	3,067	48,315	SH		OTR		48,315	0	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	8,214	129,395	SH		OTR	1	129,395	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	10,064	92,646	SH		OTR		92,646	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	18,824	173,290	SH		OTR	1	173,290	0	0
DANAHER CORP DEL	COM	235851102	10,203	98,946	SH		OTR		98,946	0	0
DANAHER CORP DEL	COM	235851102	19,979	193,745	SH		OTR	1	193,745	0	0
DIGITAL RLTY TR INC	COM	253868103	7,436	69,790	SH		OTR		69,790	0	0
DIGITAL RLTY TR INC	COM	253868103	14,352	134,700	SH		OTR	1	134,700	0	0
ENOVA INTL INC	COM	29357K103	9,059	465,500	SH		OTR	1	465,500	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	11,394	463,375	SH		OTR		463,375	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	17,094	695,148	SH		OTR	1	694,988	0	0
ETSY INC	COM	29786A106	11,559	242,995	SH		OTR	1	242,995	0	0
EXXON MOBIL CORP	COM	30231G102	735	10,776	SH		OTR		10,776	0	0
EXXON MOBIL CORP	COM	30231G102	916	13,431	SH		OTR	1	7,403	0	0
EZCORP INC	NOTE 2.125% 6/1	302301AB2	14,481	14,875,000	PRN		OTR	1	14,875,000	0	0
EZCORP INC	NOTE 2.875% 7/0	302301AF3	16,529	16,835,000	PRN		OTR	1	16,835,000	0	0
FIRST REP BK SAN FRANCISCO C	COM	33616C100	1,487	17,110	SH		OTR		17,110	0	0
FIRST REP BK SAN FRANCISCO C	COM	33616C100	83	952	SH		OTR	1	952	0	0
FLOOR & DECOR HLDGS INC	CL A	339750101	3,016	116,435	SH		OTR	1	116,435	0	0
FUNKO INC	COM CL A	361008105	5,048	383,900	SH		OTR	1	383,900	0	0
HANNON ARMSTRONG SUST INFR C	COM	41068X100	4,484	235,405	SH		OTR	1	235,405	0	0
HANNON ARMSTRONG SUST INFR C	COM	41068X100	1,342	70,432	SH		OTR		70,432	0	0
HOLOGIC INC	COM	436440101	8,220	200,005	SH		OTR		200,005	0	0
HOLOGIC INC	COM	436440101	15,505	377,250	SH		OTR	1	377,250	0	0
HORIZON GLOBAL CORP	NOTE 2.750% 7/0	44052WAA2	19,069	36,321,000	PRN		OTR	1	36,321,000	0	0
INOGEN INC	COM	45780L104	991	7,980	SH		OTR	1	7,980	0	0
INSPIRE MED SYS INC	COM	457730109	2,943	69,657	SH		OTR	1	69,657	0	0
INSULET CORP	COM	45784P101	8,498	107,140	SH		OTR	1	107,140	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	235	2,064	SH		OTR	1	601	0	0
ISHARES TR	CORE 1 5 YR USD	46432F859	263	5,370	PRN		OTR	1	5,370	0	0
JOHNSON & JOHNSON	COM	478160104	12,150	94,154	SH		OTR	1	90,899	0	0
JOHNSON & JOHNSON	COM	478160104	5,957	46,162	SH		OTR		46,162	0	0
JPMORGAN CHASE & CO	COM	46625H100	8,214	84,143	SH		OTR		84,143	0	0
JPMORGAN CHASE & CO	COM	46625H100	15,558	159,373	SH		OTR	1	159,373	0	0
KODIAK SCIENCES INC	COM	50015M109	1,509	212,470	SH		OTR		212,470	0	0
KODIAK SCIENCES INC	COM	50015M109	796	112,043	SH		OTR	1	112,043	0	0
LIGAND PHARMACEUTICALS INC	COM NEW	53220K504	7,596	55,974	SH		OTR	1	55,974	0	0
LILLY ELI & CO	COM	532457108	1,904	16,451	SH		OTR		16,451	0	0
LILLY ELI & CO	COM	532457108	832	7,188	SH		OTR	1	7,188	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	4,423	77,507	SH		OTR		77,507	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	12,156	213,046	SH		OTR	1	208,961	0	0
MCGRATH RENTCORP	COM	580589109	203	3,939	SH		OTR	1	3,939	0	0
MEDIFAST INC	COM	58470H101	2,827	22,610	SH		OTR	1	22,610	0	0
MERCK & CO INC	COM	58933Y105	840	10,995	SH		OTR	1	10,730	0	0
MICROSOFT CORP	COM	594918104	12,184	119,955	SH		OTR		119,955	0	0
MICROSOFT CORP	COM	594918104	24,886	245,013	SH		OTR	1	243,675	0	0
MONOLITHIC PWR SYS INC	COM	609839105	5,296	45,555	SH		OTR		45,555	0	0
MONOLITHIC PWR SYS INC	COM	609839105	15,158	130,390	SH		OTR	1	130,390	0	0
NAVISTAR INTL CORP NEW	NOTE 4.750% 4/1	63934EAS7	46,674	46,791,000	PRN		OTR	1	46,791,000	0	0
NEW RELIC INC	COM	64829B100	6,928	85,560	SH		OTR	1	85,560	0	0
NEXTERA ENERGY INC	COM	65339F101	11,265	64,810	SH		OTR		64,810	0	0
NEXTERA ENERGY INC	COM	65339F101	20,163	115,999	SH		OTR	1	115,999	0	0
NOVARTIS A G	SPONSORED ADR	66987V109	11,213	130,667	SH		OTR		130,667	0	0
NOVARTIS A G	SPONSORED ADR	66987V109	20,715	241,406	SH		OTR	1	241,366	0	0
OSI SYSTEMS INC	NOTE 1.250% 9/0	671044AD7	18,770	20,250,000	PRN		OTR	1	20,250,000	0	0
PIMCO ETF TR	0-5 HIGH YIELD	72201R783	591	6,215	PRN		OTR	1	6,215	0	0
PLANET FITNESS INC	CL A	72703H101	11,496	214,390	SH		OTR	1	214,390	0	0
PROCTER AND GAMBLE CO	COM	742718109	1,082	11,770	SH		OTR		11,770	0	0
PROCTER AND GAMBLE CO	COM	742718109	1,513	16,458	SH		OTR	1	16,458	0	0
PURE STORAGE INC	CL A	74624M102	4,409	274,175	SH		OTR	1	274,175	0	0
QUINSTREET INC	COM	74874Q100	9,640	593,971	SH		OTR	1	593,971	0	0
RAMBUS INC DEL	NOTE 1.375% 2/0	750917AG1	4,336	5,000,000	PRN		OTR	1	5,000,000	0	0
RAPID7 INC	COM	753422104	7,902	253,585	SH		OTR	1	253,585	0	0
RPM INTL INC	COM	749685103	12,982	220,855	SH		OTR	1	220,855	0	0
RPM INTL INC	COM	749685103	7,452	126,781	SH		OTR		126,781	0	0
SAILPOINT TECHNLGIES HLDGS I	COM	78781P105	2,133	90,825	SH		OTR	1	90,825	0	0
SENDGRID INC	COM	816883102	10,345	239,640	SH		OTR	1	239,640	0	0
SERVICEMASTER GLOBAL HLDGS I	COM	81761R109	6,603	179,726	SH		OTR		179,726	0	0
SERVICEMASTER GLOBAL HLDGS I	COM	81761R109	11,559	314,625	SH		OTR	1	314,625	0	0
STAMPS COM INC	COM NEW	852857200	4,314	27,715	SH		OTR	1	27,715	0	0
SYNOPSYS INC	COM	871607107	5,314	63,085	SH		OTR		63,085	0	0
SYNOPSYS INC	COM	871607107	8,424	99,995	SH		OTR	1	99,995	0	0
TELADOC HEALTH INC	COM	87918A105	5,582	112,605	SH		OTR	1	112,605	0	0
TELEFLEX INC	COM	879369106	7,203	27,865	SH		OTR		27,865	0	0
TELEFLEX INC	COM	879369106	12,534	48,490	SH		OTR	1	48,410	0	0
TREX CO INC	COM	89531P105	7,529	126,830	SH		OTR	1	126,830	0	0
TUTOR PERINI CORP	NOTE 2.875% 6/1	901109AD0	5,532	6,010,000	PRN		OTR	1	6,010,000	0	0
TWITTER INC	NOTE 0.250% 9/1	90184LAB8	66,985	69,042,000	PRN		OTR	1	69,042,000	0	0
UNION PAC CORP	COM	907818108	426	3,084	SH		OTR	1	0	0	0
UNION PAC CORP	COM	907818108	829	6,000	SH		SOLE		6,000	0	0
UNISYS CORP	NOTE 5.500% 3/0	909214BS6	19,393	13,916,000	PRN		OTR	1	13,916,000	0	0
US FOODS HLDG CORP	COM	912008109	21,294	673,015	SH		OTR	1	673,015	0	0
US FOODS HLDG CORP	COM	912008109	10,756	339,953	SH		OTR		339,953	0	0
VICI PPTYS INC	COM	925652109	4,860	258,775	SH		OTR		258,775	0	0
VICI PPTYS INC	COM	925652109	6,246	332,590	SH		OTR	1	332,590	0	0
VISA INC	COM CL A	92826C839	7,040	53,360	SH		OTR		53,360	0	0
VISA INC	COM CL A	92826C839	13,592	103,015	SH		OTR	1	102,615	0	0
W R BERKLEY CORPORATION	COM	084423102	185	2,497	SH		OTR	1	2,497	0	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	857	12,542	SH		OTR	1	2,134	0	0
WASTE CONNECTIONS INC	COM	94106B101	7,930	106,800	SH		OTR		106,800	0	0
WASTE CONNECTIONS INC	COM	94106B101	14,262	192,075	SH		OTR	1	192,075	0	0
WELLS FARGO CO NEW	COM	949746101	498	10,807	SH		OTR	1	9,755	0	0