13F-HR 1 inftable.txt 13F FOR PERIOD ENDING MARCH 31, 2011 UNITED STATES SECRITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2011 Check here if Amendment [ ] Amendment Number: This Amendment: [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC. Address: 580 CALIFORNIA STREET, SUITE 1900 SAN FRANCISCO, CA 94104 Form 13F File Number: 028-05208 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: SHANNON LEMON Title: CCO Phone: 415-627-0737 Signature, Place, and Date of Signing: /s/ SHANNON S. LEMON SAN FRANCISCO, CA May 10, 2011 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 136 Form 13F Information Table Value Total: 505,211 (x$1000) List of Other Included Managers: None 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 1/100 Berkshire Hathaway COM 084990175 4511 3600 SH Sole 3600 3M Company COM 88579y101 607 6490 SH Sole 6490 Abbott Labs COM 002824100 9165 186845 SH Sole 186845 Accenture Ltd Bermuda Cl A COM 485 8815 SH Sole 8815 Adobe Sys Inc COM 00724F101 6307 190210 SH Sole 190210 Advent Software Inc COM 007974108 287 10000 SH Sole 10000 Affiliated Managers Group COM 008252108 3282 30010 SH Sole 30010 Aflac Inc COM 001055102 255 4823 SH Sole 4823 Air Prods & Chems Inc COM 009158106 6534 72459 SH Sole 72459 Altria Group Inc COM 02209S103 1819 69900 SH Sole 69900 American Express Co COM 025816109 3544 78403 SH Sole 78403 Amgen Inc COM 031162100 1016 19000 SH Sole 19000 Apple Inc COM 037833100 9410 27001 SH Sole 27001 AT&T Inc COM 00206R102 8891 290452 SH Sole 290452 Automatic Data Processing Inc COM 053015103 4328 84350 SH Sole 84350 Becton Dickinson & Co COM 075887109 397 4981 SH Sole 4981 Bemis Inc COM 081437105 1429 43540 SH Sole 43540 Berkshire Hathaway COM 084670108 251 2 SH Sole 2 Berkshire Hathaway B COM 084670207 3629 43394 SH Sole 43394 BP plc Sponsored ADR COM 055622104 2837 64284 SH Sole 64284 Bristol Myers Squibb COM 110122108 3555 134525 SH Sole 134525 Carnival Corp Paired CTF COM 143658300 222 5800 SH Sole 5800 Caterpillar Inc COM 149123101 612 5500 SH Sole 5500 Chevron Corp COM 166764100 14708 136830 SH Sole 136830 Cisco Systems COM 17275r102 5516 321637 SH Sole 321637 Citigroup Inc COM 172967424 65 14600 SH Sole 14600 Coca Cola Co COM 191216100 2371 35740 SH Sole 35740 Conocophillips COM 20825C104 572 7164 SH Sole 7164 Convergys Corp COM 212485106 177 12352 SH Sole 12352 Corning Inc COM 219350105 371 18000 SH Sole 18000 Costco Whsl Corp COM 22160K105 1091 14875 SH Sole 14875 Covidien Plc COM G2554F105 886 17051 SH Sole 17051 CSX Corp COM 126408103 228 2900 SH Sole 2900 CVS Caremark Corporation COM 126650100 4102 119535 SH Sole 119535 Daily Journal Corp COM 233912104 860 11637 SH Sole 11637 Danaher Corp COM 235851102 11840 228135 SH Sole 228135 Deere & Co COM 244199105 617 6365 SH Sole 6365 Disney Walt Co COM 254687106 5358 124344 SH Sole 124344 Dominion Res Inc Va COM 25746U109 219 4902 SH Sole 4902 Dun & Bradstreet Corp COM 26483E100 496 6185 SH Sole 6185 eBay Inc COM 278642103 5881 189463 SH Sole 189463 Ecolab Inc COM 278865100 4048 79340 SH Sole 79340 Electronic Arts, Inc. COM 285512109 865 44275 SH Sole 44275 Emerson Elec Co COM 291011104 2852 48810 SH Sole 48810 Express Scripts Inc COM 302182100 376 6765 SH Sole 6765 Exxon Mobil Corp COM 30231G102 23441 278632 SH Sole 278632 Fiserv Inc COM 337738108 2612 41640 SH Sole 41640 Franklin Res Inc COM 354613101 1707 13650 SH Sole 13650 General Electric Co. COM 369604103 10784 537839 SH Sole 537839 General Mls Inc COM 370334104 387 10600 SH Sole 10600 Glaxosmithkline Plc Sponsored COM 37733W105 2046 53280 SH Sole 53280 Goldman Sachs Group COM 38141g104 353 2224 SH Sole 2224 Google, Inc. COM 38259p508 8563 14594 SH Sole 14594 Heinz H J Co COM 423074103 220 4500 SH Sole 4500 Hewlett Packard Co. COM 428236103 12818 312865 SH Sole 312865 Home Depot Inc COM 437076102 1859 50150 SH Sole 50150 Intel Corp COM 458140100 4117 204006 SH Sole 204006 International Business Machs COM 459200101 10026 61481 SH Sole 61481 Johnson & Johnson COM 478160104 10282 173529 SH Sole 173529 JPMorgan Chase & Co COM 46625H100 8815 191223 SH Sole 191223 Key Tronic Inc COM 493144109 421 84000 SH Sole 84000 Kimberly Clark Corp COM 494368103 1402 21486 SH Sole 21486 Kinder Morgan Energy Partners COM 494550106 741 10000 SH Sole 10000 Kohl's Corp. COM 500255104 3662 69045 SH Sole 69045 Kraft Foods Inc Cl A COM 50075N104 1406 44843 SH Sole 44843 Life Technologies Corp. COM 53217v109 1332 25416 SH Sole 25416 Lowes Cos Inc COM 548661107 4434 167756 SH Sole 167756 McDonalds Corp COM 580135101 748 9826 SH Sole 9826 Merck & Co COM 58933Y105 503 15234 SH Sole 15234 Microsoft Corp COM 594918104 14509 571429 SH Sole 571429 Monsanto Co COM 61166W101 4873 67435 SH Sole 67435 Nike Inc Cl B COM 654106103 1212 16010 SH Sole 16010 Noble Energy, Inc. COM 655044105 783 8100 SH Sole 8100 Nordstrom Inc COM 655664100 3469 77300 SH Sole 77300 Novartis A G Sponsored ADR COM 66987V109 3244 59685 SH Sole 59685 Nucor Corp COM 670346105 1307 28400 SH Sole 28400 Oilsands Quest Inc COM 678046103 10 20000 SH Sole 20000 Omnicom Group Inc COM 681919106 687 14000 SH Sole 14000 Oracle Corp. COM 68389x105 8021 239906 SH Sole 239906 Paccar, Inc. COM 693718108 3567 68131 SH Sole 68131 Peets Coffee & Tea Inc COM 705560100 289 6000 SH Sole 6000 Pepsico Inc COM 713448108 11508 178672 SH Sole 178672 Pfizer Inc COM 717081103 5712 281248 SH Sole 281248 Philip Morris Intl Inc COM 718172109 4345 66203 SH Sole 66203 PowerShares ETF Dynamic Biotec COM 73935x856 793 36400 SH Sole 36400 Procter & Gamble Co COM 742718109 20100 326302 SH Sole 326302 Qualcomm Inc COM 747525103 7049 128561 SH Sole 128561 Royal Dutch Shell Plc Spons AD COM 780259206 3497 48000 SH Sole 48000 Sara Lee Corp COM 803111103 3399 192369 SH Sole 192369 Schlumberger Ltd COM 806857108 12794 137191 SH Sole 137191 Schwab Charles Corp COM 808513105 6099 338286 SH Sole 338286 Southern Co COM 842587107 366 9600 SH Sole 9600 State Street Corp COM 857477103 6247 139014 SH Sole 139014 Stryker Corp COM 863667101 1757 28901 SH Sole 28901 Supergen Inc COM 868059106 620 200000 SH Sole 200000 Target Corp COM 87612E106 4579 91571 SH Sole 91571 Teva Pharmaceutical Inds Ltd A COM 881624209 5081 101285 SH Sole 101285 Thermo Fisher Scientific COM 883556102 5393 97090 SH Sole 97090 Travelers Companies Inc COM 89417E109 7669 128933 SH Sole 128933 True Religion Apparel COM 89784N104 282 12000 SH Sole 12000 Tyco Electronics Ltd COM H8912P106 209 6003 SH Sole 6003 U.S. Bancorp COM 902973304 433 16396 SH Sole 16396 Union Pacific Corp. COM 907818108 404 4104 SH Sole 4104 United Technologies Corp COM 913017109 5394 63717 SH Sole 63717 Varian Med Sys Inc COM 92220P105 203 3000 SH Sole 3000 Verizon Comm COM 92343V104 1542 40011 SH Sole 40011 Vodafone Grp ADR COM 92857W209 2491 86628 SH Sole 86628 Wal Mart Stores Inc COM 931142103 6837 131363 SH Sole 131363 Weatherford Intl COM H27013103 2228 98600 SH Sole 98600 Wells Fargo & Co COM 949746101 12188 384344 SH Sole 384344 Zimmer Holdings COM 98956p102 711 11740 SH Sole 11740 Bac Cap Tr XII Gtd Cap 6.875% PRD 05633T209 509 20500 SH Sole 20500 Capital One Cap II 7.5% Trups PRD 14041L204 306 12000 SH Sole 12000 AQR FDS Divrsf Arbtg I 00203H602 4466 395235 SH Sole 395235 AQR Fds Momntm Fd Cl L 00203H701 5175 335180 SH Sole 335180 Chestnut Str Exch Fd Sh Partsh 166668103 13485 37432 SH Sole 37432 CMG Absolute Return Strategies 66537V104 3019 300973 SH Sole 300973 DWS Dreman Small Mid Cap Val V 141 11631 SH Sole 11631 Schwab Invts 1000 Index Inv 808517106 302 7658 SH Sole 7658 Turner Spectrum Fund Instl 900297664 4920 416273 SH Sole 416273 Wells Fargo VT Advantage Oppor 131 10468 SH Sole 10468 Redwood Mtg Investors VIIIREG 18 17916 SH Sole 17916 Plum Creek Timber Co 729251108 218 5000 SH Sole 5000 iShares Russell 2000 Index Fun 464287655 1511 17957 SH Sole 17957 iShares Tr Russell 1000 464287622 259 3503 SH Sole 3503 Midcap SPDR Tr Ser 1 595635103 217 1210 SH Sole 1210 PowerShares ETF Trust Finl Pfd 73935X229 526 29000 SH Sole 29000 PowerShares FTSE RAFI US 1000 10358 175113 SH Sole 175113 PowerShares QQQ Trust 73935A104 1497 26060 SH Sole 26060 SPDR Tr Unit Ser 1 78462F103 18135 136772 SH Sole 136772 Vanguard Index Fds Stk Mrkt ET 922908769 337 4900 SH Sole 4900 Altegris Global Macro Fund, LP 4200 4078070 SH Sole 4078070 Blueline Capital Partners 1600 1600000 SH Sole 1600000 BlueLine Capital Partners II, 250 250000 SH Sole 250000 Hatteras VC Co-Investment Fund 489hvc995 1929 22236 SH Sole 22236 SVB Strategic Investors II 250 250000 SH Sole 250000