OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC Last Quarter Change: USA ETF, Reduced

OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC quarter change: USA ETF, Reduced

In exchange-traded fund shares (known by the fund name on the filing) (listed in the US), from the quarter ended 2026-03-31 to 2026-06-30, OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC opened 15 positions, added to 21, reduced 22, sold out of 9 and left 16 unchanged. The largest increase in value was RWX (+$31,765,858); the largest decrease was SGOV (-$43,744,150).

VEU: Country of operation —; Class ALLWRLD EX US; Shares 2026-03-31 1,841,563; Shares 2026-06-30 1,836,963.
ICSH: Country of operation —; Class ULTRA SHORT DUR; Shares 2026-03-31 604,726; Shares 2026-06-30 431,446.
VWO: Country of operation —; Class FTSE EMR MKT ETF; Shares 2026-03-31 1,192,716; Shares 2026-06-30 1,186,805.
EWN: Country of operation —; Class MSCI NETHERL ETF; Shares 2026-03-31 393,525; Shares 2026-06-30 392,552.

Two Form 13F-HR filings compared (SEC CIK 1005607): 2026-03-31 (filed 2026-04-27) and 2026-06-30 (filed 2026-08-04). Rows for the same security, class and put/call are added together. Value change is the filed value at each quarter end, so it includes the price move; share change is the position change.

Stock	Class	Shares 2026-03-31	Shares 2026-06-30	Share change	Value 2026-03-31	Value 2026-06-30	Value change
VEU VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	1,841,563	1,836,963	-4,600	$138,301,393	$153,845,639	+$15,544,246
ICSH ISHARES TR	ULTRA SHORT DUR	604,726	431,446	-173,280	$30,611,225	$21,822,550	-$8,788,675
VWO VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	1,192,716	1,186,805	-5,911	$64,466,274	$70,840,370	+$6,374,096
EWN ISHARES INC	MSCI NETHERL ETF	393,525	392,552	-973	$22,631,641	$27,612,103	+$4,980,462
VTI VANGUARD INDEX FDS	TOTAL STK MKT	23,213	6,703	-16,510	$7,446,963	$2,480,378	-$4,966,585
VCSH VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	157,576	127,791	-29,785	$12,491,050	$10,099,323	-$2,391,727
SPY STATE STR SPDR S&P 500 ETF T	TR UNIT	25,758	25,414	-344	$16,751,458	$18,978,413	+$2,226,955
VNQ VANGUARD INDEX FDS	REAL ESTATE ETF	485,471	464,333	-21,138	$43,061,285	$44,775,595	+$1,714,310
PRF INVESCO EXCHANGE TRADED FD T	RAFI US 1000 ETF	236,444	235,402	-1,042	$11,238,199	$12,718,788	+$1,480,589
ILF ISHARES TR	LATN AMER 40 ETF	650,930	647,988	-2,942	$23,121,028	$21,869,608	-$1,251,420
INCO COLUMBIA ETF TR II	INDIA CONSMR ETF	263,029	230,518	-32,511	$14,458,720	$13,749,794	-$708,926
EFA ISHARES TR	MSCI EAFE ETF	16,998	9,493	-7,505	$1,651,013	$986,130	-$664,883
VIG VANGUARD SPECIALIZED FUNDS	DIV APP ETF	34,437	33,536	-901	$7,405,992	$7,935,288	+$529,296
VUSB VANGUARD BD INDEX FDS	VANGUARD ULTRA	39,000	31,000	-8,000	$1,941,615	$1,543,180	-$398,435
QQQ INVESCO QQQ TR	UNIT SER 1	2,746	2,646	-100	$1,585,022	$1,948,514	+$363,492
RSP INVESCO EXCHANGE TRADED FD T	S&P500 EQL WGT	9,760	9,573	-187	$1,873,167	$2,036,911	+$163,744
ESGU ISHARES TR	ESG AWR MSCI USA	4,132	3,972	-160	$584,347	$650,097	+$65,750
DVY ISHARES TR	SELECT DIVID ETF	12,564	12,429	-135	$1,902,315	$1,942,653	+$40,338
VOO VANGUARD INDEX FDS	S&P 500 ETF SHS	1,116	1,029	-87	$666,866	$706,727	+$39,861
ICLN ISHARES TR	GL CLEAN ENE ETF	15,375	15,365	-10	$281,209	$314,829	+$33,620
IJH ISHARES TR	CORE S&P MCP ETF	6,357	5,890	-467	$429,303	$454,188	+$24,885
IJR ISHARES TR	CORE S&P SCP ETF	2,611	2,160	-451	$324,620	$320,405	-$4,215

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