# EDGAR Filing Document

**Accession Number:** 0001602476
**File Stem:** 0001602476-26-000001
**Filing Date:** 2026-2
**Character Count:** 14042
**Document Hash:** 9acb70165c36d72a550e331923afd251
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001602476-26-000001.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0001602476-26-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**EFFECTIVENESS DATE**: 20260203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lumbard & Kellner, LLC
- **CENTRAL INDEX KEY:** 0001602476

**ORGANIZATION NAME:**
- **EIN:** 020438289
- **STATE OF INCORPORATION:** NH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16104
- **FILM NUMBER:** 26590781

**BUSINESS ADDRESS:**
- **STREET 1:** 5 HUTCHINGS DRIVE
- **CITY:** HOLLIS
- **STATE:** NH
- **ZIP:** 03049
- **BUSINESS PHONE:** 603-465-7700

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 749
- **CITY:** HOLLIS
- **STATE:** NH
- **ZIP:** 03049

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lumbard Investment Counseling, LLC
- **DATE OF NAME CHANGE:** 20140312

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Lumbard  Kellner LLC<br>**Address:** PO BOX 749<br>HOLLIS, NH 03049

**Form 13F File Number:** 028-16104

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:** Drew Kellner<br>**Title:** CCO<br>**Phone:** 6034657700

**Signature, Place, and Date of Signing:**

Drew Kellner  Hollis, NH  02-03-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 100

**Form 13F Information Table Value Total:** $285534166

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| BERKSHIRE HATHAWAY INC DEL CL A | Stock | 084670108 |  | 3774000 | 5 | SH |  | SOLE |  | 5 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TRUST | ETF | 78467Y107 |  | 217181 | 360 | SH |  | SOLE |  | 360 | 0 | 0 |
| META PLATFORMS INC CL A | Stock | 30303M102 |  | 308922 | 468 | SH |  | SOLE |  | 468 | 0 | 0 |
| GE VERNOVA INC COM | Stock | 36828A101 |  | 337896 | 517 | SH |  | SOLE |  | 517 | 0 | 0 |
| VANGUARD GROWTH ETF | ETF | 922908736 |  | 292716 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| HOME DEPOT INC COM | Stock | 437076102 |  | 288356 | 838 | SH |  | SOLE |  | 838 | 0 | 0 |
| AMERICAN EXPRESS CO COM | Stock | 025816109 |  | 321857 | 870 | SH |  | SOLE |  | 870 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS | ADR | 874039100 |  | 285960 | 941 | SH |  | SOLE |  | 941 | 0 | 0 |
| WASTE MGMT INC DEL COM | Stock | 94106L109 |  | 208725 | 950 | SH |  | SOLE |  | 950 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS COM | Stock | 459200101 |  | 281400 | 950 | SH |  | SOLE |  | 950 | 0 | 0 |
| ISHARES CORE S 500 ETF | ETF | 464287200 |  | 698639 | 1020 | SH |  | SOLE |  | 1020 | 0 | 0 |
| DOVER CORP COM | Stock | 260003108 |  | 211835 | 1085 | SH |  | SOLE |  | 1085 | 0 | 0 |
| CIENA CORP COM NEW | Stock | 171779309 |  | 291168 | 1245 | SH |  | SOLE |  | 1245 | 0 | 0 |
| JOHNSON  JOHNSON COM | Stock | 478160104 |  | 298008 | 1440 | SH |  | SOLE |  | 1440 | 0 | 0 |
| ADOBE INC COM | Stock | 00724F101 |  | 569434 | 1627 | SH |  | SOLE |  | 1627 | 0 | 0 |
| INVESCO QQQ TRUST SERIES I | ETF | 46090E103 |  | 1145688 | 1865 | SH |  | SOLE |  | 1865 | 0 | 0 |
| PHILIP MORRIS INTL INC COM | Stock | 718172109 |  | 304760 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| GILEAD SCIENCES INC COM | Stock | 375558103 |  | 240570 | 1960 | SH |  | SOLE |  | 1960 | 0 | 0 |
| GE AEROSPACE COM NEW | Stock | 369604301 |  | 610823 | 1983 | SH |  | SOLE |  | 1983 | 0 | 0 |
| UNITEDHEALTH GROUP INC COM | Stock | 91324P102 |  | 695872 | 2108 | SH |  | SOLE |  | 2108 | 0 | 0 |
| ELI LILLY  CO COM | Stock | 532457108 |  | 2708194 | 2520 | SH |  | SOLE |  | 2520 | 0 | 0 |
| PEPSICO INC COM | Stock | 713448108 |  | 378893 | 2640 | SH |  | SOLE |  | 2640 | 0 | 0 |
| GENERAL MTRS CO COM | Stock | 37045V100 |  | 215498 | 2650 | SH |  | SOLE |  | 2650 | 0 | 0 |
| SPDR GOLD SHARES | ETF | 78463V107 |  | 1144940 | 2889 | SH |  | SOLE |  | 2889 | 0 | 0 |
| SPDR S 500 ETF TRUST | ETF | 78462F103 |  | 1999389 | 2932 | SH |  | SOLE |  | 2932 | 0 | 0 |
| NEXTERA ENERGY INC COM | Stock | 65339F101 |  | 245015 | 3052 | SH |  | SOLE |  | 3052 | 0 | 0 |
| HONEYWELL INTL INC COM | Stock | 438516106 |  | 657063 | 3368 | SH |  | SOLE |  | 3368 | 0 | 0 |
| RTX CORPORATION COM | Stock | 75513E101 |  | 684816 | 3734 | SH |  | SOLE |  | 3734 | 0 | 0 |
| ORACLE CORP COM | Stock | 68389X105 |  | 746115 | 3828 | SH |  | SOLE |  | 3828 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL CL B NEW | Stock | 084670702 |  | 2086500 | 4151 | SH |  | SOLE |  | 4151 | 0 | 0 |
| JPMORGAN CHASE  CO. COM | Stock | 46625H100 |  | 1364279 | 4234 | SH |  | SOLE |  | 4234 | 0 | 0 |
| MERCK  CO INC COM | Stock | 58933Y105 |  | 491669 | 4671 | SH |  | SOLE |  | 4671 | 0 | 0 |
| VANGUARD VALUE ETF | ETF | 922908744 |  | 934514 | 4893 | SH |  | SOLE |  | 4893 | 0 | 0 |
| STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF | ETF | 81369Y803 |  | 740006 | 5140 | SH |  | SOLE |  | 5140 | 0 | 0 |
| APPLIED MATLS INC COM | Stock | 038222105 |  | 1374897 | 5350 | SH |  | SOLE |  | 5350 | 0 | 0 |
| WELLTOWER INC COM | REIT | 95040Q104 |  | 1020113 | 5496 | SH |  | SOLE |  | 5496 | 0 | 0 |
| VANGUARD TOTAL WORLD STOCK ETF | ETF | 922042742 |  | 834229 | 5914 | SH |  | SOLE |  | 5914 | 0 | 0 |
| EXXON MOBIL CORP COM | Stock | 30231G102 |  | 941781 | 7826 | SH |  | SOLE |  | 7826 | 0 | 0 |
| NISOURCE INC COM | Stock | 65473P105 |  | 334080 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| JPMORGAN BETABUILDERS CANADA ETF | ETF | 46641Q225 |  | 774225 | 8325 | SH |  | SOLE |  | 8325 | 0 | 0 |
| ISHARES 0-3 MONTH TREASURY BOND ETF | ETF | 46436E718 |  | 845200 | 8420 | SH |  | SOLE |  | 8420 | 0 | 0 |
| NORTHROP GRUMMAN CORP COM | Stock | 666807102 |  | 5025261 | 8813 | SH |  | SOLE |  | 8813 | 0 | 0 |
| FIRSTENERGY CORP COM | Stock | 337932107 |  | 424643 | 9485 | SH |  | SOLE |  | 9485 | 0 | 0 |
| STATE STREET SPDR PORTFOLIO SHORT TERM TREASURY ETF | ETF | 78468R101 |  | 289872 | 9900 | SH |  | SOLE |  | 9900 | 0 | 0 |
| MICROSOFT CORP COM | Stock | 594918104 |  | 5054313 | 10451 | SH |  | SOLE |  | 10451 | 0 | 0 |
| INTEL CORP COM | Stock | 458140100 |  | 391694 | 10615 | SH |  | SOLE |  | 10615 | 0 | 0 |
| VANECK GOLD MINERS ETF | ETF | 92189F106 |  | 916367 | 10684 | SH |  | SOLE |  | 10684 | 0 | 0 |
| LOCKHEED MARTIN CORP COM | Stock | 539830109 |  | 5219767 | 10792 | SH |  | SOLE |  | 10792 | 0 | 0 |
| STATE STREET ENERGY SELECT SECTOR SPDR ETF | ETF | 81369Y506 |  | 485461 | 10858 | SH |  | SOLE |  | 10858 | 0 | 0 |
| COMCAST CORP NEW CL A | Stock | 20030N101 |  | 326190 | 10913 | SH |  | SOLE |  | 10913 | 0 | 0 |
| VANGUARD TOTAL STOCK MARKET ETF | ETF | 922908769 |  | 3694675 | 11020 | SH |  | SOLE |  | 11020 | 0 | 0 |
| APPLE INC COM | Stock | 037833100 |  | 3101651 | 11409 | SH |  | SOLE |  | 11409 | 0 | 0 |
| ISHARES MSCI MEXICO ETF | ETF | 464286822 |  | 792373 | 11429 | SH |  | SOLE |  | 11429 | 0 | 0 |
| KEYCORP COM | Stock | 493267108 |  | 237360 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| STATE STREET SPDR S REGIONAL BANKING ETF | ETF | 78464A698 |  | 771045 | 11897 | SH |  | SOLE |  | 11897 | 0 | 0 |
| GOLDMAN SACHS GROUP INC COM | Stock | 38141G104 |  | 10468890 | 11910 | SH |  | SOLE |  | 11910 | 0 | 0 |
| STATE STREET UTILITIES SELECT SECTOR SPDR ETF | ETF | 81369Y886 |  | 556421 | 13034 | SH |  | SOLE |  | 13034 | 0 | 0 |
| STATE STREET SPDR PORTFOLIO S 1500 COMPOSITE STOCK MARKET ETF | ETF | 78464A805 |  | 1182225 | 14330 | SH |  | SOLE |  | 14330 | 0 | 0 |
| SNOWFLAKE INC COM SHS | Stock | 833445109 |  | 3792296 | 17288 | SH |  | SOLE |  | 17288 | 0 | 0 |
| SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF | ETF | 78463X889 |  | 771890 | 17381 | SH |  | SOLE |  | 17381 | 0 | 0 |
| BLOOM ENERGY CORP COM CL A | Stock | 093712107 |  | 1536128 | 17679 | SH |  | SOLE |  | 17679 | 0 | 0 |
| ST JOE CO COM | Stock | 790148100 |  | 1074063 | 18091 | SH |  | SOLE |  | 18091 | 0 | 0 |
| SCORPIO TANKERS INC SHS | Stock | Y7542C130 |  | 966787 | 19020 | SH |  | SOLE |  | 19020 | 0 | 0 |
| JABIL INC COM | Stock | 466313103 |  | 4384369 | 19228 | SH |  | SOLE |  | 19228 | 0 | 0 |
| ADVANCED MICRO DEVICES INC COM | Stock | 007903107 |  | 4835304 | 22578 | SH |  | SOLE |  | 22578 | 0 | 0 |
| GLOBAL X 1-3 MONTH T-BILL ETF | ETF | 37960A438 |  | 2308583 | 23060 | SH |  | SOLE |  | 23060 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP PHYSICAL GOLD TR | CEF | 85207H104 |  | 786900 | 23831 | SH |  | SOLE |  | 23831 | 0 | 0 |
| UNIVERSAL TECHNICAL INST INC COM | Stock | 913915104 |  | 632895 | 24221 | SH |  | SOLE |  | 24221 | 0 | 0 |
| PRUDENTIAL FINL INC COM | Stock | 744320102 |  | 2898081 | 25674 | SH |  | SOLE |  | 25674 | 0 | 0 |
| AMAZON COM INC COM | Stock | 023135106 |  | 6510740 | 28207 | SH |  | SOLE |  | 28207 | 0 | 0 |
| SCHWAB SHORT-TERM US TREASURY ETF | ETF | 808524862 |  | 852094 | 34964 | SH |  | SOLE |  | 34964 | 0 | 0 |
| FIRST SOLAR INC COM | Stock | 336433107 |  | 9465930 | 36236 | SH |  | SOLE |  | 36236 | 0 | 0 |
| POLYPID LTD COM | Stock | M8001Q126 |  | 165788 | 38200 | SH |  | SOLE |  | 38200 | 0 | 0 |
| PRIMORIS SVCS CORP COM | Stock | 74164F103 |  | 5129713 | 41322 | SH |  | SOLE |  | 41322 | 0 | 0 |
| VANGUARD FTSE ALL-WORLD EX-US INDEX FUND | ETF | 922042775 |  | 3064436 | 41659 | SH |  | SOLE |  | 41659 | 0 | 0 |
| ENERSYS COM | Stock | 29275Y102 |  | 6476371 | 44132 | SH |  | SOLE |  | 44132 | 0 | 0 |
| ALPHABET INC CAP STK CL C | Stock | 02079K107 |  | 15149009 | 48276 | SH |  | SOLE |  | 48276 | 0 | 0 |
| INVESCO S 500 EQUAL WEIGHT ETF | ETF | 46137V357 |  | 9721478 | 50749 | SH |  | SOLE |  | 50749 | 0 | 0 |
| MATERION CORP COM | Stock | 576690101 |  | 6406831 | 51535 | SH |  | SOLE |  | 51535 | 0 | 0 |
| FIRST TRUST NASDAQ ABA COMMUNITY BANK INDEX FUND | ETF | 33736Q104 |  | 3243560 | 57243 | SH |  | SOLE |  | 57243 | 0 | 0 |
| AMERICAN SUPERCONDUCTOR CORP SHS NEW | Stock | 030111207 |  | 2048014 | 71161 | SH |  | SOLE |  | 71161 | 0 | 0 |
| VANGUARD INTERNATIONAL HIGH DIVIDEND YIELD ETF | ETF | 921946794 |  | 7117560 | 79084 | SH |  | SOLE |  | 79084 | 0 | 0 |
| HARROW INC COM | Stock | 415858109 |  | 4327288 | 88312 | SH |  | SOLE |  | 88312 | 0 | 0 |
| FRANKLIN FTSE SOUTH KOREA ETF | ETF | 35473P710 |  | 3094363 | 96548 | SH |  | SOLE |  | 96548 | 0 | 0 |
| FRANKLIN FTSE INDIA ETF | ETF | 35473P769 |  | 3896394 | 100969 | SH |  | SOLE |  | 100969 | 0 | 0 |
| KRATOS DEFENSE  SEC SOLUTIONS COM NEW | Stock | 50077B207 |  | 7933582 | 104513 | SH |  | SOLE |  | 104513 | 0 | 0 |
| CISCO SYS INC COM | Stock | 17275R102 |  | 8155166 | 105870 | SH |  | SOLE |  | 105870 | 0 | 0 |
| METLIFE INC COM | Stock | 59156R108 |  | 8419740 | 106660 | SH |  | SOLE |  | 106660 | 0 | 0 |
| ADVANSIX INC COM | Stock | 00773T101 |  | 2510714 | 145128 | SH |  | SOLE |  | 145128 | 0 | 0 |
| FREEDOM 100 EMERGING MARKETS ETF | ETF | 02072L607 |  | 7843387 | 152982 | SH |  | SOLE |  | 152982 | 0 | 0 |
| STATE STREET SPDR BLOOMBERG 1-3 MONTH T-BILL ETF | ETF | 78468R663 |  | 14060641 | 153870 | SH |  | SOLE |  | 153870 | 0 | 0 |
| STATE STREET SPDR PORTFOLIO S 400 MID CAP ETF | ETF | 78464A847 |  | 9859872 | 170262 | SH |  | SOLE |  | 170262 | 0 | 0 |
| ETON PHARMACEUTICALS INC COM | Stock | 29772L108 |  | 2958303 | 174944 | SH |  | SOLE |  | 174944 | 0 | 0 |
| ISHARES MSCI INDONESIA ETF | ETF | 46429B309 |  | 3752174 | 200651 | SH |  | SOLE |  | 200651 | 0 | 0 |
| UIPATH INC CL A | Stock | 90364P105 |  | 3676883 | 224337 | SH |  | SOLE |  | 224337 | 0 | 0 |
| KINDER MORGAN INC DEL COM | Stock | 49456B101 |  | 6743242 | 245298 | SH |  | SOLE |  | 245298 | 0 | 0 |
| FRANKLIN FTSE BRAZIL ETF | ETF | 35473P835 |  | 4929569 | 258770 | SH |  | SOLE |  | 258770 | 0 | 0 |
| GREEN PLAINS INC COM | Stock | 393222104 |  | 4497514 | 458930 | SH |  | SOLE |  | 458930 | 0 | 0 |
| HUDBAY MINERALS INC COM | Stock | 443628102 |  | 10310805 | 519436 | SH |  | SOLE |  | 519436 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETROBR SPONSORED ADR | ADR | 71654V408 |  | 8382275 | 707365 | SH |  | SOLE |  | 707365 | 0 | 0 |

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