# EDGAR Filing Document

**Accession Number:** 0001772937
**File Stem:** 0001772937-25-000009
**Filing Date:** 2025-8
**Character Count:** 13048
**Document Hash:** 819cf9e1a3b21f5ba492d86a937d490d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001772937-25-000009.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001772937-25-000009

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tolleson Wealth Management, Inc.
- **CENTRAL INDEX KEY:** 0001772937

**ORGANIZATION NAME:**
- **EIN:** 030430021
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19460
- **FILM NUMBER:** 251219023

**BUSINESS ADDRESS:**
- **STREET 1:** 5500 PRESTON ROAD
- **STREET 2:** SUITE 250
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75205
- **BUSINESS PHONE:** 2142523250

**MAIL ADDRESS:**
- **STREET 1:** 5500 PRESTON ROAD
- **STREET 2:** SUITE 250
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75205

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Tolleson Wealth Management Inc.<br>**Address:** 5500 PRESTON ROAD<br>SUITE 250<br>DALLAS, TX 75205

**Form 13F File Number:** 028-19460

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:** Amy Armstrong<br>**Title:** Chief Operating Officer<br>**Phone:** 2147802546

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

Amy Armstrong  Dallas, TX  08-14-2025<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:** 3

**Form 13F Information Table Entry Total:** 84

**Form 13F Information Table Value Total:** $585117

      (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.]

| No.   | Name                                  | Form 13F File Number   |
|:---|:---|:---|
|  | TPWM Services Inc.                    | 028-19461              |
|  | Tolleson Private Wealth Management LP | 028-19462              |
|  | Tolleson Private Bank                 | 028-25384              |

### 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 |
| ABBOTT LABS COM | Stock | 002824100 |  | 294 | 2159 | SH |  | DFND | 12 | 0 | 189 | 2159 |
| ADOBE INC COM | Stock | 00724F101 |  | 874 | 2259 | SH |  | DFND | 12 | 0 | 0 | 2259 |
| AFFILIATED MANAGERS GROUP INC COM | Stock | 008252108 |  | 260 | 1319 | SH |  | DFND | 12 | 0 | 0 | 1319 |
| AMAZON COM INC COM | Stock | 023135106 |  | 869 | 3960 | SH |  | DFND | 123 | 3960 | 0 | 0 |
| APPLE INC COM | Stock | 037833100 |  | 1579 | 7694 | SH |  | DFND | 12 | 0 | 179 | 7694 |
| AUTOMATIC DATA PROCESSING INC COM | Stock | 053015103 |  | 683 | 2205 | SH |  | DFND | 12 | 0 | 0 | 2205 |
| BLACKROCK CORE BD TR SHS BEN INT | CEF | 09249E101 |  | 287 | 29548 | SH |  | DFND | 12 | 0 | 0 | 29548 |
| BLACKROCK INCOME TR INC COM NEW | CEF | 09247F209 |  | 335 | 28485 | SH |  | DFND | 12 | 0 | 0 | 28485 |
| BOEING CO COM | Stock | 097023105 |  | 230 | 1100 | SH |  | DFND | 12 | 0 | 0 | 1100 |
| CATERPILLAR INC COM | Stock | 149123101 |  | 233 | 600 | SH |  | DFND | 12 | 0 | 0 | 600 |
| CBRE GROUP INC CL A | Stock | 12504L109 |  | 280 | 2000 | SH |  | DFND | 12 | 0 | 161 | 2000 |
| CONSUMER STAPLES SELECT SECTOR SPDR FUND | ETF | 81369Y308 |  | 328 | 4053 | SH |  | DFND | 12 | 0 | 0 | 4053 |
| D R HORTON INC COM | Stock | 23331A109 |  | 632 | 4901 | SH |  | DFND | 12 | 0 | 0 | 4901 |
| FIRST TRUST SMITH UNCONSTRAINED BOND ETF | ETF | 33740F888 |  | 8187 | 328915 | SH |  | DFND | 123 | 57448 | 0 | 271467 |
| GALAXY DIGITAL INC. CL A | Stock | 36317J209 |  | 3176 | 145000 | SH |  | DFND | 12 | 0 | 0 | 145000 |
| GOLDMAN SACHS GROUP INC COM | Stock | 38141G104 |  | 1899 | 2683 | SH |  | DFND | 12 | 0 | 0 | 2683 |
| HEALTH CARE SELECT SECTOR SPDR FUND | ETF | 81369Y209 |  | 311 | 2311 | SH |  | DFND | 12 | 0 | 0 | 2311 |
| Impact Shares Affordable Housing MBS ETF | ETF | 74741A106 |  | 1223 | 70676 | SH |  | DFND | 123 | 64434 | 0 | 6242 |
| INTUIT COM | Stock | 461202103 |  | 763 | 969 | SH |  | DFND | 12 | 0 | 0 | 969 |
| INVESCO GALAXY BITCOIN ETF | ETF | 46091J101 |  | 1401 | 13030 | SH |  | DFND | 12 | 0 | 0 | 13030 |
| INVESCO S SMALLCAP MOMENTUM ETF | ETF | 46137V498 |  | 2004 | 29468 | SH |  | DFND | 12 | 0 | 0 | 29468 |
| INVESCO S SMALLCAP VALUE WITH MOMENTUM ETF | ETF | 46137V480 |  | 1560 | 30000 | SH |  | DFND | 12 | 0 | 0 | 30000 |
| ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF | ETF | 46435U853 |  | 6288 | 167643 | SH |  | DFND | 123 | 16369 | 0 | 151274 |
| ISHARES BROAD USD INVESTMENT GRADE CORPORATE BOND ETF | ETF | 464288620 |  | 1701 | 33073 | SH |  | DFND | 123 | 1964 | 0 | 31109 |
| ISHARES CORE MSCI EMERGING MARKETS ETF | ETF | 46434G103 |  | 1002 | 16698 | SH |  | DFND | 12 | 0 | 0 | 16698 |
| ISHARES CORE S 500 ETF | ETF | 464287200 |  | 2891 | 4656 | SH |  | DFND | 12 | 0 | 0 | 4656 |
| ISHARES CORE S TOTAL U.S. STOCK MARKET ETF | ETF | 464287150 |  | 37359 | 276648 | SH |  | DFND | 123 | 68860 | 0 | 207788 |
| ISHARES CORE U.S. AGGREGATE BOND ETF | ETF | 464287226 |  | 954 | 9620 | SH |  | DFND | 12 | 0 | 0 | 9620 |
| ISHARES EXPONENTIAL TECHNOLOGIES ETF | ETF | 46434V381 |  | 229 | 3511 | SH |  | DFND | 12 | 0 | 42 | 3511 |
| ISHARES HIGH YIELD MUNI ACTIVE ETF | ETF | 092528843 |  | 22612 | 464974 | SH |  | DFND | 123 | 51047 | 0 | 413927 |
| ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF | ETF | 464288513 |  | 585 | 7259 | SH |  | DFND | 12 | 0 | 0 | 7259 |
| ISHARES INTERNATIONAL EQUITY FACTOR ETF | ETF | 46434V274 |  | 97592 | 2851077 | SH |  | DFND | 123 | 541585 | 0 | 2309492 |
| ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF | ETF | 464288182 |  | 3621 | 43826 | SH |  | DFND | 123 | 28674 | 0 | 15152 |
| ISHARES MSCI EAFE ETF | ETF | 464287465 |  | 8785 | 98274 | SH |  | DFND | 123 | 55873 | 178 | 42401 |
| ISHARES MSCI EAFE MIN VOL FACTOR ETF | ETF | 46429B689 |  | 687 | 8177 | SH |  | DFND | 12 | 0 | 0 | 8177 |
| ISHARES MSCI EMERGING MARKETS ASIA ETF | ETF | 464286426 |  | 320 | 3872 | SH |  | DFND | 12 | 0 | 0 | 3872 |
| ISHARES MSCI GLOBAL SUSTAINABLE DEVELOPMENT GOALS ETF | ETF | 46435G532 |  | 681 | 8980 | SH |  | DFND | 12 | 0 | 0 | 8980 |
| ISHARES MSCI INTL QUALITY FACTOR ETF | ETF | 46434V456 |  | 11638 | 269267 | SH |  | DFND | 123 | 39126 | 80 | 230141 |
| ISHARES MSCI USA EQUAL WEIGHTED ETF | ETF | 464286681 |  | 791 | 7978 | SH |  | DFND | 12 | 0 | 0 | 7978 |
| ISHARES MSCI USA MIN VOL FACTOR ETF | ETF | 46429B697 |  | 941 | 10025 | SH |  | DFND | 123 | 4199 | 0 | 5826 |
| ISHARES MSCI USA QUALITY FACTOR ETF | ETF | 46432F339 |  | 541 | 2957 | SH |  | DFND | 12 | 0 | 0 | 2957 |
| ISHARES RUSSELL 1000 ETF | ETF | 464287622 |  | 574 | 1690 | SH |  | DFND | 12 | 0 | 204 | 1690 |
| ISHARES RUSSELL 1000 GROWTH ETF | ETF | 464287614 |  | 7059 | 16627 | SH |  | DFND | 123 | 6193 | 0 | 10434 |
| ISHARES RUSSELL 1000 VALUE ETF | ETF | 464287598 |  | 4570 | 23531 | SH |  | DFND | 123 | 11457 | 212 | 12074 |
| ISHARES RUSSELL 3000 ETF | ETF | 464287689 |  | 3182 | 9066 | SH |  | DFND | 12 | 0 | 13 | 9066 |
| ISHARES RUSSELL MIDCAP ETF | ETF | 464287499 |  | 6479 | 70446 | SH |  | DFND | 123 | 39714 | 0 | 30732 |
| ISHARES RUSSELL MID-CAP GROWTH ETF | ETF | 464287481 |  | 3629 | 26171 | SH |  | DFND | 123 | 3254 | 0 | 22917 |
| ISHARES SELECT U.S. REIT ETF | ETF | 464287564 |  | 550 | 8998 | SH |  | DFND | 12 | 0 | 0 | 8998 |
| ISHARES SHORT DURATION HIGH YIELD MUNI ACTIVE ETF | ETF | 092528108 |  | 1464 | 65600 | SH |  | DFND | 12 | 0 | 0 | 65600 |
| ISHARES U.S. EQUITY FACTOR ETF | ETF | 46434V282 |  | 134655 | 2099726 | SH |  | DFND | 123 | 259279 | 0 | 1840447 |
| KRONOS WORLDWIDE INC COM | Stock | 50105F105 |  | 199 | 32045 | SH |  | DFND | 12 | 0 | 0 | 32045 |
| LAUDER ESTEE COS INC CL A | Stock | 518439104 |  | 246 | 3047 | SH |  | DFND | 12 | 0 | 0 | 3047 |
| MASTERCARD INCORPORATED CL A | Stock | 57636Q104 |  | 3028 | 5388 | SH |  | DFND | 12 | 0 | 0 | 5388 |
| MFS INTER INCOME TR SH BEN INT | CEF | 55273C107 |  | 351 | 129626 | SH |  | DFND | 12 | 0 | 211 | 129626 |
| MICROSOFT CORP COM | Stock | 594918104 |  | 2621 | 5269 | SH |  | DFND | 12 | 0 | 0 | 5269 |
| NETAPP INC COM | Stock | 64110D104 |  | 456 | 4282 | SH |  | DFND | 12 | 0 | 0 | 4282 |
| NUVEEN ESG EMERGING MARKETS EQUITY ETF | ETF | 67092P888 |  | 1179 | 35489 | SH |  | DFND | 12 | 0 | 0 | 35489 |
| NUVEEN ESG INTERNATIONAL DEVELOPED MARKETS EQUITY ETF | ETF | 67092P805 |  | 780 | 21979 | SH |  | DFND | 123 | 8500 | 0 | 13479 |
| NUVEEN ESG LARGE-CAP ETF | ETF | 67092P862 |  | 3630 | 74068 | SH |  | DFND | 123 | 19000 | 0 | 55068 |
| NVIDIA CORPORATION COM | Stock | 67066G104 |  | 1455 | 9210 | SH |  | DFND | 12 | 0 | 0 | 9210 |
| SCHWAB U.S. BROAD MARKET ETF | ETF | 808524102 |  | 1691 | 70940 | SH |  | DFND | 12 | 0 | 0 | 70940 |
| SPDR GOLD SHARES | ETF | 78463V107 |  | 1511 | 4956 | SH |  | DFND | 123 | 4829 | 0 | 127 |
| SPDR MSCI USA STRATEGICFACTORS ETF | ETF | 78468R812 |  | 92713 | 568476 | SH |  | DFND | 123 | 88113 | 0 | 480363 |
| SPDR PORTFOLIO AGGREGATE BOND ETF | ETF | 78464A649 |  | 261 | 10180 | SH |  | DFND | 12 | 0 | 0 | 10180 |
| SPDR S 500 ETF TRUST | ETF | 78462F103 |  | 17762 | 28748 | SH |  | DFND | 123 | 9752 | 0 | 18996 |
| STARBUCKS CORP COM | Stock | 855244109 |  | 293 | 3201 | SH |  | DFND | 12 | 0 | 0 | 3201 |
| SYSCO CORP COM | Stock | 871829107 |  | 599 | 7908 | SH |  | DFND | 12 | 0 | 0 | 7908 |
| TCW TRANSFORM 500 ETF | ETF | 29287L106 |  | 4848 | 66650 | SH |  | DFND | 123 | 52000 | 0 | 14650 |
| TECHNOLOGY SELECT SECTOR SPDR FUND | ETF | 81369Y803 |  | 591 | 2334 | SH |  | DFND | 123 | 1500 | 0 | 834 |
| UNITEDHEALTH GROUP INC COM | Stock | 91324P102 |  | 918 | 2942 | SH |  | DFND | 12 | 0 | 36 | 2942 |
| USA COMPRESSION PARTNERS LP COMUNIT LTDPAR | Stock | 90290N109 |  | 750 | 30837 | SH |  | DFND | 12 | 0 | 0 | 30837 |
| UTILITIES SELECT SECTOR SPDR FUND | ETF | 81369Y886 |  | 344 | 4213 | SH |  | DFND | 12 | 0 | 94 | 4213 |
| VANGUARD CALIFORNIA TAX-EXEMPT BOND ETF | ETF | 922021605 |  | 322 | 3300 | SH |  | DFND | 12 | 0 | 0 | 3300 |
| VANGUARD FTSE ALL-WORLD EX-US INDEX FUND | ETF | 922042775 |  | 20050 | 298280 | SH |  | DFND | 123 | 86081 | 0 | 212199 |
| VANGUARD FTSE DEVELOPED MARKETS ETF | ETF | 921943858 |  | 1617 | 28361 | SH |  | DFND | 123 | 27755 | 0 | 606 |
| VANGUARD FTSE EUROPE ETF | ETF | 922042874 |  | 1872 | 24151 | SH |  | DFND | 123 | 11674 | 0 | 12477 |
| VANGUARD FTSE PACIFIC ETF | ETF | 922042866 |  | 411 | 5004 | SH |  | DFND | 12 | 0 | 0 | 5004 |
| VANGUARD RUSSELL 1000 GROWTH ETF | ETF | 92206C680 |  | 25118 | 230015 | SH |  | DFND | 123 | 26940 | 0 | 203075 |
| VANGUARD RUSSELL 3000 ETF | ETF | 92206C599 |  | 4555 | 16701 | SH |  | DFND | 12 | 0 | 0 | 16701 |
| VANGUARD S 500 ETF | ETF | 922908363 |  | 3186 | 5592 | SH |  | DFND | 12 | 0 | 0 | 5592 |
| VANGUARD SHORT-TERM TREASURY ETF | ETF | 92206C102 |  | 950 | 16164 | SH |  | DFND | 12 | 0 | 0 | 16164 |
| VANGUARD SMALL-CAP ETF | ETF | 922908751 |  | 419 | 1761 | SH |  | DFND | 12 | 0 | 0 | 1761 |
| VANGUARD TOTAL INTERNATIONAL STOCK ETF | ETF | 921909768 |  | 1090 | 15771 | SH |  | DFND | 12 | 0 | 0 | 15771 |
| VISA INC COM CL A | Stock | 92826C839 |  | 513 | 1446 | SH |  | DFND | 12 | 0 | 0 | 1446 |

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