# EDGAR Filing Document

**Accession Number:** 0001602476
**File Stem:** 0001602476-25-000004
**Filing Date:** 2025-8
**Character Count:** 12705
**Document Hash:** ab7851834464195fbc7661e495728cf0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001602476-25-000004.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001602476-25-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**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:** 251209962

**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:** 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:** 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  08-13-2025<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:** 0

**Form 13F Information Table Entry Total:** 89

**Form 13F Information Table Value Total:** $229419513

      (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 |  | 3644000 | 5 | SH |  | SOLE |  | 5 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TRUST | ETF | 78467Y107 |  | 203933 | 360 | SH |  | SOLE |  | 360 | 0 | 0 |
| GE VERNOVA INC COM | Stock | 36828A101 |  | 273571 | 517 | SH |  | SOLE |  | 517 | 0 | 0 |
| VANGUARD GROWTH ETF | ETF | 922908736 |  | 263040 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| ISHARES CORE S 500 ETF | ETF | 464287200 |  | 376265 | 606 | SH |  | SOLE |  | 606 | 0 | 0 |
| HOME DEPOT INC COM | Stock | 437076102 |  | 234283 | 639 | SH |  | SOLE |  | 639 | 0 | 0 |
| AMERICAN EXPRESS CO COM | Stock | 025816109 |  | 277513 | 870 | SH |  | SOLE |  | 870 | 0 | 0 |
| WASTE MGMT INC DEL COM | Stock | 94106L109 |  | 217379 | 950 | SH |  | SOLE |  | 950 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS COM | Stock | 459200101 |  | 280041 | 950 | SH |  | SOLE |  | 950 | 0 | 0 |
| SPDR GOLD SHARES | ETF | 78463V107 |  | 377075 | 1237 | SH |  | SOLE |  | 1237 | 0 | 0 |
| JOHNSON  JOHNSON COM | Stock | 478160104 |  | 219960 | 1440 | SH |  | SOLE |  | 1440 | 0 | 0 |
| INVESCO QQQ TRUST SERIES I | ETF | 46090E103 |  | 1028809 | 1865 | SH |  | SOLE |  | 1865 | 0 | 0 |
| PHILIP MORRIS INTL INC COM | Stock | 718172109 |  | 346047 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| GILEAD SCIENCES INC COM | Stock | 375558103 |  | 217305 | 1960 | SH |  | SOLE |  | 1960 | 0 | 0 |
| UNITEDHEALTH GROUP INC COM | Stock | 91324P102 |  | 623940 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| GE AEROSPACE COM NEW | Stock | 369604301 |  | 536658 | 2085 | SH |  | SOLE |  | 2085 | 0 | 0 |
| ELI LILLY  CO COM | Stock | 532457108 |  | 1964416 | 2520 | SH |  | SOLE |  | 2520 | 0 | 0 |
| TECHNOLOGY SELECT SECTOR SPDR FUND | ETF | 81369Y803 |  | 658145 | 2599 | SH |  | SOLE |  | 2599 | 0 | 0 |
| PEPSICO INC COM | Stock | 713448108 |  | 348586 | 2640 | SH |  | SOLE |  | 2640 | 0 | 0 |
| SPDR S 500 ETF TRUST | ETF | 78462F103 |  | 1811536 | 2932 | SH |  | SOLE |  | 2932 | 0 | 0 |
| SPDR PORTFOLIO S 1500 COMPOSITE STOCK MARKET ETF | ETF | 78464A805 |  | 223771 | 2988 | SH |  | SOLE |  | 2988 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL CL B NEW | Stock | 084670702 |  | 1477227 | 3041 | SH |  | SOLE |  | 3041 | 0 | 0 |
| HONEYWELL INTL INC COM | Stock | 438516106 |  | 784340 | 3368 | SH |  | SOLE |  | 3368 | 0 | 0 |
| RTX CORPORATION COM | Stock | 75513E101 |  | 545239 | 3734 | SH |  | SOLE |  | 3734 | 0 | 0 |
| JPMORGAN CHASE  CO. COM | Stock | 46625H100 |  | 1212983 | 4184 | SH |  | SOLE |  | 4184 | 0 | 0 |
| MERCK  CO INC COM | Stock | 58933Y105 |  | 369756 | 4671 | SH |  | SOLE |  | 4671 | 0 | 0 |
| UTILITIES SELECT SECTOR SPDR FUND | ETF | 81369Y886 |  | 391396 | 4793 | SH |  | SOLE |  | 4793 | 0 | 0 |
| VANGUARD VALUE ETF | ETF | 922908744 |  | 864789 | 4893 | SH |  | SOLE |  | 4893 | 0 | 0 |
| ENERGY SELECT SECTOR SPDR FUND | ETF | 81369Y506 |  | 415569 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| SPDR S REGIONAL BANKING ETF | ETF | 78464A698 |  | 304196 | 5122 | SH |  | SOLE |  | 5122 | 0 | 0 |
| APPLIED MATLS INC COM | Stock | 038222105 |  | 988578 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| WELLTOWER INC COM | REIT | 95040Q104 |  | 844900 | 5496 | SH |  | SOLE |  | 5496 | 0 | 0 |
| SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF | ETF | 78463X889 |  | 227918 | 5629 | SH |  | SOLE |  | 5629 | 0 | 0 |
| VANGUARD TOTAL WORLD STOCK ETF | ETF | 922042742 |  | 760067 | 5914 | SH |  | SOLE |  | 5914 | 0 | 0 |
| JPMORGAN BETABUILDERS CANADA ETF | ETF | 46641Q225 |  | 572244 | 7091 | SH |  | SOLE |  | 7091 | 0 | 0 |
| NISOURCE INC COM | Stock | 65473P105 |  | 322720 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| EXXON MOBIL CORP COM | Stock | 30231G102 |  | 950041 | 8813 | SH |  | SOLE |  | 8813 | 0 | 0 |
| NORTHROP GRUMMAN CORP COM | Stock | 666807102 |  | 4434823 | 8870 | SH |  | SOLE |  | 8870 | 0 | 0 |
| ISHARES MSCI MEXICO ETF | ETF | 464286822 |  | 564783 | 9326 | SH |  | SOLE |  | 9326 | 0 | 0 |
| FIRSTENERGY CORP COM | Stock | 337932107 |  | 381866 | 9485 | SH |  | SOLE |  | 9485 | 0 | 0 |
| COMCAST CORP NEW CL A | Stock | 20030N101 |  | 342481 | 9596 | SH |  | SOLE |  | 9596 | 0 | 0 |
| LOCKHEED MARTIN CORP COM | Stock | 539830109 |  | 4572118 | 9872 | SH |  | SOLE |  | 9872 | 0 | 0 |
| SPDR PORTFOLIO SHORT TERM TREASURY ETF | ETF | 78468R101 |  | 289971 | 9900 | SH |  | SOLE |  | 9900 | 0 | 0 |
| MICROSOFT CORP COM | Stock | 594918104 |  | 5021354 | 10095 | SH |  | SOLE |  | 10095 | 0 | 0 |
| ISHARES 0-3 MONTH TREASURY BOND ETF | ETF | 46436E718 |  | 1048787 | 10416 | SH |  | SOLE |  | 10416 | 0 | 0 |
| APPLE INC COM | Stock | 037833100 |  | 2185676 | 10653 | SH |  | SOLE |  | 10653 | 0 | 0 |
| VANGUARD TOTAL STOCK MARKET ETF | ETF | 922908769 |  | 3349309 | 11020 | SH |  | SOLE |  | 11020 | 0 | 0 |
| KEYCORP COM | Stock | 493267108 |  | 200330 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| GOLDMAN SACHS GROUP INC COM | Stock | 38141G104 |  | 8695417 | 12286 | SH |  | SOLE |  | 12286 | 0 | 0 |
| ST JOE CO COM | Stock | 790148100 |  | 732243 | 15351 | SH |  | SOLE |  | 15351 | 0 | 0 |
| SNOWFLAKE INC CL A | Stock | 833445109 |  | 3902549 | 17440 | SH |  | SOLE |  | 17440 | 0 | 0 |
| UNIVERSAL TECHNICAL INST INC COM | Stock | 913915104 |  | 634929 | 18735 | SH |  | SOLE |  | 18735 | 0 | 0 |
| SCORPIO TANKERS INC SHS | Stock | Y7542C130 |  | 744253 | 19020 | SH |  | SOLE |  | 19020 | 0 | 0 |
| JABIL INC COM | Stock | 466313103 |  | 4236811 | 19426 | SH |  | SOLE |  | 19426 | 0 | 0 |
| SPROTT PHYSICAL GOLD TR UNIT | CEF | 85207H104 |  | 600922 | 23705 | SH |  | SOLE |  | 23705 | 0 | 0 |
| EPLUS INC COM | Stock | 294268107 |  | 1800337 | 24970 | SH |  | SOLE |  | 24970 | 0 | 0 |
| FIRST SOLAR INC COM | Stock | 336433107 |  | 4173926 | 25214 | SH |  | SOLE |  | 25214 | 0 | 0 |
| GLOBAL X 1-3 MONTH T-BILL ETF | ETF | 37960A438 |  | 2536385 | 25257 | SH |  | SOLE |  | 25257 | 0 | 0 |
| PRUDENTIAL FINL INC COM | Stock | 744320102 |  | 2793010 | 25996 | SH |  | SOLE |  | 25996 | 0 | 0 |
| AMAZON COM INC COM | Stock | 023135106 |  | 6224314 | 28371 | SH |  | SOLE |  | 28371 | 0 | 0 |
| INVESCO S 500 EQUAL WEIGHT ETF | ETF | 46137V357 |  | 5286453 | 29088 | SH |  | SOLE |  | 29088 | 0 | 0 |
| ORACLE CORP COM | Stock | 68389X105 |  | 6901056 | 31565 | SH |  | SOLE |  | 31565 | 0 | 0 |
| ADVANCED MICRO DEVICES INC COM | Stock | 007903107 |  | 4584221 | 32306 | SH |  | SOLE |  | 32306 | 0 | 0 |
| POLYPID LTD COM | Stock | M8001Q126 |  | 134846 | 38200 | SH |  | SOLE |  | 38200 | 0 | 0 |
| VANGUARD FTSE ALL-WORLD EX-US INDEX FUND | ETF | 922042775 |  | 2579635 | 38376 | SH |  | SOLE |  | 38376 | 0 | 0 |
| PRIMORIS SVCS CORP COM | Stock | 74164F103 |  | 3207075 | 41148 | SH |  | SOLE |  | 41148 | 0 | 0 |
| ENERSYS COM | Stock | 29275Y102 |  | 3806558 | 44381 | SH |  | SOLE |  | 44381 | 0 | 0 |
| ALPHABET INC CAP STK CL C | Stock | 02079K107 |  | 8240120 | 46452 | SH |  | SOLE |  | 46452 | 0 | 0 |
| SCHWAB SHORT-TERM US TREASURY ETF | ETF | 808524862 |  | 1136654 | 46622 | SH |  | SOLE |  | 46622 | 0 | 0 |
| MATERION CORP COM | Stock | 576690101 |  | 4150257 | 52290 | SH |  | SOLE |  | 52290 | 0 | 0 |
| SPDR S BIOTECH ETF | ETF | 78464A870 |  | 4568531 | 55089 | SH |  | SOLE |  | 55089 | 0 | 0 |
| FIRST TRUST NASDAQ ABA COMMUNITY BANK INDEX FUND | ETF | 33736Q104 |  | 3130321 | 57755 | SH |  | SOLE |  | 57755 | 0 | 0 |
| AMERICAN SUPERCONDUCTOR CORP SHS NEW | Stock | 030111207 |  | 2657787 | 72439 | SH |  | SOLE |  | 72439 | 0 | 0 |
| FIVE9 INC COM | Stock | 338307101 |  | 2453822 | 92667 | SH |  | SOLE |  | 92667 | 0 | 0 |
| CISCO SYS INC COM | Stock | 17275R102 |  | 7121718 | 102648 | SH |  | SOLE |  | 102648 | 0 | 0 |
| KRATOS DEFENSE  SEC SOLUTIONS COM NEW | Stock | 50077B207 |  | 4915525 | 105824 | SH |  | SOLE |  | 105824 | 0 | 0 |
| METLIFE INC COM | Stock | 59156R108 |  | 8635500 | 107380 | SH |  | SOLE |  | 107380 | 0 | 0 |
| VANGUARD INTERNATIONAL HIGH DIVIDEND YIELD ETF | ETF | 921946794 |  | 9096090 | 113545 | SH |  | SOLE |  | 113545 | 0 | 0 |
| SPDR BLOOMBERG 1-3 MONTH T-BILL ETF | ETF | 78468R663 |  | 11043008 | 120386 | SH |  | SOLE |  | 120386 | 0 | 0 |
| FREEDOM 100 EMERGING MARKETS ETF | ETF | 02072L607 |  | 6234003 | 154307 | SH |  | SOLE |  | 154307 | 0 | 0 |
| SPDR PORTFOLIO S 400 MID CAP ETF | ETF | 78464A847 |  | 9773337 | 179723 | SH |  | SOLE |  | 179723 | 0 | 0 |
| ISHARES MSCI INDONESIA ETF | ETF | 46429B309 |  | 3511050 | 199152 | SH |  | SOLE |  | 199152 | 0 | 0 |
| BLOOM ENERGY CORP COM CL A | Stock | 093712107 |  | 5041188 | 210752 | SH |  | SOLE |  | 210752 | 0 | 0 |
| KINDER MORGAN INC DEL COM | Stock | 49456B101 |  | 7022807 | 238871 | SH |  | SOLE |  | 238871 | 0 | 0 |
| FRANKLIN FTSE BRAZIL ETF | ETF | 35473P835 |  | 4717894 | 262689 | SH |  | SOLE |  | 262689 | 0 | 0 |
| GREEN PLAINS INC COM | Stock | 393222104 |  | 2835113 | 470168 | SH |  | SOLE |  | 470168 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETROBR SPONSORED ADR | ADR | 71654V408 |  | 6353053 | 507838 | SH |  | SOLE |  | 507838 | 0 | 0 |
| HUDBAY MINERALS INC COM | Stock | 443628102 |  | 5657061 | 533182 | SH |  | SOLE |  | 533182 | 0 | 0 |

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