# EDGAR Filing Document

**Accession Number:** 0001672067
**File Stem:** 0001398344-26-001181
**Filing Date:** 2026-1
**Character Count:** 17219
**Document Hash:** ddba23cf70a4ccdd377ef8b4dafea7e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-001181.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001398344-26-001181

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**EFFECTIVENESS DATE**: 20260126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kelman-Lazarov, Inc.
- **CENTRAL INDEX KEY:** 0001672067

**ORGANIZATION NAME:**
- **EIN:** 621079189
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17412
- **FILM NUMBER:** 26559070

**BUSINESS ADDRESS:**
- **STREET 1:** 5100 POPLAR AVENUE STE. 2805
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38137
- **BUSINESS PHONE:** 901-685-8284

**MAIL ADDRESS:**
- **STREET 1:** 5100 POPLAR AVENUE STE. 2805
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38137

### 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:** Kelman-Lazarov Inc.<br>**Address:** 5100 POPLAR AVENUE STE. 2805<br>MEMPHIS, TN 38137

**Form 13F File Number:** 028-17412

**CRD Number (if applicable):** 000107727

**SEC File Number (if applicable):** 801-45185

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:** Michael Munekata<br>**Title:** Chief Compliance Officer<br>**Phone:** 901-685-8284

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

/s/ Michael Munekata  Memphis, TN  01-26-2026<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:** 134

**Form 13F Information Table Value Total:** $700254518

      (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 |
| 1ST SOURCE CORP | COM | 336901103 |  | 1462641 | 23406 | SH |  | SOLE |  | 0 | 0 | 23406 |
| 3M CO | COM | 88579Y101 |  | 219977 | 1374 | SH |  | SOLE |  | 0 | 0 | 1374 |
| ABBVIE INC | COM | 00287Y109 |  | 282859 | 1238 | SH |  | SOLE |  | 0 | 0 | 1238 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1218241 | 3882 | SH |  | SOLE |  | 0 | 0 | 3882 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 4159086 | 13288 | SH |  | SOLE |  | 0 | 0 | 13288 |
| AMAZON COM INC | COM | 023135106 |  | 819411 | 3550 | SH |  | SOLE |  | 0 | 0 | 3550 |
| AMERICAN CENTY ETF TR | AVANTIS INTL SML | 025072190 |  | 3453662 | 49472 | SH |  | SOLE |  | 0 | 0 | 49472 |
| AMERICAN CENTY ETF TR | AVANTIS RESPON U | 025072281 |  | 1490695 | 19537 | SH |  | SOLE |  | 0 | 0 | 19537 |
| AMERICAN CENTY ETF TR | AVANTIS RESPONSI | 025072299 |  | 321769 | 4333 | SH |  | SOLE |  | 0 | 0 | 4333 |
| AMERICAN CENTY ETF TR | AVANTIS RESPONSI | 025072315 |  | 242444 | 3732 | SH |  | SOLE |  | 0 | 0 | 3732 |
| AMERICAN CENTY ETF TR | US LARGE CAP VLU | 025072349 |  | 952505 | 12571 | SH |  | SOLE |  | 0 | 0 | 12571 |
| AMERICAN CENTY ETF TR | AVANTIS EMGMKT | 025072604 |  | 5416474 | 70326 | SH |  | SOLE |  | 0 | 0 | 70326 |
| AMERICAN CENTY ETF TR | INTL EQT ETF | 025072703 |  | 26865714 | 326357 | SH |  | SOLE |  | 0 | 0 | 326357 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 728080 | 7748 | SH |  | SOLE |  | 0 | 0 | 7748 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 647413 | 1750 | SH |  | SOLE |  | 0 | 0 | 1750 |
| AMGEN INC | COM | 031162100 |  | 399568 | 1221 | SH |  | SOLE |  | 0 | 0 | 1221 |
| APPLE INC | COM | 037833100 |  | 3559084 | 13092 | SH |  | SOLE |  | 0 | 0 | 13092 |
| AUTOZONE INC | COM | 053332102 |  | 244188 | 72 | SH |  | SOLE |  | 0 | 0 | 72 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 1509600 | 2 | SH |  | SOLE |  | 0 | 0 | 2 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 16214484 | 32258 | SH |  | SOLE |  | 0 | 0 | 32258 |
| BROADCOM INC | COM | 11135F101 |  | 657936 | 1901 | SH |  | SOLE |  | 0 | 0 | 1901 |
| CANOPY GROWTH CORP | COM NEW | 138035704 |  | 11400 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| DISNEY WALT CO | COM | 254687106 |  | 397929 | 3498 | SH |  | SOLE |  | 0 | 0 | 3498 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 268630 | 2232 | SH |  | SOLE |  | 0 | 0 | 2232 |
| FEDEX CORP | COM | 31428X106 |  | 1034654 | 3582 | SH |  | SOLE |  | 0 | 0 | 3582 |
| GMO ETF TRUST | GMO US QUALITY E | 90139K100 |  | 14070842 | 365857 | SH |  | SOLE |  | 0 | 0 | 365857 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA INT | 381430107 |  | 20111024 | 468352 | SH |  | SOLE |  | 0 | 0 | 468352 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA EME | 381430206 |  | 507764 | 12200 | SH |  | SOLE |  | 0 | 0 | 12200 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA US LG | 381430503 |  | 28250006 | 213417 | SH |  | SOLE |  | 0 | 0 | 213417 |
| GOLDMAN SACHS ETF TR | ACCES TREASURY | 381430529 |  | 527991 | 5283 | SH |  | SOLE |  | 0 | 0 | 5283 |
| HOME DEPOT INC | COM | 437076102 |  | 396985 | 1154 | SH |  | SOLE |  | 0 | 0 | 1154 |
| INVESCO EXCH TRADED FD TR II | S 500 REVENUE | 46138G698 |  | 3738854 | 32654 | SH |  | SOLE |  | 0 | 0 | 32654 |
| INVESCO EXCHANGE TRADED FD T | S 500 TOP 50 | 46137V233 |  | 285837 | 4822 | SH |  | SOLE |  | 0 | 0 | 4822 |
| INVESCO EXCHANGE TRADED FD T | BUYBACK ACHIEV | 46137V308 |  | 266498 | 1984 | SH |  | SOLE |  | 0 | 0 | 1984 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 668227 | 1088 | SH |  | SOLE |  | 0 | 0 | 1088 |
| ISHARES TR | MORNINGSTAR GRWT | 464287119 |  | 308475 | 2965 | SH |  | SOLE |  | 0 | 0 | 2965 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1778270 | 2596 | SH |  | SOLE |  | 0 | 0 | 2596 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 725072 | 3419 | SH |  | SOLE |  | 0 | 0 | 3419 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 369464 | 2698 | SH |  | SOLE |  | 0 | 0 | 2698 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 891845 | 9264 | SH |  | SOLE |  | 0 | 0 | 9264 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 18004641 | 272798 | SH |  | SOLE |  | 0 | 0 | 272798 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 572813 | 3394 | SH |  | SOLE |  | 0 | 0 | 3394 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 851926 | 4050 | SH |  | SOLE |  | 0 | 0 | 4050 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 1120326 | 2367 | SH |  | SOLE |  | 0 | 0 | 2367 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 897376 | 2403 | SH |  | SOLE |  | 0 | 0 | 2403 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 446780 | 1815 | SH |  | SOLE |  | 0 | 0 | 1815 |
| ISHARES TR | CORE S US GWT | 464287671 |  | 268271 | 1597 | SH |  | SOLE |  | 0 | 0 | 1597 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 25148622 | 209258 | SH |  | SOLE |  | 0 | 0 | 209258 |
| ISHARES TR | DOW JONES US ETF | 464287846 |  | 1470871 | 8871 | SH |  | SOLE |  | 0 | 0 | 8871 |
| ISHARES TR | MBS ETF | 464288588 |  | 23266496 | 244345 | SH |  | SOLE |  | 0 | 0 | 244345 |
| ISHARES TR | ESG OPTIMIZED | 464288802 |  | 374390 | 2687 | SH |  | SOLE |  | 0 | 0 | 2687 |
| ISHARES TR | EAFE GRWTH ETF | 464288885 |  | 603206 | 5295 | SH |  | SOLE |  | 0 | 0 | 5295 |
| ISHARES TR | GNMA BOND ETF | 46429B333 |  | 1611616 | 36184 | SH |  | SOLE |  | 0 | 0 | 36184 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 216662 | 2301 | SH |  | SOLE |  | 0 | 0 | 2301 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 |  | 31025682 | 303015 | SH |  | SOLE |  | 0 | 0 | 303015 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 325904 | 1302 | SH |  | SOLE |  | 0 | 0 | 1302 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 849691 | 9498 | SH |  | SOLE |  | 0 | 0 | 9498 |
| ISHARES TR | CORE 1 5 YR USD | 46432F859 |  | 342243 | 7020 | SH |  | SOLE |  | 0 | 0 | 7020 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 462476 | 4864 | SH |  | SOLE |  | 0 | 0 | 4864 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 679505 | 3283 | SH |  | SOLE |  | 0 | 0 | 3283 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 400952 | 1244 | SH |  | SOLE |  | 0 | 0 | 1244 |
| LOWES COS INC | COM | 548661107 |  | 291124 | 1207 | SH |  | SOLE |  | 0 | 0 | 1207 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 2309595 | 4046 | SH |  | SOLE |  | 0 | 0 | 4046 |
| MERCK  CO INC | COM | 58933Y105 |  | 379692 | 3607 | SH |  | SOLE |  | 0 | 0 | 3607 |
| META PLATFORMS INC | CL A | 30303M102 |  | 223771 | 339 | SH |  | SOLE |  | 0 | 0 | 339 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 210918 | 739 | SH |  | SOLE |  | 0 | 0 | 739 |
| MICROSOFT CORP | COM | 594918104 |  | 2446336 | 5058 | SH |  | SOLE |  | 0 | 0 | 5058 |
| NETFLIX INC | COM | 64110L106 |  | 1046643 | 11163 | SH |  | SOLE |  | 0 | 0 | 11163 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 816820 | 2829 | SH |  | SOLE |  | 0 | 0 | 2829 |
| NUSHARES ETF TR | NUVEEN ESG LRGCP | 67092P201 |  | 406587 | 4157 | SH |  | SOLE |  | 0 | 0 | 4157 |
| NUSHARES ETF TR | NUVEEN ESG LRGVL | 67092P300 |  | 320801 | 7121 | SH |  | SOLE |  | 0 | 0 | 7121 |
| NUSHARES ETF TR | NUVEEN ESG SMLCP | 67092P607 |  | 273621 | 6128 | SH |  | SOLE |  | 0 | 0 | 6128 |
| NUSHARES ETF TR | NUVEEN ESG US | 67092P870 |  | 680240 | 30429 | SH |  | SOLE |  | 0 | 0 | 30429 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 808478 | 4335 | SH |  | SOLE |  | 0 | 0 | 4335 |
| ORACLE CORP | COM | 68389X105 |  | 260621 | 1337 | SH |  | SOLE |  | 0 | 0 | 1337 |
| PEPSICO INC | COM | 713448108 |  | 481037 | 3352 | SH |  | SOLE |  | 0 | 0 | 3352 |
| PGIM ETF TR | TOTAL RETURN BON | 69344A800 |  | 2738601 | 65143 | SH |  | SOLE |  | 0 | 0 | 65143 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 465399 | 2901 | SH |  | SOLE |  | 0 | 0 | 2901 |
| PIMCO ETF TR | 1-5 US TIP IDX | 72201R205 |  | 7247332 | 135060 | SH |  | SOLE |  | 0 | 0 | 135060 |
| PIMCO ETF TR | MULTISECTOR BD | 72201R585 |  | 13444049 | 503900 | SH |  | SOLE |  | 0 | 0 | 503900 |
| PIMCO ETF TR | MUNI INCOME OPP | 72201R635 |  | 756708 | 16697 | SH |  | SOLE |  | 0 | 0 | 16697 |
| PIMCO ETF TR | ACTIVE BD ETF | 72201R775 |  | 24226293 | 260274 | SH |  | SOLE |  | 0 | 0 | 260274 |
| PIMCO ETF TR | INTER MUN BD ACT | 72201R866 |  | 4292650 | 81905 | SH |  | SOLE |  | 0 | 0 | 81905 |
| PIMCO ETF TR | SHTRM MUN BD ACT | 72201R874 |  | 6968729 | 138186 | SH |  | SOLE |  | 0 | 0 | 138186 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 813510 | 5677 | SH |  | SOLE |  | 0 | 0 | 5677 |
| PROSHARES TR | LARGE CAP CRE | 74347R248 |  | 382464 | 4800 | SH |  | SOLE |  | 0 | 0 | 4800 |
| QUALCOMM INC | COM | 747525103 |  | 323465 | 1891 | SH |  | SOLE |  | 0 | 0 | 1891 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 27441088 | 1019736 | SH |  | SOLE |  | 0 | 0 | 1019736 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 59851928 | 1834823 | SH |  | SOLE |  | 0 | 0 | 1834823 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 413822 | 13976 | SH |  | SOLE |  | 0 | 0 | 13976 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 1571660 | 52267 | SH |  | SOLE |  | 0 | 0 | 52267 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 1838601 | 64558 | SH |  | SOLE |  | 0 | 0 | 64558 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL EMER | 808524730 |  | 21915910 | 607762 | SH |  | SOLE |  | 0 | 0 | 607762 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524748 |  | 21172680 | 475257 | SH |  | SOLE |  | 0 | 0 | 475257 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 727992 | 16102 | SH |  | SOLE |  | 0 | 0 | 16102 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US S | 808524763 |  | 2186937 | 69405 | SH |  | SOLE |  | 0 | 0 | 69405 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 |  | 64118441 | 2356429 | SH |  | SOLE |  | 0 | 0 | 2356429 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 9582203 | 398594 | SH |  | SOLE |  | 0 | 0 | 398594 |
| SCHWAB STRATEGIC TR | US AGGREGATE B | 808524839 |  | 487137 | 20845 | SH |  | SOLE |  | 0 | 0 | 20845 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 314143 | 2182 | SH |  | SOLE |  | 0 | 0 | 2182 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 1334642 | 2777 | SH |  | SOLE |  | 0 | 0 | 2777 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 284090 | 6069 | SH |  | SOLE |  | 0 | 0 | 6069 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 1002955 | 22584 | SH |  | SOLE |  | 0 | 0 | 22584 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 4090734 | 5999 | SH |  | SOLE |  | 0 | 0 | 5999 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 1864380 | 3090 | SH |  | SOLE |  | 0 | 0 | 3090 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A409 |  | 390415 | 3659 | SH |  | SOLE |  | 0 | 0 | 3659 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A649 |  | 1220291 | 47390 | SH |  | SOLE |  | 0 | 0 | 47390 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A805 |  | 502097 | 6086 | SH |  | SOLE |  | 0 | 0 | 6086 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A847 |  | 1701173 | 29376 | SH |  | SOLE |  | 0 | 0 | 29376 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A854 |  | 32861414 | 409641 | SH |  | SOLE |  | 0 | 0 | 409641 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R853 |  | 232819 | 4968 | SH |  | SOLE |  | 0 | 0 | 4968 |
| TESLA INC | COM | 88160R101 |  | 870208 | 1935 | SH |  | SOLE |  | 0 | 0 | 1935 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 376575 | 7530 | SH |  | SOLE |  | 0 | 0 | 7530 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 291638 | 883 | SH |  | SOLE |  | 0 | 0 | 883 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 57581409 | 556020 | SH |  | SOLE |  | 0 | 0 | 556020 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 3312785 | 42537 | SH |  | SOLE |  | 0 | 0 | 42537 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 20995091 | 266401 | SH |  | SOLE |  | 0 | 0 | 266401 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 1798415 | 2868 | SH |  | SOLE |  | 0 | 0 | 2868 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 958143 | 3301 | SH |  | SOLE |  | 0 | 0 | 3301 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 3704252 | 11767 | SH |  | SOLE |  | 0 | 0 | 11767 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 7827477 | 16045 | SH |  | SOLE |  | 0 | 0 | 16045 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 2966966 | 15535 | SH |  | SOLE |  | 0 | 0 | 15535 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 614695 | 2383 | SH |  | SOLE |  | 0 | 0 | 2383 |
| VANGUARD MUN BD FDS | SHORT TAX EXEMPT | 922907696 |  | 783905 | 10254 | SH |  | SOLE |  | 0 | 0 | 10254 |
| VANGUARD MUN BD FDS | CORE TAX EXEMPT | 922907712 |  | 3117414 | 41252 | SH |  | SOLE |  | 0 | 0 | 41252 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 4035936 | 80253 | SH |  | SOLE |  | 0 | 0 | 80253 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 1329270 | 16672 | SH |  | SOLE |  | 0 | 0 | 16672 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 1673400 | 7614 | SH |  | SOLE |  | 0 | 0 | 7614 |
| WALMART INC | COM | 931142103 |  | 1370806 | 12304 | SH |  | SOLE |  | 0 | 0 | 12304 |
| WISDOMTREE TR | US LARGECAP DIVD | 97717W307 |  | 339263 | 3852 | SH |  | SOLE |  | 0 | 0 | 3852 |
| WISDOMTREE TR | US AI ENHANCED | 97717W406 |  | 738115 | 6420 | SH |  | SOLE |  | 0 | 0 | 6420 |
| WISDOMTREE TR | US LARGECAP FUND | 97717W588 |  | 276141 | 3897 | SH |  | SOLE |  | 0 | 0 | 3897 |
| WISDOMTREE TR | EFFICIENT GLD PL | 97717Y568 |  | 215547 | 3498 | SH |  | SOLE |  | 0 | 0 | 3498 |
| YUM BRANDS INC | COM | 988498101 |  | 937984 | 6200 | SH |  | SOLE |  | 0 | 0 | 6200 |

---