Kelman-Lazarov 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Adams Express	COM	006212104	2,258	158,020	SH		SOLE		0	0	158,020
Alpine Total Dynamic Divid Fd Com Shs Ben Int	COM SH BEN INT N	021060207	130	15,000	SH		SOLE		0	0	15,000
Amazon Com Inc	COM	023135106	497	514	SH		SOLE		0	0	514
Am Express Co.	COM	025816109	389	4,614	SH		SOLE		0	0	4,614
Amgen Inc.	COM	031162100	272	1,580	SH		SOLE		0	0	1,580
Apple Computer	COM	037833100	1,701	11,810	SH		SOLE		0	0	11,810
Atmos Energy Corp.	COM	049560105	1,576	19,003	SH		SOLE		0	0	19,003
Baidu Com Inc Spons Adr Repstg Ord Shs Cl A	SPON ADR REP A	056752108	1,087	6,075	SH		SOLE		0	0	6,075
Bank Amer Corp	CORP PFD PER1	060505815	1,348	55,750	SH		SOLE		0	0	55,750
Berkshire Hathaway	COM CL B	084670207	9,860	58,213	SH		SOLE		0	0	58,213
1/100 Berkshire Htwy Class A	COM CL A	084990175	1,274	500	SH		SOLE		0	0	500
Boulder Growth & Income Fd Inc Com	COM	101507101	343	35,360	SH		SOLE		0	0	35,360
CVS Corp.	COM	126650100	3,045	37,839	SH		SOLE		0	0	37,839
Canadian Natl Ry Co Com Isin#ca1363751027	COM	136375102	1,499	18,489	SH		SOLE		0	0	18,489
Carmax Inc	COM	143130102	839	13,300	SH		SOLE		0	0	13,300
Carnival Corp	UNIT 99/99/9999	143658300	1,169	17,825	SH		SOLE		0	0	17,825
Chesapeake Energy Corp	COM	165167107	55	10,998	SH		SOLE		0	0	10,998
Clorox Co Com	COM	189054109	1,382	10,375	SH		SOLE		0	0	10,375
Corindus Vascular	COM	218730109	67	36,177	SH		SOLE		0	0	36,177
Dbx Etf Tr X-Trackers Msci Eafe Hedged Equity Fd	XTRAK MSCI EAFE	233051200	1,252	41,700	SH		SOLE		0	0	41,700
Walt Disney Co.	COM DISNEY	254687106	1,387	13,053	SH		SOLE		0	0	13,053
Ford Motor Corp.	COM PAR $0.01	345370860	116	10,340	SH		SOLE		0	0	10,340
Gabelli Equity Trust	COM	362397101	103	16,713	SH		SOLE		0	0	16,713
General American Investors	COM	368802104	3,143	91,497	SH		SOLE		0	0	91,497
General Electric Co.	COM	369604103	819	30,327	SH		SOLE		0	0	30,327
General Mls Inc	COM	370334104	426	7,692	SH		SOLE		0	0	7,692
Home Depot	COM	437076102	493	3,216	SH		SOLE		0	0	3,216
Ishares Tr Large Growth Index Fd	MRNGSTR LG-CP GR	464287119	427	3,065	SH		SOLE		0	0	3,065
Ishares Nasdaq Biotech	NASDQ BIOTEC ETF	464287556	1,087	3,504	SH		SOLE		0	0	3,504
IShares Tr Russell 1000 Value	RUS 1000 VAL ETF	464287598	271	2,325	SH		SOLE		0	0	2,325
IShares Tr Russell 1000 Growth Index Fund	RUS 1000 GRW ETF	464287614	254	2,132	SH		SOLE		0	0	2,132
Ishares Tr Russell 1000 Index	RUS 1000 ETF	464287622	284	2,098	SH		SOLE		0	0	2,098
Ishares Tr S&P SmCap 600	CORE S&P SCP ETF	464287804	362	5,168	SH		SOLE		0	0	5,168
Ishares Tr Dow Jones US Total Mkt	DOW JONS US ETF	464287846	674	5,552	SH		SOLE		0	0	5,552
Johnson & Johnson	COM	478160104	988	7,469	SH		SOLE		0	0	7,469
Kimberly Clark Corp	COM	494368103	705	5,460	SH		SOLE		0	0	5,460
Liberty All-Star Equity Fund	SH BEN INT	530158104	79	13,952	SH		SOLE		0	0	13,952
Lowes Cos Inc	COM	548661107	72	9,290	SH		SOLE		0	0	9,290
MFS Charter Income Trust	SH BEN INT	552727109	2,883	333,652	SH		SOLE		0	0	333,652
McCormick & Co Inc Com Non Vtg	COM NON VTG	579780206	1,596	16,365	SH		SOLE		0	0	16,365
Mondelez Intl Inc Cl A	CL A	609207105	767	17,755	SH		SOLE		0	0	17,755
Norfolk Southern Corp	COM	655844108	1,160	9,535	SH		SOLE		0	0	9,535
Nuveen Municipal Value Fund	COM	670928100	413	41,450	SH		SOLE		0	0	41,450
Pepsico Inc.	COM	713448108	897	7,768	SH		SOLE		0	0	7,768
Pfizer	COM	717081103	569	16,943	SH		SOLE		0	0	16,943
Procter & Gamble	COM	742718109	3,102	35,599	SH		SOLE		0	0	35,599
Reinsurance Group Amer Inc Com New	COM NEW	759351604	295	2,300	SH		SOLE		0	0	2,300
Reliance Bancshares Inc Cl A Com	COM CL A	759450109	54	30,000	SH		SOLE		0	0	30,000
Royce Value Trust	COM	780910105	2,864	196,270	SH		SOLE		0	0	196,270
Schw US Lcap Gro Etf	US LCAP GR ETF	808524300	2,680	42,408	SH		SOLE		0	0	42,408
Schw US Lcap Val Etf	US LCAP VA ETF	808524409	1,944	38,723	SH		SOLE		0	0	38,723
Sch Fnd US Lg Etf	SCHWB FDT US LG	808524771	6,058	179,139	SH		SOLE		0	0	179,139
Sch US Agg Bnd Etf	US AGGREGATE B	808524839	5,076	97,141	SH		SOLE		0	0	97,141
Simon Ppty Group	COM	828806109	617	3,800	SH		SOLE		0	0	3,800
Templeton Emerging Markets Income Fund	COM	880192109	1,715	152,872	SH		SOLE		0	0	152,872
Templeton Global Income Fund	COM	880198106	7,002	1,041,971	SH		SOLE		0	0	1,041,971
Tri Continental Corp.	COM	895436103	1,950	80,100	SH		SOLE		0	0	80,100
Unilever Plc Spon Adr New Isin#us9047677045	SPON ADR NEW	904767704	239	4,425	SH		SOLE		0	0	4,425
Vanguard Specialized Portfolios Dividend Appreciat	DIV APP ETF	921908844	1,583	17,084	SH		SOLE		0	0	17,084
Vanguard Short-Term Bond	SHORT TRM BOND	921937827	349	4,375	SH		SOLE		0	0	4,375
Vanguard Intl Equity Index Fd Inc Ftse All World E	ALLWRLD EX US	922042775	209	4,175	SH		SOLE		0	0	4,175
Vanguard Growth Fund ETF	GROWTH ETF	922908736	978	7,702	SH		SOLE		0	0	7,702
Vanguard Index Fds Vanguard Value Etf	VALUE ETF	922908744	3,473	35,970	SH		SOLE		0	0	35,970
Wal Mart Stores Inc.	COM	931142103	1,233	16,286	SH		SOLE		0	0	16,286
Wells Fargo Co.	COM	949746101	3,556	64,172	SH		SOLE		0	0	64,172
Yum Brands Inc	COM	988498101	1,457	19,751	SH		SOLE		0	0	19,751
Blackrock Core Tr	SHS BEN INT	09249E101	3,370	242,804	SH		SOLE		0	0	242,804
First Israel Fund	COM	00301L109	745	38,550	SH		SOLE		0	0	38,550
Google Inc	CAP STK CL C	02079K107	712	783	SH		SOLE		0	0	783
Google Inc Cl A	CAP STK CL A	02079K305	3,796	4,083	SH		SOLE		0	0	4,083
American Tower Corp	COM	03027X100	1,452	10,975	SH		SOLE		0	0	10,975
Aqua America Inc Com	COM	03836W103	778	23,375	SH		SOLE		0	0	23,375
Blackrock Income Trust	COM	09247F100	1,281	201,175	SH		SOLE		0	0	201,175
Blackrock Inc Com	COM	09247X101	587	1,390	SH		SOLE		0	0	1,390
Blackrock Multi-Sector Income Tr Com	COM	09258A107	3,522	194,258	SH		SOLE		0	0	194,258
Cohen & Steers Quality Income Rlty Fd Inc Com	COM	19247L106	670	53,237	SH		SOLE		0	0	53,237
Compass Minerals	COM	20451N101	1,382	21,165	SH		SOLE		0	0	21,165
Cracker Barrel Old Ctry	COM	22410J106	1,297	7,755	SH		SOLE		0	0	7,755
Diageo Plc Sponsored Adr New	SPON ADR NEW	25243Q205	429	3,579	SH		SOLE		0	0	3,579
FedEx Corp.	COM	31428X106	5,841	26,874	SH		SOLE		0	0	26,874
Gtx Inc Del	COM NEW	40052B207	88	16,593	SH		SOLE		0	0	16,593
Van Kmpn Am Cap TR Inv Muni	COM	46131M106	161	12,000	SH		SOLE		0	0	12,000
Kimco Realty Corp	COM	49446R109	248	13,500	SH		SOLE		0	0	13,500
Macquarie Global Infrastructure Total Return Fd In	COM	55608D101	1,603	64,230	SH		SOLE		0	0	64,230
Mastercard Inc Cl A Com	CL A	57636Q104	3,207	26,405	SH		SOLE		0	0	26,405
Merck & Co Inc	COM	58933Y105	439	6,854	SH		SOLE		0	0	6,854
Mid America Apt Communities	COM	59522J103	3,315	31,457	SH		SOLE		0	0	31,457
Monsanto Co New Com	COM	61166W101	1,154	9,747	SH		SOLE		0	0	9,747
Morgan Stanley Emerging Mkt	COM	61744G107	18	10,950	SH		SOLE		0	0	10,950
Morgan Stanley Emerging Debt	COM	61744H105	5,090	514,676	SH		SOLE		0	0	514,676
Morgan Stanley Asia Pacific Fund	COM	61744U106	257	15,443	SH		SOLE		0	0	15,443
Netflix Com Inc	COM	64110L106	564	3,775	SH		SOLE		0	0	3,775
Novartis Ag Sponsored Adr	SPONSORED ADR	66987V109	628	7,523	SH		SOLE		0	0	7,523
Revenueshares Etf Tr Large Cap Fd	LARGE CAP REV ET	68386C104	4,998	107,505	SH		SOLE		0	0	107,505
Oracle Corp	COM	68389X105	358	7,149	SH		SOLE		0	0	7,149
Paragon Natl Bk Memphis Tenn Com	COM	69912S100	131	13,750	SH		SOLE		0	0	13,750
PIMCO Total Return ETF	ACTIVE BD ETF	72201R775	2,057	19,403	SH		SOLE		0	0	19,403
Pimco Etf Tr Inter Mun Bd Strategy Fd	INTER MUN BD ACT	72201R866	569	10,644	SH		SOLE		0	0	10,644
Powershares Exchange Traded Fd Tr Dynamic Buyback	DYNA BUYBK ACH	73935X286	1,208	22,500	SH		SOLE		0	0	22,500
Powershares Exchange-Traded Fd Tr Intl Divid Achie	INTL DIV ACHV	73935X716	206	13,425	SH		SOLE		0	0	13,425
T. Rowe Price	COM	74144T108	274	3,694	SH		SOLE		0	0	3,694
Prudential Global Short Duration High Yield Fd Inc	COM	74433A109	4,860	327,065	SH		SOLE		0	0	327,065
Rydex Etf Tr Russell Top 50 Etf Fd	GUGGENHM S&P 500	78355W205	274	1,600	SH		SOLE		0	0	1,600
S&P Depositary Receipts	TR UNIT	78462F103	2,820	11,661	SH		SOLE		0	0	11,661
Spdr Index Shs Fds Euro Stoxx 50 Etf	EURO STOXX 50	78463X202	495	12,876	SH		SOLE		0	0	12,876
Spdr Russell 3000 Etf	RUSSELL 3000 ETF	78464A805	276	1,525	SH		SOLE		0	0	1,525
Diamonds Tr Unit Ser I	UT SER 1	78467X109	992	4,650	SH		SOLE		0	0	4,650
MidCap SPDR Trust Unit Ser-1	UTSER1 S&PDCRP	78467Y107	1,901	5,986	SH		SOLE		0	0	5,986
Technology Select Sector Spdr	TECHNOLOGY	81369Y803	1,027	18,773	SH		SOLE		0	0	18,773
Templeton Dragon Fund	COM	88018T101	585	28,989	SH		SOLE		0	0	28,989
Tesla Mtrs Inc Com	COM	88160R101	273	755	SH		SOLE		0	0	755
3m Co Com	COM	88579Y101	882	4,235	SH		SOLE		0	0	4,235
Market Vectors Etf Tr Mkt Vectors Wide Moat Etf	MORNINGSTAR WIDE	92189F643	8,924	225,634	SH		SOLE		0	0	225,634
Vanguard World Fds Vanguard Health Care Etf	HEALTH CAR ETF	92204A504	444	3,013	SH		SOLE		0	0	3,013
Ventas Inc Com	COM	92276F100	3,221	46,361	SH		SOLE		0	0	46,361
Visa Inc Cl A	COM CL A	92826C839	314	3,350	SH		SOLE		0	0	3,350
Health Care Reit	COM	95040Q104	997	13,325	SH		SOLE		0	0	13,325
High Income Opportun	COM	95766K109	51	10,000	SH		SOLE		0	0	10,000
Wisdomtree Tr Largecap Divid Fd	US LARGECAP DIVD	97717W307	528	6,284	SH		SOLE		0	0	6,284
Wisdomtree Tr Divid Top 100 Fd	US DIVID EX FNCL	97717W406	967	11,751	SH		SOLE		0	0	11,751
Wisdomtree Tr Smallcap Earnings Fd	US SMALLCP ERNGS	97717W562	2,506	76,313	SH		SOLE		0	0	76,313
Yum China Holdings I	COM	98850P109	928	23,547	SH		SOLE		0	0	23,547
Franks International	COM	N33462107	201	24,250	SH		SOLE		0	0	24,250