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	2,496	164,080	SH		SOLE		0	0	164,080
Alpine Total Dynamic Divid Fd Com Shs Ben Int	COM SH BEN INT N	021060207	135	15,000	SH		SOLE		0	0	15,000
Amazon Com Inc	COM	023135106	494	514	SH		SOLE		0	0	514
Am Express Co.	COM	025816109	402	4,439	SH		SOLE		0	0	4,439
Amgen Inc.	COM	031162100	295	1,580	SH		SOLE		0	0	1,580
Apple Computer	COM	037833100	1,814	11,767	SH		SOLE		0	0	11,767
Atmos Energy Corp.	COM	049560105	1,472	17,555	SH		SOLE		0	0	17,555
Baidu Com Inc Spons Adr Repstg Ord Shs Cl A	SPON ADR REP A	056752108	1,491	6,020	SH		SOLE		0	0	6,020
Bank Amer Corp	CORP PFD PER1	060505815	1,352	54,550	SH		SOLE		0	0	54,550
Berkshire Hathaway	COM CL B	084670207	10,554	57,570	SH		SOLE		0	0	57,570
1/100 Berkshire Htwy Class A	COM CL A	084990175	1,374	500	SH		SOLE		0	0	500
Boeing Inc.	COM	097023105	203	797	SH		SOLE		0	0	797
Boulder Growth & Income Fd Inc Com	COM	101507101	361	35,360	SH		SOLE		0	0	35,360
CVS Corp.	COM	126650100	3,217	39,554	SH		SOLE		0	0	39,554
Canadian Natl Ry Co Com Isin#ca1363751027	COM	136375102	858	10,354	SH		SOLE		0	0	10,354
Carmax Inc	COM	143130102	932	12,300	SH		SOLE		0	0	12,300
Carnival Corp	UNIT 99/99/9999	143658300	1,235	19,125	SH		SOLE		0	0	19,125
Chesapeake Energy Corp	COM	165167107	47	10,998	SH		SOLE		0	0	10,998
Clorox Co Com	COM	189054109	1,121	8,500	SH		SOLE		0	0	8,500
Corindus Vascular	COM	218730109	86	56,677	SH		SOLE		0	0	56,677
Dbx Etf Tr X-Trackers Msci Eafe Hedged Equity Fd	XTRAK MSCI EAFE	233051200	1,275	41,100	SH		SOLE		0	0	41,100
Walt Disney Co.	COM DISNEY	254687106	1,308	13,272	SH		SOLE		0	0	13,272
Gabelli Equity Trust	COM	362397101	109	16,713	SH		SOLE		0	0	16,713
General American Investors	COM	368802104	3,046	84,562	SH		SOLE		0	0	84,562
General Electric Co.	COM	369604103	655	27,079	SH		SOLE		0	0	27,079
General Mls Inc	COM	370334104	292	5,634	SH		SOLE		0	0	5,634
Home Depot	COM	437076102	515	3,146	SH		SOLE		0	0	3,146
Ishares Tr Large Growth Index Fd	MRNGSTR LG-CP GR	464287119	444	3,035	SH		SOLE		0	0	3,035
Ishares Nasdaq Biotech	NASDQ BIOTEC ETF	464287556	1,169	3,504	SH		SOLE		0	0	3,504
IShares Tr Russell 1000 Value	RUS 1000 VAL ETF	464287598	276	2,325	SH		SOLE		0	0	2,325
IShares Tr Russell 1000 Growth Index Fund	RUS 1000 GRW ETF	464287614	267	2,132	SH		SOLE		0	0	2,132
Ishares Tr Russell 1000 Index	RUS 1000 ETF	464287622	293	2,098	SH		SOLE		0	0	2,098
Ishares Tr S&P SmCap 600	CORE S&P SCP ETF	464287804	2,216	29,851	SH		SOLE		0	0	29,851
Ishares Tr Dow Jones US Total Mkt	DOW JONES US ETF	464287846	700	5,552	SH		SOLE		0	0	5,552
Johnson & Johnson	COM	478160104	679	5,222	SH		SOLE		0	0	5,222
Kimberly Clark Corp	COM	494368103	631	5,366	SH		SOLE		0	0	5,366
Ladder Cap Corp	CL A	505743104	172	12,500	SH		SOLE		0	0	12,500
Liberty All-Star Equity Fund	SH BEN INT	530158104	84	13,952	SH		SOLE		0	0	13,952
Lowes Cos Inc	COM	548661107	779	9,741	SH		SOLE		0	0	9,741
MFS Charter Income Trust	SH BEN INT	552727109	3,156	364,071	SH		SOLE		0	0	364,071
McCormick & Co Inc Com Non Vtg	COM NON VTG	579780206	1,669	16,265	SH		SOLE		0	0	16,265
Mondelez Intl Inc Cl A	CL A	609207105	720	17,713	SH		SOLE		0	0	17,713
Norfolk Southern Corp	COM	655844108	1,241	9,385	SH		SOLE		0	0	9,385
Nuveen Municipal Value Fund	COM	670928100	322	31,450	SH		SOLE		0	0	31,450
Pepsico Inc.	COM	713448108	860	7,718	SH		SOLE		0	0	7,718
Pfizer	COM	717081103	605	16,943	SH		SOLE		0	0	16,943
Procter & Gamble	COM	742718109	3,127	34,365	SH		SOLE		0	0	34,365
Reinsurance Group Amer Inc Com New	COM NEW	759351604	314	2,250	SH		SOLE		0	0	2,250
Reliance Bancshares Inc Cl A Com	COM CL A	759450109	69	30,000	SH		SOLE		0	0	30,000
Royce Value Trust	COM	780910105	797	50,454	SH		SOLE		0	0	50,454
Schw US Lcap Gro Etf	US LCAP GR ETF	808524300	2,992	45,284	SH		SOLE		0	0	45,284
Schw US Lcap Val Etf	US LCAP VA ETF	808524409	2,185	42,161	SH		SOLE		0	0	42,161
Sch Fnd US Lg Etf	SCHWB FDT US LC	808524771	7,457	212,153	SH		SOLE		0	0	212,153
Sch US Agg Bnd Etf	US AGGREGATE B	808524839	8,468	161,720	SH		SOLE		0	0	161,720
Simon Ppty Group	COM	828806109	628	3,900	SH		SOLE		0	0	3,900
Templeton Emerging Markets Income Fund	COM	880192109	1,991	172,082	SH		SOLE		0	0	172,082
Templeton Global Income Fund	COM	880198106	7,211	1,069,809	SH		SOLE		0	0	1,069,809
Tri Continental Corp.	COM	895436103	2,216	86,722	SH		SOLE		0	0	86,722
Unilever Plc Spon Adr New Isin#us9047677045	SPON ADR NEW	904767704	256	4,425	SH		SOLE		0	0	4,425
Vanguard Specialized Portfolios Dividend Appreciat	DIV APP ETF	921908844	1,486	15,672	SH		SOLE		0	0	15,672
Vanguard Short-Term Bond	LONG TERM 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	220	4,175	SH		SOLE		0	0	4,175
Vanguard Growth Fund ETF	GROWTH ETF	922908736	980	7,379	SH		SOLE		0	0	7,379
Vanguard Index Fds Vanguard Value Etf	VALUE ETF	922908744	3,506	35,126	SH		SOLE		0	0	35,126
Wal Mart Stores Inc.	COM	931142103	1,299	16,626	SH		SOLE		0	0	16,626
Wells Fargo Co.	COM	949746101	3,381	61,311	SH		SOLE		0	0	61,311
Yum Brands Inc	COM	988498101	1,416	19,236	SH		SOLE		0	0	19,236
First Israel Fund	COM	00301L109	785	38,300	SH		SOLE		0	0	38,300
Google Inc	CAP STK CL C	02079K107	644	671	SH		SOLE		0	0	671
Google Inc Cl A	CAP STK CL A	02079K305	4,013	4,121	SH		SOLE		0	0	4,121
American Tower Corp	COM	03027X100	824	6,030	SH		SOLE		0	0	6,030
Aqua America Inc Com	COM	03836W103	776	23,375	SH		SOLE		0	0	23,375
Blackrock Income Trust	COM	09247F100	1,217	193,775	SH		SOLE		0	0	193,775
Blackrock Inc Com	COM	09247X101	588	1,315	SH		SOLE		0	0	1,315
Blackrock Multi-Sector Income Tr Com	COM	09258A107	3,595	192,230	SH		SOLE		0	0	192,230
Cohen & Steers Quality Income Rlty Fd Inc Com	COM	19247L106	635	50,537	SH		SOLE		0	0	50,537
Compass Minerals	COM	20451N101	1,792	27,614	SH		SOLE		0	0	27,614
Cracker Barrel Old Ctry	COM	22410J106	1,308	8,630	SH		SOLE		0	0	8,630
Diageo Plc Sponsored Adr New	SPON ADR NEW	25243Q205	466	3,529	SH		SOLE		0	0	3,529
FedEx Corp.	COM	31428X106	5,986	26,534	SH		SOLE		0	0	26,534
Van Kmpn Am Cap TR Inv Muni	COM	46131M106	161	12,000	SH		SOLE		0	0	12,000
Macquarie Global Infrastructure Total Return Fd In	COM	55608D101	1,783	67,878	SH		SOLE		0	0	67,878
Mastercard Inc Cl A Com	CL A	57636Q104	3,704	26,230	SH		SOLE		0	0	26,230
Merck & Co Inc	COM	58933Y105	435	6,799	SH		SOLE		0	0	6,799
Mid America Apt Communities	COM	59522J103	3,278	30,670	SH		SOLE		0	0	30,670
Monsanto Co New Com	COM	61166W101	1,144	9,547	SH		SOLE		0	0	9,547
Morgan Stanley Emerging Mkt	COM	61744G107	190	10,950	SH		SOLE		0	0	10,950
Morgan Stanley Emerging Debt	COM	61744H105	5,246	520,956	SH		SOLE		0	0	520,956
Netflix Com Inc	COM	64110L106	685	3,775	SH		SOLE		0	0	3,775
Novartis Ag Sponsored Adr	SPONSORED ADR	66987V109	646	7,523	SH		SOLE		0	0	7,523
Revenueshares Etf Tr Large Cap Fd	LARGE CAP REV ET	68386C104	5,561	116,006	SH		SOLE		0	0	116,006
Oracle Corp	COM	68389X105	291	6,025	SH		SOLE		0	0	6,025
Paragon Natl Bk Memphis Tenn Com	COM	69912S100	130	13,375	SH		SOLE		0	0	13,375
PIMCO Total Return ETF	ACTIVE BD ETF	72201R775	2,033	19,043	SH		SOLE		0	0	19,043
Pimco Etf Tr Inter Mun Bd Strategy Fd	INTER MUN BD ACT	72201R866	594	11,044	SH		SOLE		0	0	11,044
Powershares Exchange Traded Fd Tr Dynamic Buyback	DYNA BUYBK ACH	73935X286	1,193	21,450	SH		SOLE		0	0	21,450
Powershares Exchange-Traded Fd Tr Intl Divid Achie	INTL DIV ACHV	73935X716	165	10,200	SH		SOLE		0	0	10,200
Prudential Global Short Duration High Yield Fd Inc	COM	74433A109	5,083	340,475	SH		SOLE		0	0	340,475
Rydex Etf Tr Russell Top 50 Etf Fd	GUGGENHN S&P 500	78355W205	249	1,400	SH		SOLE		0	0	1,400
S&P Depositary Receipts	TR UNIT	78462F103	2,956	11,768	SH		SOLE		0	0	11,768
Spdr Index Shs Fds Euro Stoxx 50 Etf	EURO STOXX 50	78463X202	531	12,876	SH		SOLE		0	0	12,876
Spdr Russell 3000 Etf	RUSSELL 3000 ETF	78464A805	287	1,525	SH		SOLE		0	0	1,525
Diamonds Tr Unit Ser I	UT SER 1	78467X109	1,041	4,650	SH		SOLE		0	0	4,650
MidCap SPDR Trust Unit Ser-1	UTSER1 S&PDCRP	78467Y107	1,930	5,915	SH		SOLE		0	0	5,915
Technology Select Sector Spdr	TECHNOLOGY	81369Y803	1,092	18,473	SH		SOLE		0	0	18,473
Templeton Dragon Fund	COM	88018T101	389	18,689	SH		SOLE		0	0	18,689
Themaven Inc	COM	88339B102	17	15,000	SH		SOLE		0	0	15,000
3m Co Com	COM	88579Y101	494	2,355	SH		SOLE		0	0	2,355
Ubiquiti Networks Inc Com	COM	90347A100	215	3,845	SH		SOLE		0	0	3,845
Ulta Beauty Inc	COM	90384S303	237	1,050	SH		SOLE		0	0	1,050
Market Vectors Etf Tr Mkt Vectors Wide Moat Etf	MORNINGSTAR WIDE	92189F643	9,869	244,635	SH		SOLE		0	0	244,635
Vanguard World Fds Vanguard Health Care Etf	HEALTH CAR ETF	92204A504	459	3,013	SH		SOLE		0	0	3,013
Ventas Inc Com	COM	92276F100	3,232	49,628	SH		SOLE		0	0	49,628
Visa Inc Cl A	COM CL C	92826C839	1,247	11,847	SH		SOLE		0	0	11,847
Health Care Reit	COM	95040Q104	966	13,750	SH		SOLE		0	0	13,750
High Income Opportun	COM	95766K109	300	10,000	SH		SOLE		0	0	10,000
Wisdomtree Tr Largecap Divid Fd	US LARGECAP DIVD	97717W307	518	5,970	SH		SOLE		0	0	5,970
Wisdomtree Tr Divid Top 100 Fd	US DIVID EX FNCL	97717W406	991	11,751	SH		SOLE		0	0	11,751
Wisdomtree Tr Smallcap Earnings Fd	US SMALLCP ERNGS	97717W562	2,802	80,114	SH		SOLE		0	0	80,114
Yum China Holdings I	COM	98850P109	898	22,463	SH		SOLE		0	0	22,463