Tolleson Wealth Management 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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
ABBOTT LABS COM	Stock	002824100	388	3,430	SH		DFND	1,2,3	1,240	0	2,190
ADOBE INC COM	Stock	00724F101	1,158	2,603	SH		DFND	1,2,3	329	0	2,274
AFFILIATED MANAGERS GROUP INC COM	Stock	008252108	258	1,393	SH		DFND	1,2	0	0	1,393
ALLSTATE CORP COM	Stock	020002101	234	1,206	SH		DFND	1,2,3	1,206	0	0
ALPHABET INC CAP STK CL C	Stock	02079K107	460	2,415	SH		DFND	1,2,3	2,415	0	0
AMAZON COM INC COM	Stock	023135106	1,403	6,396	SH		DFND	1,2,3	6,376	0	20
ANALOG DEVICES INC COM	Stock	032654105	297	1,398	SH		DFND	1,2,3	1,398	0	0
APARTMENT INVT & MGMT CO CL A	REIT	03748R747	1,085	119,369	SH		DFND	1,2	0	0	119,369
APPLE INC COM	Stock	037833100	2,896	11,566	SH		DFND	1,2,3	3,364	0	8,202
AUTOMATIC DATA PROCESSING INC COM	Stock	053015103	649	2,205	SH		DFND	1,2	0	0	2,205
BANK NEW YORK MELLON CORP COM	Stock	064058100	253	3,289	SH		DFND	1,2,3	3,289	0	0
BLACKROCK INCOME TR INC COM NEW	CEF	09247F209	328	28,485	SH		DFND	1,2	0	0	28,485
BLACKROCK CORE BD TR SHS BEN INT	CEF	09249E101	309	29,548	SH		DFND	1,2	0	0	29,548
ISHARES HIGH YIELD MUNI INCOME ACTIVE ETF	ETF	092528108	1,531	67,570	SH		DFND	1,2	0	0	67,570
BLACKROCK INC COM	Stock	09290D101	261	255	SH		DFND	1,2,3	255	0	0
CBRE GROUP INC CL A	Stock	12504L109	263	2,000	SH		DFND	1,2	0	0	2,000
CATERPILLAR INC COM	Stock	149123101	218	600	SH		DFND	1,2	0	0	600
CISCO SYS INC COM	Stock	17275R102	327	5,519	SH		DFND	1,2,3	5,020	0	499
D R HORTON INC COM	Stock	23331A109	685	4,901	SH		DFND	1,2	0	0	4,901
TCW TRANSFORM 500 ETF	ETF	29287L106	4,564	66,350	SH		DFND	1,2,3	52,000	0	14,350
META PLATFORMS INC CL A	Stock	30303M102	456	778	SH		DFND	1,2,3	735	0	43
FIRST TRUST TCW UNCONSTRAINED PLUS BOND ETF	ETF	33740F888	7,718	313,088	SH		DFND	1,2,3	60,223	0	252,865
GOLDMAN SACHS GROUP INC COM	Stock	38141G104	1,536	2,683	SH		DFND	1,2	0	0	2,683
HOME DEPOT INC COM	Stock	437076102	216	555	SH		DFND	1,2,3	441	0	114
INTERCONTINENTAL EXCHANGE INC COM	Stock	45866F104	207	1,386	SH		DFND	1,2,3	1,386	0	0
INTUIT COM	Stock	461202103	613	975	SH		DFND	1,2	0	0	975
INVESCO S&P SMALLCAP VALUE WITH MOMENTUM ETF	ETF	46137V480	1,634	30,000	SH		DFND	1,2	0	0	30,000
INVESCO S&P SMALLCAP MOMENTUM ETF	ETF	46137V498	1,948	29,468	SH		DFND	1,2	0	0	29,468
ISHARES MSCI EMERGING MARKETS ASIA ETF	ETF	464286426	331	4,613	SH		DFND	1,2	0	0	4,613
ISHARES MSCI EMERGING MARKETS MIN VOL FACTOR ETF	ETF	464286533	256	4,410	SH		DFND	1,2	0	0	4,410
ISHARES MSCI USA EQUAL WEIGHTED ETF	ETF	464286681	709	7,430	SH		DFND	1,2	0	0	7,430
ISHARES CORE S&P TOTAL U.S. STOCK MARKET ETF	ETF	464287150	35,746	277,917	SH		DFND	1,2,3	68,320	0	209,597
ISHARES CORE S&P 500 ETF	ETF	464287200	2,741	4,656	SH		DFND	1,2	0	0	4,656
ISHARES CORE U.S. AGGREGATE BOND ETF	ETF	464287226	973	10,038	SH		DFND	1,2	0	0	10,038
ISHARES MSCI EAFE ETF	ETF	464287465	8,419	111,344	SH		DFND	1,2,3	68,742	0	42,602
ISHARES RUSSELL MID-CAP GROWTH ETF	ETF	464287481	3,604	28,435	SH		DFND	1,2,3	5,333	0	23,102
ISHARES RUSSELL MIDCAP ETF	ETF	464287499	6,485	73,356	SH		DFND	1,2,3	42,591	0	30,765
ISHARES COHEN & STEERS REIT ETF	ETF	464287564	547	9,077	SH		DFND	1,2	0	0	9,077
ISHARES RUSSELL 1000 VALUE ETF	ETF	464287598	4,525	24,441	SH		DFND	1,2,3	12,307	0	12,134
ISHARES RUSSELL 1000 GROWTH ETF	ETF	464287614	7,038	17,527	SH		DFND	1,2,3	6,666	0	10,861
ISHARES RUSSELL 1000 ETF	ETF	464287622	544	1,690	SH		DFND	1,2	0	0	1,690
ISHARES RUSSELL 3000 ETF	ETF	464287689	3,030	9,066	SH		DFND	1,2	0	0	9,066
ISHARES CORE S&P SMALL CAP ETF	ETF	464287804	1,268	11,006	SH		DFND	1,2,3	10,805	0	201
ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF	ETF	464288182	3,183	44,099	SH		DFND	1,2,3	28,877	0	15,222
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF	ETF	464288513	462	5,875	SH		DFND	1,2	0	0	5,875
ISHARES BROAD USD INVESTMENT GRADE CORPORATE BOND ETF	ETF	464288620	1,403	27,898	SH		DFND	1,2,3	1,964	0	25,934
ISHARES MSCI EAFE MIN VOL FACTOR ETF	ETF	46429B689	806	11,394	SH		DFND	1,2	0	0	11,394
ISHARES MSCI USA MIN VOL FACTOR ETF	ETF	46429B697	1,170	13,175	SH		DFND	1,2,3	4,340	0	8,835
ISHARES MSCI USA QUALITY FACTOR ETF	ETF	46432F339	286	1,607	SH		DFND	1,2	0	0	1,607
ISHARES CORE MSCI EMERGING MARKETS ETF	ETF	46434G103	890	17,038	SH		DFND	1,2	0	0	17,038
ISHARES INTERNATIONAL EQUITY FACTOR ETF	ETF	46434V274	72,479	2,523,641	SH		DFND	1,2,3	430,817	0	2,092,824
ISHARES U.S. EQUITY FACTOR ETF	ETF	46434V282	110,893	1,837,506	SH		DFND	1,2,3	219,739	0	1,617,767
ISHARES EXPONENTIAL TECHNOLOGIES ETF	ETF	46434V381	209	3,511	SH		DFND	1,2	0	0	3,511
ISHARES MSCI INTL QUALITY FACTOR ETF	ETF	46434V456	10,925	294,318	SH		DFND	1,2,3	41,329	0	252,989
ISHARES MSCI GLOBAL SUSTAINABLE DEVELOPMENT GOALS ETF	ETF	46435G532	643	8,980	SH		DFND	1,2	0	0	8,980
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF	ETF	46435U853	6,315	171,659	SH		DFND	1,2,3	16,369	0	155,290
ISHARES BITCOIN TRUST ETF	ETF	46438F101	1,145	21,575	SH		DFND	1,2	0	0	21,575
JPMORGAN CHASE & CO. COM	Stock	46625H100	318	1,325	SH		DFND	1,2,3	1,325	0	0
JOHNSON & JOHNSON COM	Stock	478160104	243	1,677	SH		DFND	1,2,3	1,030	0	647
KRONOS WORLDWIDE INC COM	Stock	50105F105	285	29,245	SH		DFND	1,2	0	0	29,245
LAUDER ESTEE COS INC CL A	Stock	518439104	228	3,047	SH		DFND	1,2	0	0	3,047
MFS INTER INCOME TR SH BEN INT	CEF	55273C107	345	129,626	SH		DFND	1,2	0	0	129,626
MASTERCARD INCORPORATED CL A	Stock	57636Q104	2,837	5,388	SH		DFND	1,2	0	0	5,388
MICROSOFT CORP COM	Stock	594918104	3,098	7,350	SH		DFND	1,2,3	1,885	0	5,465
NETAPP INC COM	Stock	64110D104	497	4,282	SH		DFND	1,2	0	0	4,282
NVIDIA CORPORATION COM	Stock	67066G104	967	7,200	SH		DFND	1,2,3	6,810	0	390
NUVEEN ESG INTERNATIONAL DEVELOPED MARKETS EQUITY ETF	ETF	67092P805	661	21,979	SH		DFND	1,2,3	8,500	0	13,479
NUVEEN ESG LARGE-CAP ETF	ETF	67092P862	2,881	63,418	SH		DFND	1,2,3	19,000	0	44,418
NUVEEN ESG EMERGING MARKETS EQUITY ETF	ETF	67092P888	1,047	36,069	SH		DFND	1,2	0	0	36,069
ORACLE CORP COM	Stock	68389X105	451	2,705	SH		DFND	1,2,3	2,705	0	0
PROCTER AND GAMBLE CO COM	Stock	742718109	210	1,251	SH		DFND	1,2,3	988	0	263
Impact Shares Affordable Housing MBS ETF	ETF	74741A106	1,179	69,789	SH		DFND	1,2,3	64,434	0	5,355
QUALCOMM INC COM	Stock	747525103	337	2,194	SH		DFND	1,2,3	2,114	0	80
SPDR S&P 500 ETF TRUST	ETF	78462F103	17,336	29,479	SH		DFND	1,2,3	10,513	0	18,966
SPDR GOLD SHARES	ETF	78463V107	1,283	5,297	SH		DFND	1,2,3	5,170	0	127
SPDR S&P GLOBAL NATURAL RESOURCES ETF	ETF	78463X541	625	12,566	SH		DFND	1,2	0	0	12,566
SPDR PORTFOLIO AGGREGATE BOND ETF	ETF	78464A649	254	10,180	SH		DFND	1,2	0	0	10,180
SPDR MSCI USA STRATEGICFACTORS ETF	ETF	78468R812	94,165	608,105	SH		DFND	1,2,3	91,679	0	516,426
SCHWAB U.S. BROAD MARKET ETF	ETF	808524102	1,775	78,212	SH		DFND	1,2	0	0	78,212
HEALTH CARE SELECT SECTOR SPDR FUND	ETF	81369Y209	318	2,311	SH		DFND	1,2	0	0	2,311
CONSUMER STAPLES SELECT SECTOR SPDR FUND	ETF	81369Y308	319	4,053	SH		DFND	1,2	0	0	4,053
TECHNOLOGY SELECT SECTOR SPDR FUND	ETF	81369Y803	478	2,056	SH		DFND	1,2,3	1,500	0	556
UTILITIES SELECT SECTOR SPDR FUND	ETF	81369Y886	319	4,213	SH		DFND	1,2	0	0	4,213
STARBUCKS CORP COM	Stock	855244109	483	5,290	SH		DFND	1,2,3	2,089	0	3,201
SYSCO CORP COM	Stock	871829107	736	9,623	SH		DFND	1,2,3	1,715	0	7,908
TESLA INC COM	Stock	88160R101	298	738	SH		DFND	1,2,3	725	0	13
USA COMPRESSION PARTNERS LP COMUNIT LTDPAR	Stock	90290N109	727	30,837	SH		DFND	1,2	0	0	30,837
UNITEDHEALTH GROUP INC COM	Stock	91324P102	1,697	3,354	SH		DFND	1,2,3	362	0	2,992
VANGUARD TOTAL INTERNATIONAL STOCK ETF	ETF	921909768	1,017	17,255	SH		DFND	1,2	0	0	17,255
VANGUARD FTSE DEVELOPED MARKETS ETF	ETF	921943858	2,121	44,361	SH		DFND	1,2,3	43,755	0	606
VANGUARD CALIFORNIA TAX-EXEMPT BOND ETF	ETF	922021605	328	3,300	SH		DFND	1,2	0	0	3,300
VANGUARD FTSE ALL-WORLD EX-US INDEX FUND	ETF	922042775	17,309	301,496	SH		DFND	1,2,3	87,775	0	213,721
VANGUARD FTSE PACIFIC ETF	ETF	922042866	385	5,413	SH		DFND	1,2	0	0	5,413
VANGUARD FTSE EUROPE ETF	ETF	922042874	1,542	24,301	SH		DFND	1,2,3	11,763	0	12,538
VANGUARD SHORT-TERM TREASURY ETF	ETF	92206C102	940	16,164	SH		DFND	1,2	0	0	16,164
VANGUARD RUSSELL 3000 ETF	ETF	92206C599	4,338	16,701	SH		DFND	1,2	0	0	16,701
VANGUARD S&P 500 ETF	ETF	922908363	1,297	2,407	SH		DFND	1,2	0	0	2,407
VANGUARD MID-CAP ETF	ETF	922908629	265	1,004	SH		DFND	1,2	0	0	1,004
VANGUARD EXTENDED MARKET ETF	ETF	922908652	650	3,420	SH		DFND	1,2,3	3,420	0	0
VANGUARD GROWTH ETF	ETF	922908736	289	705	SH		DFND	1,2	0	0	705
VANGUARD SMALL-CAP ETF	ETF	922908751	423	1,761	SH		DFND	1,2	0	0	1,761
VISA INC COM CL A	Stock	92826C839	1,150	3,639	SH		DFND	1,2,3	830	0	2,809
WALMART INC COM	Stock	931142103	295	3,263	SH		DFND	1,2,3	2,671	0	592