Boyd Watterson Asset 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

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OMB Number:		3235-0006
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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
3M Company	COM	88579Y101	962	5,418	SH		SOLE		5,418	0	0
Abbott Laboratories	COM	002824100	3,545	25,187	SH		SOLE		25,187	0	0
Abbvie Inc	COM	00287Y109	5,187	38,308	SH		SOLE		38,308	0	0
Air Products & Chemicals	COM	009158106	825	2,710	SH		SOLE		2,710	0	0
Allstate Corp 4.75 Pfd	PFD	020002812	248	9,305	SH		SOLE		9,305	0	0
Alphabet Inc-CL A	COM	02079K305	7,813	2,697	SH		SOLE		2,697	0	0
Alphabet Inc-CL C	COM	02079K107	2,457	849	SH		SOLE		849	0	0
Amazon.com Inc	COM	023135106	3,521	1,056	SH		SOLE		1,056	0	0
American Express Co	COM	025816109	4,232	25,866	SH		SOLE		25,866	0	0
Amgen Inc	COM	031162100	742	3,297	SH		SOLE		3,297	0	0
Apple Inc	COM	037833100	8,368	47,124	SH		SOLE		47,124	0	0
Arch Cap Grp Ltd. 4.55 Pfd	PFD	03939A404	251	9,700	SH		SOLE		9,700	0	0
Avalonbay Communities	COM	053484101	316	1,251	SH		SOLE		1,251	0	0
Avery Dennison Corp	COM	053611109	543	2,506	SH		SOLE		2,506	0	0
Bank of America Corp	COM	060505104	1,157	26,017	SH		SOLE		26,017	0	0
Bank of America Corp 5 Pfd	PFD	06055H202	259	9,766	SH		SOLE		9,766	0	0
Berkshire Hathaway Cl B	COM	084670702	20,226	67,645	SH		SOLE		67,645	0	0
BlackRock Inc	COM	09247X101	447	488	SH		SOLE		488	0	0
Bloom Energy Corp	COM	093712107	413	18,850	SH		SOLE		18,850	0	0
Boeing Co	COM	097023105	1,670	8,296	SH		SOLE		8,296	0	0
Booking Holdings Inc.	COM	09857L108	1,432	597	SH		SOLE		597	0	0
Bristol-Myers Squibb Co	COM	110122108	3,494	56,040	SH		SOLE		56,040	0	0
Broadcom Inc	COM	11135F101	5,303	7,969	SH		SOLE		7,969	0	0
Brunswick Corp 6.5 Pfd	PFD	117043406	251	9,338	SH		SOLE		9,338	0	0
Carrier Global	COM	14448C104	946	17,450	SH		SOLE		17,450	0	0
Caterpillar Inc	COM	149123101	2,242	10,844	SH		SOLE		10,844	0	0
Chevron Corp	COM	166764100	2,630	22,412	SH		SOLE		22,412	0	0
Chipotle Mexican Grill Inc	COM	169656105	483	276	SH		SOLE		276	0	0
Cigna Corp	COM	125523100	1,023	4,453	SH		SOLE		4,453	0	0
Cisco Systems Inc	COM	17275R102	2,292	36,169	SH		SOLE		36,169	0	0
Coca-Cola Co	COM	191216100	1,816	30,663	SH		SOLE		30,663	0	0
ConocoPhillips	COM	20825C104	298	4,127	SH		SOLE		4,127	0	0
CrowdStrike Holdings Inc	COM	22788C105	1,402	6,845	SH		SOLE		6,845	0	0
CSX Corp	COM	126408103	1,286	34,204	SH		SOLE		34,204	0	0
Cummins Inc	COM	231021106	451	2,068	SH		SOLE		2,068	0	0
Danaher Corp	COM	235851102	1,277	3,881	SH		SOLE		3,881	0	0
Disney (Walt) Co/The	COM	254687106	560	3,614	SH		SOLE		3,614	0	0
Eaton Corp PLC	COM	G29183103	3,765	21,783	SH		SOLE		21,783	0	0
Ebay Inc	COM	278642103	1,050	15,787	SH		SOLE		15,787	0	0
Emerson Electric Co	COM	291011104	1,199	12,899	SH		SOLE		12,899	0	0
Enbridge Inc	COM	29250N105	658	16,850	SH		SOLE		16,850	0	0
EOG Resources Inc	COM	26875P101	611	6,883	SH		SOLE		6,883	0	0
Expedia Group Inc	COM	30212P303	316	1,747	SH		SOLE		1,747	0	0
Exxon Mobil Corp	COM	30231G102	3,743	61,165	SH		SOLE		61,165	0	0
Fallen Angel High Yield ETF	COM	92189F437	363	11,005	SH		SOLE		11,005	0	0
Fastenal Co	COM	311900104	355	5,547	SH		SOLE		5,547	0	0
First Republic Bank 4.25 Pfd	PFD	33616C746	250	9,765	SH		SOLE		9,765	0	0
General Motors Co	COM	37045V100	1,583	27,000	SH		SOLE		27,000	0	0
Goldman Sachs Group Inc	COM	38141G104	1,324	3,460	SH		SOLE		3,460	0	0
Home Depot Inc	COM	437076102	2,254	5,430	SH		SOLE		5,430	0	0
Honeywell International	COM	438516106	5,362	25,716	SH		SOLE		25,716	0	0
HP Inc	COM	40434L105	380	10,098	SH		SOLE		10,098	0	0
IBM Corp	COM	459200101	321	2,399	SH		SOLE		2,399	0	0
Illinois Tool Works	COM	452308109	370	1,498	SH		SOLE		1,498	0	0
Illumina Inc	COM	452327109	1,010	2,655	SH		SOLE		2,655	0	0
Intel Corp	COM	458140100	1,598	31,020	SH		SOLE		31,020	0	0
iShares 0-5yr TIPS Bond ETF	COM	46429B747	627	5,918	SH		SOLE		5,918	0	0
iShares 1-3 Year Treasury Bond ETF	COM	464287457	428	5,000	SH		SOLE		5,000	0	0
IShares 1-5 Year Investment Grade Corp	COM	464288646	960	17,816	SH		SOLE		17,816	0	0
IShares 5-10 Year Investment Grade Corp	COM	464288638	3,680	62,094	SH		SOLE		62,094	0	0
iShares 7-10 Year Treasury Bond ETF	COM	464287440	2,031	17,665	SH		SOLE		17,665	0	0
iShares Barclays Agg Bond	COM	464287226	11,315	99,185	SH		SOLE		99,185	0	0
IShares Broad USD HY Corp Bond ETF	COM	46435U853	1,158	28,104	SH		SOLE		28,104	0	0
iShares Core MSCI Emerging ETF	COM	46434G103	255	4,252	SH		SOLE		4,252	0	0
iShares Core S&P 500 ETF	COM	464287200	1,042	2,184	SH		SOLE		2,184	0	0
iShares MBS Bond ETF	COM	464288588	3,137	29,200	SH		SOLE		29,200	0	0
iShares MSCI EAFE Index Fd	COM	464287465	1,958	24,880	SH		SOLE		24,880	0	0
iShares MSCI Emrg Mkt Indx	COM	464287234	1,625	33,275	SH		SOLE		33,275	0	0
iShares Preferred & Income Sec ETF	COM	464288687	3,689	93,560	SH		SOLE		93,560	0	0
iShares S&P Global 100 Fd	COM	464287572	3,045	39,030	SH		SOLE		39,030	0	0
iShares S&P Midcap 400	COM	464287507	1,231	4,348	SH		SOLE		4,348	0	0
iShares S&P SmallCap 600	COM	464287804	2,888	25,224	SH		SOLE		25,224	0	0
J P Morgan Chase	COM	46625H100	6,722	42,449	SH		SOLE		42,449	0	0
Johnson & Johnson	COM	478160104	3,508	20,508	SH		SOLE		20,508	0	0
JPMorgan Chase & Co 4.75 Pfd	PFD	48128B622	256	9,695	SH		SOLE		9,695	0	0
Keysight Technologies Inc W/I	COM	49338L103	525	2,544	SH		SOLE		2,544	0	0
Lilly (Eli) & Co	COM	532457108	2,828	10,240	SH		SOLE		10,240	0	0
Linde PLC	COM	G5494J103	2,640	7,621	SH		SOLE		7,621	0	0
Lowe's Companies Inc	COM	548661107	1,572	6,080	SH		SOLE		6,080	0	0
Marsh & McLennan Cos Inc	COM	571748102	1,059	6,091	SH		SOLE		6,091	0	0
Mastercard Inc	COM	57636Q104	1,300	3,618	SH		SOLE		3,618	0	0
Medtronic PLC	COM	G5960L103	503	4,861	SH		SOLE		4,861	0	0
Merck & Company	COM	58933Y105	7,039	91,850	SH		SOLE		91,850	0	0
Meta Platforms Inc.	COM	30303M102	1,531	4,552	SH		SOLE		4,552	0	0
Metlife Inc 4.75 Pfd	PFD	59156R850	258	9,640	SH		SOLE		9,640	0	0
Microsoft Corp	COM	594918104	16,522	49,126	SH		SOLE		49,126	0	0
Mimedx Group Inc	COM	602496101	769	127,388	SH		SOLE		127,388	0	0
Mondelez International Inc	COM	609207105	1,343	20,251	SH		SOLE		20,251	0	0
Morgan Stanley	COM	617446448	318	3,239	SH		SOLE		3,239	0	0
National Rural Util Corp 5.5 Pfd	PFD	637432105	259	9,487	SH		SOLE		9,487	0	0
Nextera Energy Capital 5.65 Pfd	PFD	65339K860	249	8,948	SH		SOLE		8,948	0	0
Nextera Energy Inc	COM	65339F101	1,694	18,148	SH		SOLE		18,148	0	0
NVIDIA Corp	COM	67066G104	882	3,000	SH		SOLE		3,000	0	0
O'Reilly Automotive Inc	COM	67103H107	1,444	2,044	SH		SOLE		2,044	0	0
Organon & Company	COM	68622V106	248	8,156	SH		SOLE		8,156	0	0
Otis Worldwide Corp	COM	68902V107	337	3,874	SH		SOLE		3,874	0	0
Parker Hannifin Corp	COM	701094104	779	2,450	SH		SOLE		2,450	0	0
Paycom Software Inc	COM	70432V102	1,180	2,841	SH		SOLE		2,841	0	0
PayPal Holdings Inc	COM	70450Y103	1,721	9,125	SH		SOLE		9,125	0	0
PepsiCo Inc	COM	713448108	3,327	19,150	SH		SOLE		19,150	0	0
Pfizer Inc	COM	717081103	3,594	60,871	SH		SOLE		60,871	0	0
Phillips 66	COM	718546104	900	12,418	SH		SOLE		12,418	0	0
Plug Power Inc	COM	72919P202	987	34,948	SH		SOLE		34,948	0	0
PPG Industries Inc	COM	693506107	201	1,163	SH		SOLE		1,163	0	0
Procter & Gamble Co	COM	742718109	3,104	18,978	SH		SOLE		18,978	0	0
Public Storage 4.625 Pfd	PFD	74460W552	255	9,500	SH		SOLE		9,500	0	0
Qualcomm Inc	COM	747525103	3,305	18,072	SH		SOLE		18,072	0	0
Raytheon Technologies Corp	COM	75513E101	1,214	14,108	SH		SOLE		14,108	0	0
Regeneron Pharmaceuticals	COM	75886F107	601	952	SH		SOLE		952	0	0
Roper Industries	COM	776696106	572	1,162	SH		SOLE		1,162	0	0
Royal Dutch Shell-A ADR	COM	780259206	372	8,575	SH		SOLE		8,575	0	0
Salesforce.Com Inc	COM	79466L302	280	1,102	SH		SOLE		1,102	0	0
Schwab US Dividend Equity ETF	COM	808524797	1,420	17,571	SH		SOLE		17,571	0	0
Scotts Miracle-Gro Co Cl-A	COM	810186106	1,205	7,484	SH		SOLE		7,484	0	0
Southern Co 4.20 Pfd	PFD	842587883	263	10,100	SH		SOLE		10,100	0	0
SPDR Barclays ST HY Bond	COM	78468R408	1,648	60,690	SH		SOLE		60,690	0	0
SPDR Blackstone Senior Loan ETF	COM	78467V608	3,438	75,347	SH		SOLE		75,347	0	0
SPDR Bloomberg Barclays Inv Grade FR ETF	COM	78468R200	371	12,129	SH		SOLE		12,129	0	0
SPDR Interm TSY ETF	COM	78464A672	1,700	53,053	SH		SOLE		53,053	0	0
SPDR Port Long Term Treasury ETF	COM	78464A664	341	8,095	SH		SOLE		8,095	0	0
SPDR S & P 500 ETF Trust	COM	78462F103	22,352	47,061	SH		SOLE		47,061	0	0
SPDR S & P Midcap 400 ETF	COM	78467Y107	7,211	13,930	SH		SOLE		13,930	0	0
Splunk Inc	COM	848637104	223	1,925	SH		SOLE		1,925	0	0
Synchrony Financial	COM	87165B103	699	15,068	SH		SOLE		15,068	0	0
Sysco Corp	COM	871829107	238	3,035	SH		SOLE		3,035	0	0
Target Corp	COM	87612E106	3,052	13,188	SH		SOLE		13,188	0	0
Texas Instruments Inc	COM	882508104	308	1,633	SH		SOLE		1,633	0	0
Thermo Fisher Corp	COM	883556102	2,882	4,320	SH		SOLE		4,320	0	0
Trane Technologies PLC	COM	G8994E103	1,187	5,874	SH		SOLE		5,874	0	0
Travelers Companies Inc	COM	89417E109	557	3,563	SH		SOLE		3,563	0	0
Truist Financial Corp	COM	89832Q109	202	3,454	SH		SOLE		3,454	0	0
Truist Financial Corp 4.75 Pfd	PFD	89832Q695	259	9,725	SH		SOLE		9,725	0	0
United Parcel Services B	COM	911312106	1,122	5,233	SH		SOLE		5,233	0	0
US Bancorp	COM	902973304	843	15,000	SH		SOLE		15,000	0	0
US Bank 4.00 Pfd	PFD	902973718	2,530	100,365	SH		SOLE		100,365	0	0
Vanguard Growth ETF	COM	922908736	670	2,089	SH		SOLE		2,089	0	0
Vanguard Long-Term Corp Bond ETF	COM	92206C813	1,239	11,702	SH		SOLE		11,702	0	0
Vanguard S&P 500 ETF	COM	922908363	3,535	8,097	SH		SOLE		8,097	0	0
Verizon Communications Inc	COM	92343V104	343	6,607	SH		SOLE		6,607	0	0
Visa Inc Cl-A Shares	COM	92826C839	2,918	13,464	SH		SOLE		13,464	0	0
Wal Mart Inc.	COM	931142103	388	2,681	SH		SOLE		2,681	0	0
Walgreens Boots Alliance	COM	931427108	1,167	22,371	SH		SOLE		22,371	0	0
Whirlpool Corp	COM	963320106	540	2,300	SH		SOLE		2,300	0	0
Zebra Technologies Corp Cl	COM	989207105	2,276	3,824	SH		SOLE		3,824	0	0
Zimmer Holdings Inc	COM	98956P102	845	6,650	SH		SOLE		6,650	0	0