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

OMB APPROVAL

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	826	5,551	SH		SOLE		5,551	0	0
Abbott Laboratories	COM	002824100	2,993	25,287	SH		SOLE		25,287	0	0
Abbvie Inc	COM	00287Y109	5,818	35,889	SH		SOLE		35,889	0	0
Agribank FCB VRN PERP Pfd	PFD	00850L203	248	2,350	SH		SOLE		2,350	0	0
Air Products & Chemicals	COM	009158106	678	2,714	SH		SOLE		2,714	0	0
Allstate Corp 4.75 Pfd	PFD	020002812	229	9,305	SH		SOLE		9,305	0	0
Alphabet Inc-CL A	COM	02079K305	7,827	2,814	SH		SOLE		2,814	0	0
Alphabet Inc-CL C	COM	02079K107	2,388	855	SH		SOLE		855	0	0
Amazon.com Inc	COM	023135106	3,798	1,165	SH		SOLE		1,165	0	0
American Express Co	COM	025816109	4,913	26,274	SH		SOLE		26,274	0	0
Amgen Inc	COM	031162100	799	3,304	SH		SOLE		3,304	0	0
Apple Inc	COM	037833100	8,339	47,760	SH		SOLE		47,760	0	0
Arch Cap Grp Ltd. 4.55 Pfd	PFD	03939A404	205	9,700	SH		SOLE		9,700	0	0
Avalonbay Communities	COM	053484101	313	1,259	SH		SOLE		1,259	0	0
Avery Dennison Corp	COM	053611109	427	2,456	SH		SOLE		2,456	0	0
Bank of America Corp	COM	060505104	1,074	26,063	SH		SOLE		26,063	0	0
Bank of America Corp 5 Pfd	PFD	06055H202	237	9,766	SH		SOLE		9,766	0	0
BlackRock Inc	COM	09247X101	375	491	SH		SOLE		491	0	0
Bloom Energy Corp	COM	093712107	686	28,400	SH		SOLE		28,400	0	0
Boeing Co	COM	097023105	1,589	8,296	SH		SOLE		8,296	0	0
Booking Holdings Inc.	COM	09857L108	1,458	621	SH		SOLE		621	0	0
Bristol-Myers Squibb Co	COM	110122108	4,118	56,390	SH		SOLE		56,390	0	0
Broadcom Inc	COM	11135F101	5,105	8,107	SH		SOLE		8,107	0	0
Brunswick Corp 6.5 Pfd	PFD	117043406	244	9,338	SH		SOLE		9,338	0	0
Carrier Global	COM	14448C104	812	17,713	SH		SOLE		17,713	0	0
Caterpillar Inc	COM	149123101	2,418	10,853	SH		SOLE		10,853	0	0
Charles Schwab 4.45 Pfd	PFD	808513865	765	33,400	SH		SOLE		33,400	0	0
Chevron Corp	COM	166764100	3,572	21,935	SH		SOLE		21,935	0	0
Chipotle Mexican Grill Inc	COM	169656105	348	220	SH		SOLE		220	0	0
Cigna Corp	COM	125523100	1,067	4,453	SH		SOLE		4,453	0	0
Cisco Systems Inc	COM	17275R102	1,501	26,923	SH		SOLE		26,923	0	0
Coca-Cola Co	COM	191216100	1,901	30,663	SH		SOLE		30,663	0	0
ConocoPhillips	COM	20825C104	422	4,215	SH		SOLE		4,215	0	0
CrowdStrike Holdings Inc	COM	22788C105	1,588	6,995	SH		SOLE		6,995	0	0
CSX Corp	COM	126408103	1,297	34,642	SH		SOLE		34,642	0	0
Cummins Inc	COM	231021106	453	2,209	SH		SOLE		2,209	0	0
Danaher Corp	COM	235851102	1,141	3,890	SH		SOLE		3,890	0	0
Disney (Walt) Co/The	COM	254687106	1,237	9,020	SH		SOLE		9,020	0	0
Eaton Corp PLC	COM	G29183103	3,304	21,774	SH		SOLE		21,774	0	0
Emerson Electric Co	COM	291011104	1,286	13,112	SH		SOLE		13,112	0	0
Enbridge Inc	COM	29250N105	297	6,450	SH		SOLE		6,450	0	0
EOG Resources Inc	COM	26875P101	821	6,883	SH		SOLE		6,883	0	0
Expedia Group Inc	COM	30212P303	352	1,797	SH		SOLE		1,797	0	0
Exxon Mobil Corp	COM	30231G102	3,713	44,955	SH		SOLE		44,955	0	0
Fallen Angel High Yield ETF	COM	92189F437	264	8,695	SH		SOLE		8,695	0	0
Fastenal Co	COM	311900104	329	5,547	SH		SOLE		5,547	0	0
First Republic Bank 4.25 Pfd	PFD	33616C746	203	9,765	SH		SOLE		9,765	0	0
General Electric Co.	COM	369604301	388	4,237	SH		SOLE		4,237	0	0
General Motors Co	COM	37045V100	1,181	27,000	SH		SOLE		27,000	0	0
Goldman Sachs Group Inc	COM	38141G104	1,061	3,215	SH		SOLE		3,215	0	0
Hartford Finl Svcs Grp 6 Pfd	PFD	416518603	261	9,704	SH		SOLE		9,704	0	0
Home Depot Inc	COM	437076102	1,627	5,437	SH		SOLE		5,437	0	0
Honeywell International	COM	438516106	5,038	25,894	SH		SOLE		25,894	0	0
HP Inc	COM	40434L105	367	10,098	SH		SOLE		10,098	0	0
Huntington Bank 4.50 Pfd	PFD	446150823	533	25,500	SH		SOLE		25,500	0	0
IBM Corp	COM	459200101	835	6,421	SH		SOLE		6,421	0	0
Illinois Tool Works	COM	452308109	302	1,443	SH		SOLE		1,443	0	0
Illumina Inc	COM	452327109	601	1,721	SH		SOLE		1,721	0	0
Intel Corp	COM	458140100	1,533	30,924	SH		SOLE		30,924	0	0
iShares 1-3 Year Treasury Bond ETF	COM	464287457	417	5,000	SH		SOLE		5,000	0	0
IShares 1-5 Year Investment Grade Corp	COM	464288646	758	14,653	SH		SOLE		14,653	0	0
IShares 5-10 Year Investment Grade Corp	COM	464288638	2,725	49,664	SH		SOLE		49,664	0	0
iShares 7-10 Year Treasury Bond ETF	COM	464287440	1,500	13,961	SH		SOLE		13,961	0	0
iShares Barclays Agg Bond	COM	464287226	23,685	221,148	SH		SOLE		221,148	0	0
IShares Broad USD HY Corp Bond ETF	COM	46435U853	730	18,789	SH		SOLE		18,789	0	0
iShares Core MSCI Emerging ETF	COM	46434G103	236	4,252	SH		SOLE		4,252	0	0
iShares Core S&P 500 ETF	COM	464287200	991	2,184	SH		SOLE		2,184	0	0
iShares MBS Bond ETF	COM	464288588	2,357	23,140	SH		SOLE		23,140	0	0
iShares MSCI EAFE Index Fd	COM	464287465	1,890	25,680	SH		SOLE		25,680	0	0
iShares MSCI Emrg Mkt Indx	COM	464287234	1,534	33,975	SH		SOLE		33,975	0	0
iShares Preferred & Income Sec ETF	COM	464288687	308	8,461	SH		SOLE		8,461	0	0
iShares S&P Global 100 Fd	COM	464287572	3,098	40,730	SH		SOLE		40,730	0	0
iShares S&P Midcap 400	COM	464287507	1,167	4,348	SH		SOLE		4,348	0	0
iShares S&P SmallCap 600	COM	464287804	2,721	25,224	SH		SOLE		25,224	0	0
J P Morgan Chase	COM	46625H100	5,869	43,054	SH		SOLE		43,054	0	0
Janus AAA CLO	COM	47103U845	271	5,400	SH		SOLE		5,400	0	0
Johnson & Johnson	COM	478160104	3,784	21,350	SH		SOLE		21,350	0	0
JPMorgan Chase & Co 4.75 Pfd	PFD	48128B622	223	9,695	SH		SOLE		9,695	0	0
Keysight Technologies Inc W/I	COM	49338L103	402	2,544	SH		SOLE		2,544	0	0
Kimco Realty Corp 5.25 Pfd	PFD	49446R711	269	10,791	SH		SOLE		10,791	0	0
Lilly (Eli) & Co	COM	532457108	2,957	10,325	SH		SOLE		10,325	0	0
Linde PLC	COM	G5494J103	2,462	7,708	SH		SOLE		7,708	0	0
Lowe's Companies Inc	COM	548661107	1,229	6,080	SH		SOLE		6,080	0	0
Marsh & McLennan Cos Inc	COM	571748102	1,064	6,241	SH		SOLE		6,241	0	0
Mastercard Inc	COM	57636Q104	1,345	3,763	SH		SOLE		3,763	0	0
Medtronic PLC	COM	G5960L103	552	4,978	SH		SOLE		4,978	0	0
Merck & Company	COM	58933Y105	1,419	17,300	SH		SOLE		17,300	0	0
Meta Platforms Inc.	COM	30303M102	738	3,317	SH		SOLE		3,317	0	0
Metlife Inc 4.75 Pfd	PFD	59156R850	229	9,640	SH		SOLE		9,640	0	0
Microsoft Corp	COM	594918104	15,289	49,590	SH		SOLE		49,590	0	0
Mid-Amer Apt Cmntys Inc 8.5 Pfd	PFD	59522J889	240	4,000	SH		SOLE		4,000	0	0
Mimedx Group Inc	COM	602496101	616	130,688	SH		SOLE		130,688	0	0
Mondelez International Inc	COM	609207105	824	13,118	SH		SOLE		13,118	0	0
National Rural Util Corp 5.5 Pfd	PFD	637432105	245	9,487	SH		SOLE		9,487	0	0
Nextera Energy Capital 5.65 Pfd	PFD	65339K860	232	8,948	SH		SOLE		8,948	0	0
Nextera Energy Inc	COM	65339F101	1,546	18,248	SH		SOLE		18,248	0	0
Northern Trust Corp 4.7 Pfd	PFD	665859856	251	10,134	SH		SOLE		10,134	0	0
NVIDIA Corp	COM	67066G104	819	3,000	SH		SOLE		3,000	0	0
O'Reilly Automotive Inc	COM	67103H107	1,421	2,074	SH		SOLE		2,074	0	0
Organon & Company	COM	68622V106	273	7,822	SH		SOLE		7,822	0	0
Otis Worldwide Corp	COM	68902V107	319	4,145	SH		SOLE		4,145	0	0
Parker Hannifin Corp	COM	701094104	719	2,535	SH		SOLE		2,535	0	0
Paycom Software Inc	COM	70432V102	1,088	3,141	SH		SOLE		3,141	0	0
PayPal Holdings Inc	COM	70450Y103	1,059	9,160	SH		SOLE		9,160	0	0
PepsiCo Inc	COM	713448108	3,232	19,312	SH		SOLE		19,312	0	0
Pfizer Inc	COM	717081103	3,153	60,898	SH		SOLE		60,898	0	0
Phillips 66	COM	718546104	1,112	12,868	SH		SOLE		12,868	0	0
Pinterest Inc.	COM	72352L106	430	17,474	SH		SOLE		17,474	0	0
Plug Power Inc	COM	72919P202	1,157	40,448	SH		SOLE		40,448	0	0
Procter & Gamble Co	COM	742718109	2,912	19,058	SH		SOLE		19,058	0	0
Public Storage 4.625 Pfd	PFD	74460W552	222	9,500	SH		SOLE		9,500	0	0
Qualcomm Inc	COM	747525103	2,817	18,434	SH		SOLE		18,434	0	0
Raytheon Technologies Corp	COM	75513E101	1,443	14,564	SH		SOLE		14,564	0	0
Regeneron Pharmaceuticals	COM	75886F107	679	972	SH		SOLE		972	0	0
Roper Industries	COM	776696106	587	1,242	SH		SOLE		1,242	0	0
Salesforce Inc.	COM	79466L302	471	2,220	SH		SOLE		2,220	0	0
Schwab US Dividend Equity ETF	COM	808524797	1,386	17,571	SH		SOLE		17,571	0	0
Scotts Miracle-Gro Co Cl-A	COM	810186106	913	7,424	SH		SOLE		7,424	0	0
Shell PLC - ADR	COM	780259305	473	8,613	SH		SOLE		8,613	0	0
Southern Co 4.20 Pfd	PFD	842587883	226	10,100	SH		SOLE		10,100	0	0
SPDR Barclays ST HY Bond	COM	78468R408	1,276	48,612	SH		SOLE		48,612	0	0
SPDR BBG Barclays High Yld Bond	COM	78468R622	4,099	39,991	SH		SOLE		39,991	0	0
SPDR Blackstone Senior Loan ETF	COM	78467V608	3,213	71,453	SH		SOLE		71,453	0	0
SPDR Bloomberg Barclays Inv Grade FR ETF	COM	78468R200	293	9,594	SH		SOLE		9,594	0	0
SPDR Interm TSY ETF	COM	78464A672	1,280	42,251	SH		SOLE		42,251	0	0
SPDR Port Long Term Treasury ETF	COM	78464A664	492	13,010	SH		SOLE		13,010	0	0
SPDR S & P 500 ETF Trust	COM	78462F103	21,255	47,061	SH		SOLE		47,061	0	0
SPDR S & P Midcap 400 ETF	COM	78467Y107	6,832	13,930	SH		SOLE		13,930	0	0
Synchrony Financial	COM	87165B103	525	15,068	SH		SOLE		15,068	0	0
Sysco Corp	COM	871829107	248	3,035	SH		SOLE		3,035	0	0
Target Corp	COM	87612E106	2,775	13,075	SH		SOLE		13,075	0	0
Texas Instruments Inc	COM	882508104	300	1,633	SH		SOLE		1,633	0	0
Thermo Fisher Corp	COM	883556102	2,552	4,320	SH		SOLE		4,320	0	0
Trane Technologies PLC	COM	G8994E103	895	5,864	SH		SOLE		5,864	0	0
Travelers Companies Inc	COM	89417E109	651	3,563	SH		SOLE		3,563	0	0
Truist Financial Corp 4.75 Pfd	PFD	89832Q695	223	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	797	15,000	SH		SOLE		15,000	0	0
US Bank 4.00 Pfd	PFD	902973718	2,069	100,365	SH		SOLE		100,365	0	0
Vanguard Growth ETF	COM	922908736	601	2,089	SH		SOLE		2,089	0	0
Vanguard Long-Term Corp Bond ETF	COM	92206C813	870	9,287	SH		SOLE		9,287	0	0
Vanguard S&P 500 ETF	COM	922908363	3,362	8,097	SH		SOLE		8,097	0	0
Vanguard Short-Term Treasury	COM	92206C102	346	5,831	SH		SOLE		5,831	0	0
Verizon Communications Inc	COM	92343V104	337	6,625	SH		SOLE		6,625	0	0
Visa Inc Cl-A Shares	COM	92826C839	3,038	13,701	SH		SOLE		13,701	0	0
Wal Mart Inc.	COM	931142103	260	1,747	SH		SOLE		1,747	0	0
Walgreens Boots Alliance	COM	931427108	996	22,246	SH		SOLE		22,246	0	0
Whirlpool Corp	COM	963320106	397	2,300	SH		SOLE		2,300	0	0
Zebra Technologies Corp Cl	COM	989207105	1,642	3,969	SH		SOLE		3,969	0	0