Athena Investment 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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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 Laboratories	COM	002824100	1,208,371	10,978	SH		SOLE		10,978	0	0
AbbVie Inc.	COM	00287Y109	1,771,370	11,430	SH		SOLE		11,430	0	0
Accenture Ltd.	SHS CLASS A	G1151C101	291,255	830	SH		SOLE		830	0	0
Aflac Inc	COM	001055102	1,658,828	20,107	SH		SOLE		20,107	0	0
Agilent Technologies	COM	00846U101	383,167	2,756	SH		SOLE		2,756	0	0
Air Products & Chemicals	COM	009158106	329,108	1,202	SH		SOLE		1,202	0	0
Allstate Corporation	COM	020002101	282,200	2,016	SH		SOLE		2,016	0	0
Alphabet Inc. Cl. A	CAP STK CL A	02079K305	617,150	4,418	SH		SOLE		4,418	0	0
Alphabet Inc. Cl. C	CAP STK CL C	02079K107	314,697	2,233	SH		SOLE		2,233	0	0
American Express Company	COM	025816109	519,494	2,773	SH		SOLE		2,773	0	0
Amgen Incorporated	COM	031162100	1,109,737	3,853	SH		SOLE		3,853	0	0
Amphenol Corp	CL A	032095101	331,193	3,341	SH		SOLE		3,341	0	0
Analog Devices	COM	032654105	431,471	2,173	SH		SOLE		2,173	0	0
Apple Inc.	COM	037833100	3,423,837	17,783	SH		SOLE		17,783	0	0
Applied Materials	COM	038222105	449,766	2,775	SH		SOLE		2,775	0	0
Archer-Daniels-Midland Co	COM	039483102	1,006,097	13,931	SH		SOLE		13,931	0	0
AT&T Inc.	COM	001957109	708,609	42,229	SH		SOLE		42,229	0	0
Automatic Data Processing	COM	053015103	441,245	1,894	SH		SOLE		1,894	0	0
Avery Dennison Corp	COM	053611109	402,905	1,993	SH		SOLE		1,993	0	0
Bank of America Corp	COM	06605F102	1,030,985	30,620	SH		SOLE		30,620	0	0
Berkshire Hathaway Cl. B	CL B NEW	084670702	1,170,707	3,282	SH		SOLE		3,282	0	0
Boeing Co	COM	097023105	949,831	3,644	SH		SOLE		3,644	0	0
Bristol-Myers Squibb Co	COM	110122108	765,545	14,920	SH		SOLE		14,920	0	0
Broadcom Inc.	COM	11135F101	613,938	550	SH		SOLE		550	0	0
Cardinal Health Inc.	COM	14149Y108	269,237	2,671	SH		SOLE		2,671	0	0
Carrier Global Corp.	COM	14448C104	385,949	6,718	SH		SOLE		6,718	0	0
Caterpillar Inc	COM	149123101	651,361	2,203	SH		SOLE		2,203	0	0
Centerpoint Energy	COM	15189T107	245,093	8,579	SH		SOLE		8,579	0	0
Charles Schwab Corp.	COM	808513105	530,310	7,708	SH		SOLE		7,708	0	0
Chevron Corporation	COM	166764100	1,508,523	10,113	SH		SOLE		10,113	0	0
Cisco Systems Inc.	COM	17275R102	842,623	16,679	SH		SOLE		16,679	0	0
Coca-Cola Company	COM	191216100	266,750	4,527	SH		SOLE		4,527	0	0
Comcast Corporation Class A	CL A	20030N101	430,534	9,818	SH		SOLE		9,818	0	0
ConocoPhillips	COM	20825C104	594,448	5,121	SH		SOLE		5,121	0	0
Constellation Brands Cl. A	COM	21036P108	571,014	2,362	SH		SOLE		2,362	0	0
Constellation Energy Corp.	COM	21037T109	219,403	1,877	SH		SOLE		1,877	0	0
Consumer Discretionery SPDR ETF	SBI CONS DISCR	81369Y407	599,014	3,350	SH		SOLE		3,350	0	0
CVS Health Corp.	COM	126650100	504,318	6,387	SH		SOLE		6,387	0	0
Deere & Co.	COM	244199105	538,625	1,347	SH		SOLE		1,347	0	0
Disney (Walt) Co	COM	254687106	518,174	5,739	SH		SOLE		5,739	0	0
Dow Inc.	COM	260557103	309,471	5,643	SH		SOLE		5,643	0	0
DuPont de Nemours Inc.	COM	26614N102	247,721	3,220	SH		SOLE		3,220	0	0
Eaton Corp.	SHS	G29183103	329,442	1,368	SH		SOLE		1,368	0	0
Equifax Inc.	COM	294429105	649,384	2,626	SH		SOLE		2,626	0	0
Exxon Mobil Corporation	COM	30231G102	1,188,783	11,890	SH		SOLE		11,890	0	0
Financial Select Sector SPDR ETF	FINANCIAL	81369Y605	203,040	5,400	SH		SOLE		5,400	0	0
GE Healthcare Technologies Inc.	COMMON STOCK	36266G107	225,466	2,916	SH		SOLE		2,916	0	0
General Dynamics Corp.	COM	369550108	225,134	867	SH		SOLE		867	0	0
General Electric Company	COM	369604103	1,135,915	8,900	SH		SOLE		8,900	0	0
Global Payments Inc.	COM	37940X102	343,154	2,702	SH		SOLE		2,702	0	0
Goldman Sachs	COM	38141G104	573,296	1,486	SH		SOLE		1,486	0	0
Goodyear Tire & Rubber Co	COM	382550101	231,812	16,188	SH		SOLE		16,188	0	0
Hanes Brands	COM	410345102	85,605	19,194	SH		SOLE		19,194	0	0
Hewlett Packard Enterprises	COM	42824C109	754,013	44,406	SH		SOLE		44,406	0	0
Hexcel Corp.	COM	428291108	239,024	3,241	SH		SOLE		3,241	0	0
Home Depot	COM	437076102	2,423,011	6,992	SH		SOLE		6,992	0	0
Honeywell International Inc.	COM	438516106	784,945	3,743	SH		SOLE		3,743	0	0
HP Inc.	COM	40434L105	1,307,295	43,446	SH		SOLE		43,446	0	0
Illinois Tool Works	COM	452308109	892,430	3,407	SH		SOLE		3,407	0	0
Intel Corp	COM	458140100	2,543,562	50,618	SH		SOLE		50,618	0	0
International Business Machines	COM	459200101	1,261,642	7,714	SH		SOLE		7,714	0	0
International Flavors and Fragrances	COM	459506101	290,925	3,593	SH		SOLE		3,593	0	0
Invesco QQQ Trust	UNIT SER 1	46090E103	669,345	1,634	SH		SOLE		1,634	0	0
iShares Core S&P Mid-Cap ETF	CORE S&P MCP ETF	464287507	535,076	1,931	SH		SOLE		1,931	0	0
iShares Dow Jones U.S. Healthcare Sector Index	US HLTHCARE ETF	464287762	374,844	1,310	SH		SOLE		1,310	0	0
iShares MSCI EAFE Growth Index	EAFE GRWTH ETF	464288885	420,038	4,337	SH		SOLE		4,337	0	0
IShares MSCI EAFE Index	MSCI EAFE ETF	464287465	1,573,263	20,879	SH		SOLE		20,879	0	0
iShares MSCI EAFE Small Cap Index	EAFE SML CP ETF	464288273	431,134	6,965	SH		SOLE		6,965	0	0
iShares MSCI Emerging Markets ex-China	MSCI EMRG CHN	46434G764	266,467	4,809	SH		SOLE		4,809	0	0
iShares Russell 2000 Growth Index	RUS 2000 GRW ETF	464287648	427,261	1,694	SH		SOLE		1,694	0	0
iShares Russell 2000 Index	RUSSELL 2000 ETF	464287655	1,934,451	9,638	SH		SOLE		9,638	0	0
iShares Russell 2000 Value Index	RUS 2000 VAL ETF	464287630	205,812	1,325	SH		SOLE		1,325	0	0
iShares S&P 500 Index	CORE S&P500 ETF	464287200	1,143,446	2,394	SH		SOLE		2,394	0	0
Johnson & Johnson	COM	478160104	1,343,122	8,569	SH		SOLE		8,569	0	0
JP Morgan Chase & Co.	COM	46625H100	4,817,984	28,324	SH		SOLE		28,324	0	0
Kellanova Company	COM	487836108	314,399	5,623	SH		SOLE		5,623	0	0
Kemper Corporation	COM	488401100	341,177	7,010	SH		SOLE		7,010	0	0
Keysight Technologies	COM	49338L103	288,271	1,812	SH		SOLE		1,812	0	0
Kimberly-Clark Corp	COM	494368103	1,235,584	10,169	SH		SOLE		10,169	0	0
L3Harris Technologies Inc.	COM	502431109	646,182	3,068	SH		SOLE		3,068	0	0
Laboratory Corp. of America	COM	50540R409	216,380	952	SH		SOLE		952	0	0
Liberty Formula One Group	COM SER A FRMLA	531229870	316,861	5,465	SH		SOLE		5,465	0	0
Lilly (Eli) & C.	COM	532457108	883,124	1,515	SH		SOLE		1,515	0	0
Lowes Co Inc	COM	548661107	264,493	1,188	SH		SOLE		1,188	0	0
Marathon Petroleum Corp.	COM	56585A102	713,018	4,806	SH		SOLE		4,806	0	0
McDonalds Corp	COM	580135101	1,290,875	4,354	SH		SOLE		4,354	0	0
McKesson Corporation	COM	58155Q103	619,930	1,339	SH		SOLE		1,339	0	0
Medtronic Inc	COM	585055106	452,101	5,488	SH		SOLE		5,488	0	0
Merck & Company Inc	COM	58933Y105	933,887	8,566	SH		SOLE		8,566	0	0
Microsoft Corp	COM	594918104	5,497,544	14,620	SH		SOLE		14,620	0	0
Motorola Solutions Inc.	COM	620076307	384,788	1,229	SH		SOLE		1,229	0	0
NextEra Energy	COM	65339F101	352,778	5,808	SH		SOLE		5,808	0	0
Norfolk Southern Corp	COM	655844108	976,398	4,131	SH		SOLE		4,131	0	0
Northrop Grumman Corp	COM	666807102	1,259,297	2,690	SH		SOLE		2,690	0	0
NVIDIA Corp.	COM	67066G104	238,866	482	SH		SOLE		482	0	0
Occidental Petroleum	COM	674599105	395,758	6,628	SH		SOLE		6,628	0	0
Oracle Corporation	COM	68389X105	282,658	2,681	SH		SOLE		2,681	0	0
Pepsico Inc.	COM	713448108	2,794,333	16,453	SH		SOLE		16,453	0	0
Pfizer Inc.	COM	717081103	1,452,703	50,459	SH		SOLE		50,459	0	0
PG&E Corp	COM	69331C108	231,487	12,839	SH		SOLE		12,839	0	0
Phillips 66	COM	718546104	462,998	3,478	SH		SOLE		3,478	0	0
Procter & Gamble Co.	COM	742718109	1,245,255	8,498	SH		SOLE		8,498	0	0
QUALCOMM Inc.	COM	747525103	842,062	5,822	SH		SOLE		5,822	0	0
Raytheon Technologies Corp.	COM	75513E101	1,315,294	15,632	SH		SOLE		15,632	0	0
Reliance Steel & &Aluminum Co.	COM	759509102	737,516	2,637	SH		SOLE		2,637	0	0
Schwab Emerging Markets Equity ETF	EMRG MKTEQ ETF	808524706	962,341	38,820	SH		SOLE		38,820	0	0
Schwab International Equity ETF	INTL EQTY ETF	808524805	7,049,583	190,735	SH		SOLE		190,735	0	0
Schwab U.S. Large-Cap ETF	US LRG CAP ETF	808524201	26,733,903	474,005	SH		SOLE		474,005	0	0
Schwab U.S. Large-Cap Growth ETF	US LCAP GR ETF	808524300	2,584,790	31,157	SH		SOLE		31,157	0	0
Schwab U.S. Large-Cap Value ETF	US LCAP VA ETF	808524409	1,327,484	18,937	SH		SOLE		18,937	0	0
Schwab U.S. Mid-Cap ETF	US MID-CAP ETF	808524508	1,853,340	24,606	SH		SOLE		24,606	0	0
Schwab U.S. Small-Cap ETF	US SML CAP ETF	808524607	7,540,940	159,630	SH		SOLE		159,630	0	0
Southern Company	COM	842587107	256,850	3,663	SH		SOLE		3,663	0	0
SPDR Dow Jones Industrial Avg. ETF	UT SER 1	78467X109	427,045	1,133	SH		SOLE		1,133	0	0
SPDR S&P 500 ETF	TR UNIT	78462F103	478,037	1,006	SH		SOLE		1,006	0	0
Stryker Corp.	COM	863667101	357,855	1,195	SH		SOLE		1,195	0	0
Sysco Corp.	COM	871829107	319,578	4,370	SH		SOLE		4,370	0	0
Technology Select Sector SPDR ETF	TECHNOLOGY	81369Y803	868,085	4,510	SH		SOLE		4,510	0	0
Texas Instruments, Inc.	COM	882508104	706,898	4,147	SH		SOLE		4,147	0	0
TJX Companies	COM	872540109	404,978	4,317	SH		SOLE		4,317	0	0
Travelers Companies	COM	89417E109	374,505	1,966	SH		SOLE		1,966	0	0
Union Pacific Corp.	COM	907818108	254,708	1,037	SH		SOLE		1,037	0	0
UnitedHealth Group Inc.	COM	910581107	7,158,848	13,598	SH		SOLE		13,598	0	0
Valero Energy Corp.	COM	91913Y100	211,510	1,627	SH		SOLE		1,627	0	0
Vanguard Energy Sector ETF	ENERGY ETF	92204A306	1,231,909	10,504	SH		SOLE		10,504	0	0
Vanguard FTSE Developed Markets ETF	VAN FTSE DEV MKT	921943858	273,030	5,700	SH		SOLE		5,700	0	0
Vanguard Growth ETF	GROWTH ETF	922908736	744,222	2,394	SH		SOLE		2,394	0	0
Vanguard Health Care Sector ETF	HEALTH CAR ETF	92204A504	435,717	1,738	SH		SOLE		1,738	0	0
Vanguard Industrial Sector ETF	INDUSTRIAL ETF	92204A603	227,043	1,030	SH		SOLE		1,030	0	0
Vanguard Large Cap ETF	LARGE CAP ETF	922908637	706,806	3,240	SH		SOLE		3,240	0	0
Vanguard Mid-Cap ETF	MID CAP ETF	922908629	427,763	1,839	SH		SOLE		1,839	0	0
Vanguard Small Cap Value ETF	SM CP VAL ETF	922908611	359,668	1,998	SH		SOLE		1,998	0	0
Vanguard Small-Cap Growth ETF	SML CP GRW ETF	922908595	496,837	2,055	SH		SOLE		2,055	0	0
Verizon Communications	COM	92343V104	958,553	25,426	SH		SOLE		25,426	0	0
Viatris Inc.	COM	92556V106	457,986	42,289	SH		SOLE		42,289	0	0
Wal-Mart Stores Inc	COM	931142103	625,435	3,967	SH		SOLE		3,967	0	0
Wells Fargo	COM	949746101	498,599	10,130	SH		SOLE		10,130	0	0
Weyerhaeuser Corp.	COM NEW	962166104	291,894	8,395	SH		SOLE		8,395	0	0
White Mountain Insurance Group Ltd.	COM	G9618E107	352,172	234	SH		SOLE		234	0	0