13F-HR 1 cle.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2011 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Boyd Watterson Asset Management, LLC Address: 1801 East 9th Street Suite 1400 Cleveland, OH 44114 13F File Number: 801-57468 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: John Walsh Title: Compliance Officer Phone: 216-771-3450 Signature, Place, and Date of Signing: John Walsh Cleveland, OH October 21, 2011 Report Type (Check only one.): [X ] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 205 Form 13F Information Table Value Total: $107685 List of Other Included Managers: No. 13F File Number Name 1 028-12983 American Independence Financial Services, LLC FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTORITY NAME OF ISSUER TITLE OF CLASS CUSIP NO (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ----------- -------- -------- -------- 3M COMPANY COM 88579Y10 356 4963 SH SOLE 4963 0 0 ABB LTD COM 7108899 269 15484 SH SOLE 15484 0 0 ABB LTD-SPON ADR COM 00037520 267 15626 SH SOLE 15626 0 0 ABBOTT LABORATORIES W/RTS COM 00282410 1601 31299 SH SOLE 31299 0 0 AIR PRODUCTS & CHEMICALS COM 00915810 302 3956 SH SOLE 3956 0 0 ALLIANT ENERGY CORP COM 01880210 333 8620 SH SOLE 8620 0 0 ALLIANZ SE COM 5231485 261 2740 SH SOLE 2740 0 0 ALLIANZ SE ADR COM 01880510 178 18715 SH SOLE 18715 0 0 AMERICAN EXPRESS CO COM 02581610 901 20075 SH SOLE 20075 0 0 ANHEUSER-BUSCH INB COM 4755317 493 9245 SH SOLE 9245 0 0 APPLE INC COM 03783310 345 906 SH SOLE 906 0 0 ARES CAPITAL CORP COM 04010L10 148 10720 SH SOLE 10720 0 0 ASAHI GROUP HOLDING LTD COM 6054409 349 16333 SH SOLE 16333 0 0 AVIVA COM 0216238 197 41402 SH SOLE 41402 0 0 AXA COM 7088429 206 15526 SH SOLE 15526 0 0 AXA SPONS ADR COM 05453610 139 10498 SH SOLE 10498 0 0 BAC APT ARTS 2007-2A 144A PFD 05070520 3104 40 SH SOLE 40 0 0 BAC ARP 2006-12A 144A PFD 05269120 300 3 SH SOLE 3 0 0 BANCO BILBAO COM 5501906 200 24129 SH SOLE 24129 0 0 BANCO BILBAO VIZCAYA ADR COM 05946K10 137 16874 SH SOLE 16874 0 0 BANK OF AMERICA 8.20% PFD PFD 06050576 1599 72610 SH SOLE 72610 0 0 BARCLAYS COM 3134865 262 104112 SH SOLE 104112 0 0 BARCLAYS PLC ADR COM 06738E20 149 15243 SH SOLE 15243 0 0 BARRICK GOLD CORP COM 2024644 350 7422 SH SOLE 7422 0 0 BASF AG COM 5086577 284 4597 SH SOLE 4597 0 0 BASF SE ADR COM 05526250 286 4620 SH SOLE 4620 0 0 BAYER MOTOREN WERK COM 5756029 403 6017 SH SOLE 6017 0 0 BB&T CAPITAL TR 8.95% PFD PFD 05530J20 1080 40995 SH SOLE 40995 0 0 BERKSHIRE HATHAWAY CL B COM 08467070 493 6945 SH SOLE 6945 0 0 BHP BILLITON LTD COM 6144690 466 13705 SH SOLE 13705 0 0 BHP LIMITED SPONS ADR COM 08860610 444 6689 SH SOLE 6689 0 0 BLACKROCK INC COM 09247X10 230 1554 SH SOLE 1554 0 0 BOEING CO COM 09702310 842 13920 SH SOLE 13920 0 0 BP PLC COM 0798059 255 42185 SH SOLE 42185 0 0 BRAMBLES LTD COM B1FJ0C0 375 59571 SH SOLE 59571 0 0 CANON INC COM 6172323 275 5973 SH SOLE 5973 0 0 CANON INC SP ADR COM 13800630 331 7322 SH SOLE 7322 0 0 CARNIVAL PLC COM 3121522 209 6666 SH SOLE 6666 0 0 CATERPILLAR INC COM 14912310 552 7480 SH SOLE 7480 0 0 CEMEX SAB-SPONS ADR COM 15129088 69 21689 SH SOLE 21689 0 0 CHEVRON CORPORATION COM 16676410 645 6966 SH SOLE 6966 0 0 CHINA UNICOM HONG KONG ADR COM 16945R10 315 15417 SH SOLE 15417 0 0 CHUBB CORP COM 17123210 362 6027 SH SOLE 6027 0 0 CHUNGHWA TELECOM LTD ADR COM 17133Q50 258 7828 SH SOLE 7828 0 0 CISCO SYSTEMS INC COM 17275R10 434 28025 SH SOLE 28025 0 0 CLP HOLDINGS COM 6097017 424 46741 SH SOLE 46741 0 0 CNOOC LTD ADR COM 12613210 250 1560 SH SOLE 1560 0 0 COCA-COLA CO COM 19121610 2373 35122 SH SOLE 35122 0 0 COLGATE-PALMOLIVE CO COM 19416210 236 2660 SH SOLE 2660 0 0 CONOCOPHILLIPS COM 20825C10 954 15074 SH SOLE 15074 0 0 COVIDIEN PLC COM G2554F11 315 7148 SH SOLE 7148 0 0 CREDIT SUISSE GROUP COM 7171589 278 10535 SH SOLE 10535 0 0 CRH COM 0182704 167 10530 SH SOLE 10530 0 0 DARDEN RESTAURANTS INC COM 23719410 342 7994 SH SOLE 7994 0 0 DBS GROUP HOLDINGS COM 6175203 221 24277 SH SOLE 24277 0 0 DIAGEO COM 0237400 395 20595 SH SOLE 20595 0 0 DIAGEO PLC-SPONSORED ADR COM 25243Q20 351 4624 SH SOLE 4624 0 0 DUPONT (E I) DENEMOURS COM 26353410 208 5209 SH SOLE 5209 0 0 EATON CORP COM 27805810 1555 43798 SH SOLE 43798 0 0 EISAI ORD COM 4523 JP 375 9250 SH SOLE 9250 0 0 EMERSON ELECTRIC CO W/RTS COM 29101110 332 8035 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234 12738 SH SOLE 12738 0 0 HEWLETT-PACKARD CO COM 42823610 580 25834 SH SOLE 25834 0 0 HOME DEPOT INC COM 43707610 241 7336 SH SOLE 7336 0 0 HONEYWELL INTL INC COM 43851610 410 9334 SH SOLE 9334 0 0 HSBC HOLDINGS COM 0540528 377 48655 SH SOLE 48655 0 0 HSBC HOLDINGS 8.125% PFD PFD 40428070 923 35915 SH SOLE 35915 0 0 HSBC HOLDINGS PLC SPON ADR COM 40428040 285 7497 SH SOLE 7497 0 0 IBM CORP COM 45920010 1836 10502 SH SOLE 10502 0 0 ICICI BK LTD ADR COM 45104G10 220 6337 SH SOLE 6337 0 0 ILLINOIS TOOL WORKS COM 45230810 602 14483 SH SOLE 14483 0 0 IMPERIAL TOBACCO COM 0454492 763 22536 SH SOLE 22536 0 0 ING GROEP N.V. SPON ADR COM 45683710 111 15768 SH SOLE 15768 0 0 ING GROEP NV COM 7154182 150 21029 SH SOLE 21029 0 0 INTEL CORP COM 45814010 1303 61096 SH SOLE 61096 0 0 ISHARES FTSE NAREIT MORTG COM 46428853 188 15106 SH SOLE 15106 0 0 ISHARES MSCI EAFE INDEX FD COM 46428746 461 9657 SH SOLE 9657 0 0 ISHARES S&P GLOBAL 100 FD COM 46428757 508 9475 SH SOLE 9475 0 0 ISHARES S&P MIDCAP 400 COM 46428750 237 3040 SH SOLE 3040 0 0 ISHARES S&P SMALLCAP 600 COM 46428780 385 6581 SH SOLE 6581 0 0 J P MORGAN CHASE COM 46625H10 719 23882 SH SOLE 23882 0 0 JOHNSON & JOHNSON COM 47816010 1002 15740 SH SOLE 15740 0 0 JP MORGAN CHASE 8.625% PFD PFD 46625H62 838 30405 SH SOLE 30405 0 0 JPM CHASE XXIX 6.7% PFD PFD 48125E20 1010 40295 SH SOLE 40295 0 0 KAO CORP COM 6483809 364 12953 SH SOLE 12953 0 0 KDDI CORP COM 6248990 445 64 SH SOLE 64 0 0 KELLOGG CO COM 48783610 376 7075 SH SOLE 7075 0 0 KEYENCE CORP COM 6490995 408 1468 SH SOLE 1468 0 0 KIMBERLY-CLARK CORP COM 49436810 280 3942 SH SOLE 3942 0 0 KOMATSU NPV COM 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FINL GRP COM 6335171 232 50539 SH SOLE 50539 0 0 MITSUI & CO LTD COM 6597302 285 19405 SH SOLE 19405 0 0 MITSUI FUDOSAN CO COM 6597603 306 18967 SH SOLE 18967 0 0 MOLSON COORS BREWING CO-B COM 60871R20 389 9812 SH SOLE 9812 0 0 MORGAN STANLEY 6.20% PFD PFD 61750K20 475 22042 SH SOLE 22042 0 0 MYLAN INC COM 62853010 177 10424 SH SOLE 10424 0 0 NATIONAL CITY 6.625% PFD PFD 63540T20 1564 61845 SH SOLE 61845 0 0 NESTLE SA COM 7123870 516 9349 SH SOLE 9349 0 0 NESTLE SPON ADR COM 64106940 520 9432 SH SOLE 9432 0 0 NOKIA CORP SPONSORED ADR A COM 65490220 91 16042 SH SOLE 16042 0 0 NOVARTIS AG COM 7103065 332 5941 SH SOLE 5941 0 0 NOVARTIS AG ADR COM 66987V10 355 6373 SH SOLE 6373 0 0 P G & E CORPORATION W/RTS COM 69331C10 222 5256 SH SOLE 5256 0 0 PEPSICO INC COM 71344810 2775 44828 SH SOLE 44828 0 0 PFIZER INC COM 71708110 2341 132392 SH SOLE 132392 0 0 PNC CAPITAL TRST 7.75% PFD PFD 69350S20 327 12655 SH SOLE 12655 0 0 PNC FINANCIAL SERVICES GRP COM 69347510 224 4639 SH SOLE 4639 0 0 POWERSHARES DB MTLS SHORT COM 25154K85 195 12345 SH SOLE 12345 0 0 PPG INDUSTRIES INC COM 69350610 218 3090 SH SOLE 3090 0 0 PROCTER & GAMBLE CO COM 74271810 3409 53956 SH SOLE 53956 0 0 PROGRESSIVE CORP COM 74331510 239 13469 SH SOLE 13469 0 0 PVF CAPITAL CORP COM 69365410 160 100001 SH SOLE 100001 0 0 RIO TINTO COM 0718875 391 8690 SH SOLE 8690 0 0 RIO TINTO PLC-SPON ADR COM 76720410 291 6597 SH SOLE 6597 0 0 ROYAL DUTCH SHELL A SHS COM B03MLX2 314 10090 SH SOLE 10090 0 0 ROYAL DUTCH SHELL PLC-ADR COM 78025910 260 4189 SH SOLE 4189 0 0 ROYAL DUTCH SHELL-A ADR COM 78025920 329 5353 SH SOLE 5353 0 0 SANOFI ADR COM 5671735 512 7731 SH SOLE 7731 0 0 SANOFI ADR COM 80105N10 257 7846 SH SOLE 7846 0 0 SAP AG COM 4846288 580 11292 SH SOLE 11292 0 0 SASOL LTD ADR COM 80386630 203 5005 SH SOLE 5005 0 0 SCHLUMBERGER LTD COM 80685710 278 4648 SH SOLE 4648 0 0 SEADRILL LTD COM G7945E10 276 10028 SH SOLE 10028 0 0 SHIN-ETSU CHEMICAL COM 6804585 337 6784 SH SOLE 6784 0 0 SIEMENS AG COM 5727973 394 4315 SH SOLE 4315 0 0 SIEMENS AG-SPONS ADR COM 82619750 274 3051 SH SOLE 3051 0 0 SK TELECOM LTD ADR COM 78440P10 200 14208 SH SOLE 14208 0 0 SMITH & NEPHEW COM 0922320 436 48070 SH SOLE 48070 0 0 SMITH & NEPHEW PLC ADR COM 83175M20 239 5354 SH SOLE 5354 0 0 SOUTHERN COMPANY COM 84258710 390 9207 SH SOLE 9207 0 0 SPDR S & P 500 EFT TRUST COM 78462F10 3863 34144 SH SOLE 34144 0 0 SPDR S & P MIDCAP 400 ETF COM 78467Y10 1000 7034 SH SOLE 7034 0 0 SUMITOMO ELECTRIC COM 6858708 337 28360 SH SOLE 28360 0 0 SUN HUNG KAI PROPERTIES COM 6859927 361 31097 SH SOLE 31097 0 0 SUNCOR ENERGY INC COM B3NB1P2 381 14825 SH SOLE 14825 0 0 SUNTRUST CAP IX 7.875% PFD PFD 86788510 201 7925 SH SOLE 7925 0 0 SYNGENTA AG COM 4356646 416 1585 SH SOLE 1585 0 0 SYNGENTA AG ADR COM 87160A10 205 3943 SH SOLE 3943 0 0 SYSCO CORPORATION COM 87182910 240 9269 SH SOLE 9269 0 0 TAIWAN SEMICONDUCTOR ADR COM 87403910 193 16915 SH SOLE 16915 0 0 TARGET CORP W/RTS COM 87612E10 1295 26399 SH SOLE 26399 0 0 TE CONNECTIVITY LTD COM H8498910 362 12873 SH SOLE 12873 0 0 TELEFONICA DE ESPANA ADR COM 87938220 274 14356 SH SOLE 14356 0 0 TELEFONICA SA COM 5732524 219 11320 SH SOLE 11320 0 0 TESCO COM 0884709 373 63309 SH SOLE 63309 0 0 TOKYO GAS CO COM 6895448 70 15000 SH SOLE 15000 0 0 TORONTO DOMINION BK ONT COM 2897222 491 6860 SH SOLE 6860 0 0 TOTAL S.A. SPONSORED ADR COM 89151E10 323 7371 SH SOLE 7371 0 0 TOTAL SA COM B15C557 403 9037 SH SOLE 9037 0 0 TOYOTA MOTOR CORP COM 6900643 246 7055 SH SOLE 7055 0 0 TOYOTA MOTOR CORP ADR COM 89233130 224 3281 SH SOLE 3281 0 0 TYCO INTERNATIONAL LTD NEW COM H8912810 500 12276 SH SOLE 12276 0 0 UNILEVER N V ADR COM 90478470 329 10455 SH SOLE 10455 0 0 UNILEVER NV COM B12T3J1 511 16034 SH SOLE 16034 0 0 UNITED PARCEL SERVICES B COM 91131210 530 8397 SH SOLE 8397 0 0 US BANCORP 7.875% PFD PFD 90297388 1053 38470 SH SOLE 38470 0 0 VALE SA - SP ADR COM 91912E10 283 12409 SH SOLE 12409 0 0 VANGUARD FTSE ALL-WORLD FD COM 92204285 272 7592 SH SOLE 7592 0 0 VERIZON COMMUNICATIONS INC COM 92343V10 640 17396 SH SOLE 17396 0 0 VISA INC CL-A SHARES COM 92826C83 377 4400 SH SOLE 4400 0 0 VODAFONE GROUP COM B16GWD5 451 174305 SH SOLE 174305 0 0 VODAFONE GROUP ADR COM 92857W20 577 22489 SH SOLE 22489 0 0 WAL-MART STORES INC COM 93114210 1492 28753 SH SOLE 28753 0 0 WALGREEN CO COM 93142210 1088 33072 SH SOLE 33072 0 0 WELLS FARGO & CO COM 94974610 281 11657 SH SOLE 11657 0 0 WELLS FARGO 7.875% PFD PFD 94985V20 446 17325 SH SOLE 17325 0 0 WELLS FARGO 8.00% PFD PFD 94974687 423 15345 SH SOLE 15345 0 0 WESTERN ASSET HIGH INC FD COM 95766J10 197 20895 SH SOLE 20895 0 0 WESTERN UNION CO COM 95980210 214 13998 SH SOLE 13998 0 0 WESTPAC BANKING CORP COM 6076146 399 20208 SH SOLE 20208 0 0 WESTPAC BANKING CORP ADR COM 96121430 275 2864 SH SOLE 2864 0 0 WPP PLC COM B3DMTY0 223 23834 SH SOLE 23834 0 0 YUM BRANDS INC COM 98849810 670 13557 SH SOLE 13557 0 0