A. Organization Through our predecessor firms, Boyd Watterson has been in continuous business since 1928. Below is the ownership structure of Boyd Watterson as of December 2021. B. Advisory Services Boyd Watterson Asset Management, LLC is an institutional-oriented investment management firm that manages client portfolios across a variety of fixed income and equity strategies. Services are available to clients in direct relationships with Boyd, through platforms, or a unified managed account where Boyd is the single manager or one of many managers or through investment vehicles managed by Boyd. Boyd also provides sub-advisory services under a variety of circumstances including, but not limited to, mutual fund(s) and model delivery programs. Additionally, we manage direct (i.e., non-securities) investments in real estate assets, including commingled open-end and closed-end real estate funds and separately managed real estate investments. For some clients, we provide real estate management services consisting of non- discretionary consulting services and advice, such as evaluating potential transactions for clients and monitoring and/or providing advice to clients on other property management matters. C. Specific Client Needs and Restrictions Custom Account Management
• Whether we tailor portfolios to individual client needs depends on the type of client. Institutional clients typically have Investment Policy Statements that contain parameters and restrictions that require some degree of portfolio customization. Our individual clients primarily are introduced to us by third party financial institutions such as broker- dealers. In those cases, the client’s financial advisor will select which of our strategies the client should be invested in, and we will manage the client’s account according to our model for the applicable strategy. We provide customized portfolio management services to clients in some instances, but usually only in the case of a long-term relationship directly with the client or when requested.
• If you have particular investment restrictions that you would like us to adhere to, we will generally accept the assignment (subject to minimum account values) as long as the restrictions do not hinder our ability to properly manage the account to the applicable strategy. Application of Client Guidelines Investment guidelines often contain credit quality requirements defined by reference to credit ratings without specifying a particular credit agency or rating system. As mentioned in Item 8 below, as a general matter, and consistent with industry practice, when an investment guideline references credit ratings to determine the credit quality of an individual security, Boyd Watterson utilizes the middle rating of Moody’s, S&P, and Fitch. If only two of these three rating agencies rate a security, the lower rating is used. If only one rating exists, that rating is used. If a security is not rated by a major national statistical rating agency, then Boyd Watterson will assign a rating based on the creditworthiness of the entity. In addition, Boyd Watterson uses the following industry practice with respect to client guideline references to credit ratings:
• Credit Quality of Individual Securities:

Unless otherwise specified in the Client guidelines, Boyd Watterson will consider guidelines (i.e. “BBB”) to include ratings with the lowest common denominator within a stated credit quality classification (i.e. “BBB+/BBB/BBB-”). For example, guidelines that allow for “BBB” rated securities, will also be permitted to invest in securities rated “BBB-” using the determination method described above, unless specifically stated otherwise.
• Credit Quality of Overall Portfolio: Unless otherwise specified in the Client guidelines, Boyd Watterson will consider guidelines for the overall portfolio (i.e. “A”) to include ratings with the lowest common denominator within a stated quality classification (i.e. “A+/A/A-”). For example, guidelines that allow for “A or better,” will also be interpreted to allow for an overall portfolio quality rating of “A-,” unless specifically stated otherwise. Interpretation of Silent Guidelines
• If an investment policy statement is silent on certain types of investments that would generally be considered acceptable in the industry within the realm of the investment mandate, then Boyd Watterson will interpret such investments as acceptable investments, unless explicitly prohibited under the investment policy statement and subject to any applicable notice and consent requirements. Item 8.A. herein lists fixed income securities that are generally deemed acceptable. D. Wrap Fee Programs We are the portfolio manager for several wrap fee programs that are sponsored by unaffiliated third parties (“Sponsor Firms”), in which case we receive a portion of the wrap fee that is charged to the client by the Sponsor Firm. Under wrap fee programs, Sponsor Firms (and the financial advisors at those Sponsor Firms) assist clients with the selection of Boyd Watterson (or they have the discretion to select Boyd Watterson for clients) to manage the assets in accounts maintained at the Sponsor Firm, collect Boyd Watterson’s investment advisory fee on behalf of the client (if any), monitor and evaluate Boyd Watterson’s performance, and provide custodial and execution services for the clients’ assets. Under a wrap fee program, advisory services and transaction services are generally provided for one fee to the client. Trading equity or fixed income securities away from Sponsor Firms in wrap accounts will result in additional charges to the client under some circumstances. Please refer to Boyd Watterson Asset Management, LLC, Form ADV, Part 1 for a list of wrap fee programs and Sponsor Firms in which Boyd is included. For more information regarding the fees associated with each wrap fee program, please consult the Wrap Fee Brochure from the Sponsoring Firm. E. Assets Under Management As of December 31, 2023, our assets under management (“AUM”) consisted of the following: Discretionary1 $ 17,097,181,472 Non-discretionary2 $ 781,313,686 Real Estate SMA3 $ 268,730,704 Model UMA4 $ 237,509,530 Total: $ 18,384,735,392