Curbstone Financial Management Corp Form 13F-HR Filed 2023-01-19

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
Barings Corporate Investors (M	BDFUND	06759X107	5,480	392,536	SH		SOLE		196,268	0	196,268
Barings Participation Inv (MPV	BDFUND	06761A103	882	71,616	SH		SOLE		35,808	0	35,808
IShares 0-5 Year Tips ETF (STI	BDFUND	46429B747	3,073	31,690	SH		SOLE		15,845	0	15,845
IShares Dec 2023 Muni Bond ETF	BDFUND	46435G318	1,117	44,050	SH		SOLE		22,025	0	22,025
IShares Muni Bond 2024 ETF (IB	BDFUND	46435U697	766	29,750	SH		SOLE		14,875	0	14,875
Invesco Bulletshares 2023 Corp	BDFUND	46138J866	5,355	255,222	SH		SOLE		127,611	0	127,611
Invesco Bulletshares 2024 Corp	BDFUND	46138J841	5,122	250,050	SH		SOLE		125,025	0	125,025
Invesco Bulletshares 2025 Corp	BDFUND	46138J825	1,159	57,530	SH		SOLE		28,765	0	28,765
SPDR Int Corporate Bond ETF (S	BDFUND	78464A375	430	13,520	SH		SOLE		6,760	0	6,760
SPDR Inv't Grade Floating Rate	BDFUND	78468R200	15,439	508,014	SH		SOLE		254,007	0	254,007
SPDR Nuveen Barclays Shrt Term	BDFUND	78468R739	1,174	25,000	SH		SOLE		12,500	0	12,500
Schwab Aggregate Bond ETF (SCH	BDFUND	808524839	2,451	53,700	SH		SOLE		26,850	0	26,850
Schwab US Tips ETF (SCHP)	BDFUND	808524870	5,687	109,800	SH		SOLE		54,900	0	54,900
VanEck Vectors Shrt Mun ETF (S	BDFUND	92189F528	709	42,000	SH		SOLE		21,000	0	21,000
Vanguard Intermediate Corp Bon	BDFUND	92206C870	9,254	119,390	SH		SOLE		59,695	0	59,695
Vanguard ST Corp Bond ETF (VCS	BDFUND	92206C409	20,929	278,354	SH		SOLE		139,177	0	139,177
Vanguard Tax-Exempt Bond Index	BDFUND	922907746	564	11,400	SH		SOLE		5,700	0	5,700
iShares 1-5 yr Inv Grade Corp	BDFUND	464288646	7,461	149,760	SH		SOLE		74,880	0	74,880
iShares National Muni Bond (MU	BDFUND	464288414	5,915	56,060	SH		SOLE		28,030	0	28,030
iShares Short Term Nat'l Muni	BDFUND	464288158	4,270	40,950	SH		SOLE		20,475	0	20,475
iShares TIPS Bond Fund (TIP)	BDFUND	464287176	5,583	52,448	SH		SOLE		26,224	0	26,224
Healthpeak Prop (PEAK)	REIT	42250P103	854	34,050	SH		SOLE		17,025	0	17,025
Schwab REIT ETF (SCHH)	REIT	808524847	1,049	54,400	SH		SOLE		27,200	0	27,200
Vanguard REIT Index ETF (VNQ)	REIT	922908553	921	11,170	SH		SOLE		5,585	0	5,585
Weyerhauser (WY)	REIT	962166104	2,620	84,510	SH		SOLE		42,255	0	42,255
3M Company (MMM)	COM	88579Y101	952	7,936	SH		SOLE		3,968	0	3,968
A F L A C Inc. (AFL)	COM	001055102	1,115	15,500	SH		SOLE		7,750	0	7,750
AT&T Inc. (T)	COM	00206R102	780	42,352	SH		SOLE		21,176	0	21,176
Abbott Laboratories (ABT)	COM	002824100	3,099	28,228	SH		SOLE		14,114	0	14,114
Abbvie Inc (ABBV)	COM	00287Y109	1,942	12,015	SH		SOLE		6,007	0	6,007
Accenture PLC (ACN)	COM	G1151C101	523	1,960	SH		SOLE		980	0	980
Advanced Micro Devices Inc (AM	COM	007903107	635	9,806	SH		SOLE		4,903	0	4,903
Aerovironment (AVAV)	COM	008073108	702	8,190	SH		SOLE		4,095	0	4,095
Air Prod & Chemicals (APD)	COM	009158106	551	1,786	SH		SOLE		893	0	893
Alphabet Class A (GOOGL)	COM	02079K305	722	8,180	SH		SOLE		4,090	0	4,090
Alphabet Class C (GOOG)	COM	02079K107	4,600	51,847	SH		SOLE		25,923	0	25,923
Amazon Com Inc (AMZN)	COM	023135106	3,400	40,478	SH		SOLE		20,239	0	20,239
Amcor PLC ADR (AMCR)	COM	Q03080100	853	71,602	SH		SOLE		35,801	0	35,801
Amgen Incorporated (AMGN)	COM	031162100	528	2,012	SH		SOLE		1,006	0	1,006
Apple Computer (AAPL)	COM	037833100	10,416	80,163	SH		SOLE		40,082	0	40,082
Auto Data Processing (ADP)	COM	053015103	1,241	5,196	SH		SOLE		2,598	0	2,598
Autodesk Inc. (ADSK)	COM	052769106	1,702	9,110	SH		SOLE		4,555	0	4,555
BWX Technologies (BWXT)	COM	05605H100	665	11,450	SH		SOLE		5,725	0	5,725
Bank of America Corp. (BAC)	COM	060505104	648	19,556	SH		SOLE		9,778	0	9,778
Bank of Montreal (BMO)	COM	063671101	1,299	14,334	SH		SOLE		7,167	0	7,167
Bank of New York (BK)	COM	064058100	483	10,600	SH		SOLE		5,300	0	5,300
Becton Dickinson (BDX)	COM	075887109	561	2,208	SH		SOLE		1,104	0	1,104
Berkshire Hathaway Cl B (BRKB)	COM	084670702	3,397	10,998	SH		SOLE		5,499	0	5,499
Boeing Company (BA)	COM	097023105	538	2,826	SH		SOLE		1,413	0	1,413
Bristol-Myers Squibb (BMY)	COM	110122108	1,517	21,086	SH		SOLE		10,543	0	10,543
CSG Systems Int'l (CSGS)	COM	126349109	1,019	17,820	SH		SOLE		8,910	0	8,910
CVS Health Corp. (CVS)	COM	126650100	2,587	27,762	SH		SOLE		13,881	0	13,881
Carrier Global Corp (CARR)	COM	14448C104	962	23,318	SH		SOLE		11,659	0	11,659
Celanese (CE)	COM	150870103	1,311	12,824	SH		SOLE		6,412	0	6,412
Check Point Software Tech (CHK	COM	M22465104	2,153	17,068	SH		SOLE		8,534	0	8,534
Chevron Corp (CVX)	COM	166764100	2,719	15,146	SH		SOLE		7,573	0	7,573
Chewy (CHWY)	COM	16679L109	924	24,910	SH		SOLE		12,455	0	12,455
Cisco Systems Inc. (CSCO)	COM	17275R102	3,881	81,460	SH		SOLE		40,730	0	40,730
Coca Cola Company (KO)	COM	191216100	1,855	29,158	SH		SOLE		14,579	0	14,579
Colgate-Palmolive Co. (CL)	COM	194162103	1,158	14,698	SH		SOLE		7,349	0	7,349
Comcast Corp NEW CL A (CMCSA)	COM	20030N101	1,525	43,620	SH		SOLE		21,810	0	21,810
Concentrix Corp (CNXC)	COM	20602D101	652	4,900	SH		SOLE		2,450	0	2,450
Constellation Brands (STZ)	COM	21036P108	412	1,776	SH		SOLE		888	0	888
Danaher Corp (DHR)	COM	235851102	1,038	3,910	SH		SOLE		1,955	0	1,955
Deere Co (DE)	COM	244199105	612	1,428	SH		SOLE		714	0	714
Disney Walt Hldg. Co. (DIS)	COM	254687106	2,161	24,870	SH		SOLE		12,435	0	12,435
ETFMG Prime Cyber Security ETF	COM	26924G201	1,240	28,150	SH		SOLE		14,075	0	14,075
Eaton Corporation (ETN)	COM	G29183103	414	2,636	SH		SOLE		1,318	0	1,318
Emerson Elec Co (EMR)	COM	291011104	479	4,982	SH		SOLE		2,491	0	2,491
Estee Lauder Companies, CL A (	COM	518439104	402	1,620	SH		SOLE		810	0	810
Exact Sciences (EXAS)	COM	30063P105	690	13,930	SH		SOLE		6,965	0	6,965
Exxon Mobil (XOM)	COM	30231G102	5,077	46,026	SH		SOLE		23,013	0	23,013
Fastenal Company (FAST)	COM	311900104	747	15,782	SH		SOLE		7,891	0	7,891
General Electric Company (GE)	COM	369604103	457	5,460	SH		SOLE		2,730	0	2,730
General Mills, Inc. (GIS)	COM	370334104	737	8,784	SH		SOLE		4,392	0	4,392
General Motors New (GM)	COM	37045V100	430	12,794	SH		SOLE		6,397	0	6,397
Gilead Sciences Inc. (GILD)	COM	375558103	507	5,910	SH		SOLE		2,955	0	2,955
Globalstar Inc. (GSAT)	COM	378973408	265	199,400	SH		SOLE		99,700	0	99,700
Graco Inc (GGG)	COM	384109104	457	6,800	SH		SOLE		3,400	0	3,400
Hamilton Beach Brands Cl A (HB	COM	40701T104	838	67,646	SH		SOLE		33,823	0	33,823
Hamilton Beach Brands Cl B Res	COM	40701T203	811	69,452	SH		SOLE		34,726	0	34,726
Hologic Inc (HOLX)	COM	436440101	1,634	21,846	SH		SOLE		10,923	0	10,923
Home Depot Inc. (HD)	COM	437076102	2,418	7,654	SH		SOLE		3,827	0	3,827
Honeywell International (HON)	COM	438516106	2,026	9,454	SH		SOLE		4,727	0	4,727
Hormel Foods (HRL)	COM	440452100	1,275	28,001	SH		SOLE		14,001	0	14,001
Hyster-Yale Materials Handling	COM	449172105	1,491	58,914	SH		SOLE		29,457	0	29,457
Illinois Tool Works Inc (ITW)	COM	452308109	1,143	5,190	SH		SOLE		2,595	0	2,595
Intel Corp. (INTC)	COM	458140100	1,927	72,907	SH		SOLE		36,454	0	36,454
Invesco Water Resource Port (P	COM	46137V142	1,412	27,400	SH		SOLE		13,700	0	13,700
J P Morgan Chase & Co (JPM)	COM	46625H100	3,258	24,298	SH		SOLE		12,149	0	12,149
J.M. Smuckers Co (SJM)	COM	832696405	2,159	13,628	SH		SOLE		6,814	0	6,814
Johnson & Johnson (JNJ)	COM	478160104	4,954	28,046	SH		SOLE		14,023	0	14,023
Kohlberg Kravis & Co (KKR)	COM	48251W104	2,356	50,748	SH		SOLE		25,374	0	25,374
Korn Ferry International (KFY)	COM	500643200	494	9,750	SH		SOLE		4,875	0	4,875
Landstar System (LSTR)	COM	515098101	692	4,246	SH		SOLE		2,123	0	2,123
LeMaitre Vascular (LMAT)	COM	525558201	442	9,600	SH		SOLE		4,800	0	4,800
Lilly Eli & Company (LLY)	COM	532457108	3,108	8,496	SH		SOLE		4,248	0	4,248
Lowes Companies Inc. (LOW)	COM	548661107	642	3,224	SH		SOLE		1,612	0	1,612
McDonalds Corp (MCD)	COM	580135101	1,436	5,450	SH		SOLE		2,725	0	2,725
Merck & Co Inc. (MRK)	COM	589331107	3,061	27,586	SH		SOLE		13,793	0	13,793
Microsoft Corp. (MSFT)	COM	594918104	6,068	25,304	SH		SOLE		12,652	0	12,652
Mondelez (MDLZ)	COM	609207105	425	6,370	SH		SOLE		3,185	0	3,185
Morgan Stanley (MS)	COM	617446448	483	5,682	SH		SOLE		2,841	0	2,841
Nacco Inds Inc CL A (NC)	COM	629579103	979	25,776	SH		SOLE		12,888	0	12,888
NextEra Energy (NEE)	COM	65339F101	1,996	23,870	SH		SOLE		11,935	0	11,935
Norfolk Southern Cop (NSC)	COM	655844108	574	2,328	SH		SOLE		1,164	0	1,164
Oracle Corp. (ORCL)	COM	68389X105	1,124	13,750	SH		SOLE		6,875	0	6,875
Otis Worldwide (OTIS)	COM	68902V107	593	7,568	SH		SOLE		3,784	0	3,784
PepsiCo Inc. (PEP)	COM	713448108	4,638	25,674	SH		SOLE		12,837	0	12,837
Pfizer Inc (PFE)	COM	717081103	3,076	60,035	SH		SOLE		30,017	0	30,017
Phillips 66 (PSX)	COM	718546104	1,762	16,926	SH		SOLE		8,463	0	8,463
Procter & Gamble (PG)	COM	742718109	3,357	22,148	SH		SOLE		11,074	0	11,074
ROBO Gbl Robotics & Auto'n ETF	COM	301505707	1,059	22,860	SH		SOLE		11,430	0	11,430
Raytheon Technologies (RTX)	COM	75513E101	2,634	26,100	SH		SOLE		13,050	0	13,050
Regions Financial Corp (RF)	COM	7591EP100	573	26,600	SH		SOLE		13,300	0	13,300
SYNNEX Corp (SNX)	COM	87162W100	616	6,500	SH		SOLE		3,250	0	3,250
Salesforce.com (CRM)	COM	79466L302	498	3,756	SH		SOLE		1,878	0	1,878
Smith & Nephew (SNN)	COM	83175M205	752	27,950	SH		SOLE		13,975	0	13,975
Sonoco Products (SON)	COM	835495102	1,721	28,350	SH		SOLE		14,175	0	14,175
Southwest Airlines (LUV)	COM	844741108	803	23,850	SH		SOLE		11,925	0	11,925
Sprouts Farmers Markets (SFM)	COM	85208M102	545	16,840	SH		SOLE		8,420	0	8,420
Standard Motor Products (SMP)	COM	853666105	536	15,402	SH		SOLE		7,701	0	7,701
Starbucks Corp. (SBUX)	COM	855244109	1,169	11,782	SH		SOLE		5,891	0	5,891
State Street Corp (STT)	COM	857477103	710	9,150	SH		SOLE		4,575	0	4,575
Stryker Corp. (SYK)	COM	863667101	608	2,488	SH		SOLE		1,244	0	1,244
Sysco Corp. (SYY)	COM	871829107	2,349	30,732	SH		SOLE		15,366	0	15,366
T Rowe Price Group (TROW)	COM	74144T108	695	6,370	SH		SOLE		3,185	0	3,185
TJX Cos Inc (TJX)	COM	872540109	4,046	50,832	SH		SOLE		25,416	0	25,416
Taiwan Semiconductor ADRF Spon	COM	874039100	991	13,300	SH		SOLE		6,650	0	6,650
Target Corporation (TGT)	COM	87612E106	1,795	12,044	SH		SOLE		6,022	0	6,022
Texas Instruments Inc (TXN)	COM	882508104	867	5,248	SH		SOLE		2,624	0	2,624
The Blackstone Group (BX)	COM	09260D107	436	5,880	SH		SOLE		2,940	0	2,940
The Trade Desk Inc (TTD)	COM	88339J105	632	14,100	SH		SOLE		7,050	0	7,050
Trex Inc (TREX)	COM	89531P105	1,234	29,150	SH		SOLE		14,575	0	14,575
US Bancorp (USB)	COM	902973304	2,051	47,020	SH		SOLE		23,510	0	23,510
Ulta Beauty (ULTA)	COM	903845303	1,858	3,960	SH		SOLE		1,980	0	1,980
Unilever PLC ADR New F (UL)	COM	904767704	983	19,528	SH		SOLE		9,764	0	9,764
Union Pacific Corp. (UNP)	COM	907818108	673	3,248	SH		SOLE		1,624	0	1,624
United Parcel Service Cl B (UP	COM	911312106	649	3,732	SH		SOLE		1,866	0	1,866
Unitedhealth Group Inc. (UNH)	COM	91324P102	623	1,176	SH		SOLE		588	0	588
Verisk Analytics (VRSK)	COM	92345Y106	1,879	10,650	SH		SOLE		5,325	0	5,325
Verizon Communications (VZ)	COM	92343V104	1,766	44,826	SH		SOLE		22,413	0	22,413
Visa Inc (V)	COM	92826C839	2,316	11,146	SH		SOLE		5,573	0	5,573
WD 40 Co (WDFC)	COM	929236107	1,365	8,466	SH		SOLE		4,233	0	4,233
WalMart Inc. (WMT)	COM	931142103	726	5,118	SH		SOLE		2,559	0	2,559
Zimmer Biomet Holdings Inc. (Z	COM	98956P102	526	4,126	SH		SOLE		2,063	0	2,063
Zoetis Inc (ZTS)	COM	98978V103	1,691	11,540	SH		SOLE		5,770	0	5,770
IShares S&P 100 Index (OEF)	ETF	464287101	829	4,860	SH		SOLE		2,430	0	2,430
Invesco S&P 500 Equal Weighted	ETF	46137V357	4,645	32,885	SH		SOLE		16,443	0	16,443
Invesco S&P 500 Low Vol ETF (S	ETF	46138E354	670	10,480	SH		SOLE		5,240	0	5,240
Invesco SP500 Hi Div Low Vol (	ETF	46138E362	697	15,900	SH		SOLE		7,950	0	7,950
SPDR S&P Dividend ETF (SDY)	ETF	78464A763	920	7,350	SH		SOLE		3,675	0	3,675
SPDR S&P Midcap 400 (MDY)	ETF	78467Y107	14,055	31,742	SH		SOLE		15,871	0	15,871
SPDR Trust S&P 500 (SPY)	ETF	78462F103	1,165	3,047	SH		SOLE		1,524	0	1,524
Schwab Large Cap Growth ETF (S	ETF	808524300	8,347	150,241	SH		SOLE		75,120	0	75,120
Schwab Large Cap US ETF (SCHX)	ETF	808524201	3,802	84,200	SH		SOLE		42,100	0	42,100
Schwab US Broad Market ETF (SC	ETF	808524102	6,419	143,248	SH		SOLE		71,624	0	71,624
Schwab US Dividend Equity (SCH	ETF	808524797	5,970	79,036	SH		SOLE		39,518	0	39,518
Schwab US Mid Cap ETF (SCHM)	ETF	808524508	11,863	180,810	SH		SOLE		90,405	0	90,405
Schwab US Small Cap ETF (SCHA)	ETF	808524607	7,324	180,802	SH		SOLE		90,401	0	90,401
Vanguard Extended Market Index	ETF	922908652	1,697	12,770	SH		SOLE		6,385	0	6,385
Vanguard High Dividend Yield E	ETF	921946406	486	4,490	SH		SOLE		2,245	0	2,245
Vanguard Mid Cap ETF (VO)	ETF	922908629	795	3,900	SH		SOLE		1,950	0	1,950
Vanguard S&P 500 ETF (VOO)	ETF	922908363	10,045	28,590	SH		SOLE		14,295	0	14,295
Vanguard Small Cap Growth (VBK	ETF	922908595	2,647	13,200	SH		SOLE		6,600	0	6,600
iShares S&P US Preferred Stock	ETF	464288687	4,129	135,230	SH		SOLE		67,615	0	67,615
IShares S&P Global 100 ETF (IO	ETF	464287572	1,337	20,880	SH		SOLE		10,440	0	10,440
Ishares Int'l Select Dividend	ETF	464288448	554	20,410	SH		SOLE		10,205	0	10,205
Ishares MSCI Ireland ETF (EIRL	ETF	46429B507	596	13,040	SH		SOLE		6,520	0	6,520
Schwab Emerging Markets ETF (S	ETF	808524706	2,178	92,000	SH		SOLE		46,000	0	46,000
Schwab International Equity ET	ETF	808524805	12,109	375,950	SH		SOLE		187,975	0	187,975
Vanguard Total World Stock Mar	ETF	922042742	408	4,730	SH		SOLE		2,365	0	2,365
iShares MSCI Canada Index Fund	ETF	464286509	484	14,780	SH		SOLE		7,390	0	7,390
iShares TR MSCI EAFE Fd (EFA)	ETF	464287465	2,557	38,961	SH		SOLE		19,480	0	19,480

Check here if Amendment:	☐ Amendment Number:
This Amendment (Check only one.):	☐ is a restatement. ☐ adds new holdings entries.

Name:	Curbstone Financial Management Corp
Address:	741 CHESTNUT STREET

	MANCHESTER, NH 03104
Form 13F File Number:	028-16150

Name:	Thomas M. Lewry
Title:	President
Phone:	6036248462

Number of Other Included Managers:	0
Form 13F Information table Entry Total:	174
Form 13F Information table Value Total:	399759 (thousands)

Institutional Investment Manager Filing this Report:

Signature, Place, and Date of Signing:

Report Type (Check only one.):

Form 13F Summary Page

Report Summary:

List of Other Included Managers: