Oarsman Capital 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
AT&T Inc	COM	00206r102	1,389	39,249	SH		SOLE		37,984	0	1,265
AbbVie Inc.	COM	00287y109	897	21,692	SH		SOLE		18,848	0	2,844
Abbott Labs	COM	002824100	590	16,908	SH		SOLE		14,154	0	2,754
Accenture	COM	g1151c101	391	5,440	SH		SOLE		4,945	0	495
Alliant Energy	COM	018802108	1,298	25,734	SH		SOLE		21,964	0	3,770
Altria Group	COM	02209s103	246	7,025	SH		SOLE		2,825	0	4,200
American Green Group, Inc.	COM	02639t200	0	50,000	SH		SOLE		50,000	0	0
Amgen	COM	031162100	613	6,218	SH		SOLE		5,773	0	445
Anadarko Petroleum	COM	032511107	628	7,306	SH		SOLE		4,366	0	2,940
Apache Corporation	COM	037411105	748	8,920	SH		SOLE		8,440	0	480
Apple Inc.	COM	037833100	1,652	4,167	SH		SOLE		4,009	0	158
Archer-Daniels-Midland Co.	COM	039483102	224	6,600	SH		SOLE		6,600	0	0
BHP Billiton Ltd ADR	COM	088606108	465	8,058	SH		SOLE		6,356	0	1,702
BP p.l.c.	COM	055622104	326	7,817	SH		SOLE		5,475	0	2,342
Bank of Montreal	COM	063671101	380	6,543	SH		SOLE		6,033	0	510
Beam Inc.	COM	073730103	235	3,725	SH		SOLE		3,725	0	0
Berkshire Hathaway cl. A (1/10	COM	084990175	843	500	SH		SOLE		100	0	400
Berkshire Hathaway cl. B	COM	084670702	1,177	10,517	SH		SOLE		10,057	0	460
Brady Corp.	COM	104674106	370	12,026	SH		SOLE		12,026	0	0
Cambridge Heart	COM	131910101	1	50,000	SH		SOLE		50,000	0	0
Caterpillar Inc.	COM	149123101	699	8,477	SH		SOLE		8,027	0	450
Chevron Corp.	COM	166764100	1,663	14,054	SH		SOLE		13,077	0	977
Cisco Systems Inc.	COM	17275R102	681	27,996	SH		SOLE		26,096	0	1,900
Coca-Cola Co.	COM	191216100	479	11,947	SH		SOLE		9,242	0	2,705
Colgate-Palmolive Co.	COM	194162103	1,356	23,675	SH		SOLE		20,835	0	2,840
DNAPrint Genomics, Inc.	COM	23324q202	0	29,000	SH		SOLE		29,000	0	0
Dominion Resources Inc.	COM	25746U109	434	7,637	SH		SOLE		7,257	0	380
Dow Chemical Corp.	COM	260543103	449	13,952	SH		SOLE		13,952	0	0
Du Pont E.I. De Nemour & Co.	COM	263534109	834	15,880	SH		SOLE		15,425	0	455
Duff & Phelps Select Income Fu	COM	23325P104	518	52,711	SH		SOLE		49,611	0	3,100
EMC Corp.	COM	268648102	253	10,695	SH		SOLE		10,365	0	330
Emerson Electric Co.	COM	291011104	956	17,520	SH		SOLE		14,145	0	3,375
Exxon-Mobil	COM	30231G102	1,131	12,520	SH		SOLE		12,220	0	300
Fastenal Co.	COM	311900104	416	9,078	SH		SOLE		7,538	0	1,540
Fiserv Inc.	COM	337738108	999	11,431	SH		SOLE		10,786	0	645
General Dynamics	COM	369550108	297	3,795	SH		SOLE		3,020	0	775
General Electric Co.	COM	369604103	3,796	163,671	SH		SOLE		159,651	0	4,020
Genuine Parts	COM	372460105	1,146	14,674	SH		SOLE		13,499	0	1,175
Google Inc	COM	38259p508	1,512	1,717	SH		SOLE		1,610	0	107
Hard To Treat Diseases	COM	41164a103	0	100,000	SH		SOLE		100,000	0	0
Harley Davidson	COM	412822108	426	7,779	SH		SOLE		7,779	0	0
Helen of Troy, Ltd	COM	g4388n106	548	14,280	SH		SOLE		13,930	0	350
Home Depot Inc.	COM	437076102	203	2,620	SH		SOLE		2,220	0	400
Integrys Energy Group, Inc	COM	45822p105	1,314	22,445	SH		SOLE		19,270	0	3,175
Intel Corp.	COM	458140100	1,429	58,996	SH		SOLE		51,996	0	7,000
Intl Business Mach. Corp.	COM	459200101	1,346	7,042	SH		SOLE		6,512	0	530
J.P. Morgan Chase & Co.	COM	46625H100	701	13,276	SH		SOLE		12,148	0	1,128
Johnson & Johnson	COM	478160104	2,582	30,073	SH		SOLE		26,403	0	3,670
Johnson Controls	COM	478366107	1,542	43,093	SH		SOLE		39,788	0	3,305
Kimberly-Clark Corp.	COM	494368103	1,732	17,825	SH		SOLE		17,395	0	430
Kohl's Corp.	COM	500255104	1,210	23,948	SH		SOLE		22,328	0	1,620
MGE Energy	COM	55277p104	1,136	20,754	SH		SOLE		20,654	0	100
MGIC Investment Corp.	COM	552848103	127	20,855	SH		SOLE		20,655	0	200
McDonald's	COM	580135101	956	9,654	SH		SOLE		9,294	0	360
Medtronic Inc	COM	585055106	1,324	25,716	SH		SOLE		23,711	0	2,005
Merck & Co. Inc.	COM	58933y105	209	4,497	SH		SOLE		4,257	0	240
Microsoft Corp.	COM	594918104	1,897	54,913	SH		SOLE		52,008	0	2,905
Minnesota Mining & Manufacturi	COM	88579Y101	256	2,345	SH		SOLE		2,345	0	0
Monsanto Company	COM	61166W101	342	3,460	SH		SOLE		3,385	0	75
National HealthCare Logs	COM	63633Y108	0	200,000	SH		SOLE		200,000	0	0
Newmont Mining Corp	COM	651639106	333	11,105	SH		SOLE		10,680	0	425
Nokia	COM	654902204	142	38,032	SH		SOLE		35,082	0	2,950
Nordstrom Inc.	COM	655664100	457	7,630	SH		SOLE		5,385	0	2,245
Novartis AG	COM	66987v109	1,206	17,050	SH		SOLE		14,445	0	2,605
Occidental Petroleum	COM	674599105	666	7,460	SH		SOLE		7,460	0	0
Oracle Corp.	COM	68389X105	874	28,450	SH		SOLE		23,135	0	5,315
Oshkosh Corp	COM	688239201	239	6,300	SH		SOLE		6,300	0	0
Paychex	COM	704326107	452	12,385	SH		SOLE		12,265	0	120
Pepsico Inc.	COM	713448108	1,951	23,849	SH		SOLE		22,133	0	1,715
Pfizer Inc.	COM	717081103	1,369	48,870	SH		SOLE		46,765	0	2,105
Philip Morris International	COM	718172109	578	6,670	SH		SOLE		2,610	0	4,060
Praxair	COM	74005P104	780	6,777	SH		SOLE		5,482	0	1,295
Procter & Gamble Co.	COM	742718109	2,085	27,084	SH		SOLE		23,843	0	3,241
Prudential Financial, Inc.	COM	744320102	585	8,010	SH		SOLE		7,570	0	440
Qualcomm Inc.	COM	747525103	805	13,175	SH		SOLE		10,535	0	2,640
RPM Inc.	COM	749685103	1,937	60,634	SH		SOLE		56,159	0	4,475
Range Resources	COM	75281a109	1,158	14,980	SH		SOLE		6,480	0	8,500
Regal-Beloit Corp.	COM	758750103	722	11,140	SH		SOLE		8,860	0	2,280
Ridgestone Finl Svcs Inc	COM	76610v103	0	12,500	SH		SOLE		12,500	0	0
Rockwell Automation	COM	773903109	380	4,570	SH		SOLE		4,570	0	0
Schlumberger Ltd.	COM	806857108	761	10,622	SH		SOLE		9,462	0	1,160
Sensient Technologies	COM	81725T100	285	7,030	SH		SOLE		30	0	7,000
Stanley Black & Decker, Inc.	COM	854502101	455	5,890	SH		SOLE		5,720	0	170
Teva Pharmaceutical Ind.	COM	881624209	1,133	28,914	SH		SOLE		27,804	0	1,110
Timberline Resources Corp.	COM	887133106	2	10,000	SH		SOLE		10,000	0	0
U.S. Bancorp	COM	902973304	582	16,102	SH		SOLE		15,022	0	1,080
United Technologies Corp.	COM	913017109	203	2,180	SH		SOLE		1,955	0	225
VF Corp	COM	918204108	1,124	5,823	SH		SOLE		4,928	0	895
Verizon	COM	92343V104	489	9,713	SH		SOLE		8,588	0	1,125
Vodafone Grp PLC	COM	92857W209	315	10,955	SH		SOLE		10,535	0	420
Wal-Mart Stores Inc.	COM	931142103	633	8,500	SH		SOLE		8,270	0	230
Walgreen Company	COM	931422109	2,000	45,257	SH		SOLE		25,863	0	19,394
Walt Disney Productions	COM	254687106	360	5,707	SH		SOLE		5,707	0	0
Wells Fargo & Co.	COM	949746101	595	14,416	SH		SOLE		13,451	0	965
Wisconsin Energy Corp.	COM	976657106	539	13,161	SH		SOLE		13,161	0	0
Madison Covered Call&Equity St	ETF	557437100	1,119	141,082	SH		SOLE		131,232	0	9,850
MidCap SPDRs	ETF	78467y107	480	2,287	SH		SOLE		2,287	0	0
NASDAQ 100 Index Tracker	ETF	73935A104	241	3,375	SH		SOLE		3,375	0	0
S&P 500/Barra Growth (iShares)	ETF	464287309	210	2,505	SH		SOLE		2,055	0	450
S&P Dep Receipts	ETF	78462f103	620	3,867	SH		SOLE		3,867	0	0
S&P High Yield Dividend Aristo	ETF	78464a763	257	3,870	SH		SOLE		3,870	0	0
SPDR Dow Jones Industrial Aver	ETF	78467x109	578	3,893	SH		SOLE		3,893	0	0
Vanguard High Dividend Yield I	ETF	921946406	1,348	23,917	SH		SOLE		23,917	0	0
Vanguard Mega Cap 300 Growth I	ETF	921910816	1,544	25,561	SH		SOLE		25,561	0	0
Vanguard Mid Cap ETF	ETF	922908629	560	5,882	SH		SOLE		5,882	0	0
iShares DJ Transp Avg	ETF	464287192	203	1,850	SH		SOLE		1,850	0	0
S&P 600/Barra Growth Index (iS	SMLC	464287887	1,042	10,755	SH		SOLE		10,094	0	661
S&P 600/Barra Value Index (iSh	SMLC	464287879	1,167	12,494	SH		SOLE		11,979	0	515
Vanguard Small Cap ETF	SMLC	922908751	643	6,860	SH		SOLE		6,860	0	0
WisdomTree SmallCap Dividend E	SMLC	97717w604	299	5,128	SH		SOLE		5,128	0	0
China-H FTSE/Xinhua 25 Index (	INTL	464287184	529	16,282	SH		SOLE		14,237	0	2,045
Europe/Australia/Far-East Inde	INTL	464287465	371	6,474	SH		SOLE		5,185	0	1,289
Latin America Index (iShares)	INTL	464287390	458	12,465	SH		SOLE		10,825	0	1,640
MSCI Emerging Markets Index (i	INTL	464287234	626	16,263	SH		SOLE		14,500	0	1,763
MSCI Japan Index (iShares)	INTL	464286848	129	11,480	SH		SOLE		10,180	0	1,300
SPDR S&P International Dividen	INTL	78463X772	221	5,070	SH		SOLE		4,960	0	110
Vanguard Emerging Markets Stoc	INTL	922042858	672	17,310	SH		SOLE		17,260	0	50
Vanguard MSCI EAFE ETF	INTL	921943858	586	16,464	SH		SOLE		16,464	0	0
WisdomTree EAFE Dividend-Wgtd	INTL	97717w703	580	12,612	SH		SOLE		12,302	0	310
WisdomTree Emerg Mkts High-Yie	INTL	97717w315	635	13,141	SH		SOLE		12,346	0	795
iShares Dow Jones EPAC Select	INTL	464288448	605	19,000	SH		SOLE		18,400	0	600
iShares MSCI All Country Asia	INTL	464288182	426	7,787	SH		SOLE		6,900	0	887
Alliance Bernstein Income Fund	FIXD	01881e101	165	22,115	SH		SOLE		22,115	0	0
BlackRock Int. Duration Munici	FIXD	09253X102	1,080	73,675	SH		SOLE		69,145	0	4,530
BlackRock MuniAssets Fund	FIXD	09254j102	584	46,270	SH		SOLE		41,770	0	4,500
Calamos Convertible & High Inc	FIXD	12811p108	559	45,130	SH		SOLE		40,530	0	4,600
Eaton Vance Limited Duration I	FIXD	27828H105	623	39,085	SH		SOLE		35,485	0	3,600
Nuveen Municipal Value Fund In	FIXD	670928100	207	21,635	SH		SOLE		21,635	0	0
PIMCO 1-5 Year US TIPS Index E	FIXD	72201r205	383	7,264	SH		SOLE		7,264	0	0
PIMCO Build America Bond ETF	FIXD	72201r825	581	11,500	SH		SOLE		11,400	0	100
PIMCO Corporate Opportunity Fu	FIXD	72201b101	561	28,720	SH		SOLE		27,050	0	1,670
Putnam Master Intrm Inc Tr	FIXD	746909100	56	11,220	SH		SOLE		11,220	0	0
SPDR Barclays Capital High Yie	FIXD	78464a417	704	17,831	SH		SOLE		17,831	0	0
SPDR Short Term Municipal Bond	FIXD	78464a425	592	24,775	SH		SOLE		23,150	0	1,625
iShares Barclays Aggregate Bon	FIXD	464287226	1,091	10,179	SH		SOLE		10,179	0	0
iShares Barclays TIPS Bond Fun	FIXD	464287176	1,022	9,123	SH		SOLE		9,013	0	110
iShares S&P National Municipal	FIXD	464288414	209	1,985	SH		SOLE		1,685	0	300
iShares iBoxx Invest Grade Cor	FIXD	464287242	1,881	16,553	SH		SOLE		16,318	0	235
Gold Shares SPDR	CMDT	78463v107	596	5,005	SH		SOLE		4,645	0	360
iPath Dow Jones-AIG Commodity	CMDT	06738C778	425	11,642	SH		SOLE		11,642	0	0
iShares Gold Trust	CMDT	464285105	143	11,914	SH		SOLE		10,449	0	1,465
Claymore/Clear Global Timber I	REAL	18383q879	207	9,547	SH		SOLE		8,147	0	1,400
Cohen & Steers Global Realty M	REAL	00162q106	223	5,646	SH		SOLE		5,646	0	0
Columbia Property Trust Inc.	REAL	198287104	88	11,948	SH		SOLE		11,948	0	0
Mortgage REIT Index	REAL	464288539	199	15,740	SH		SOLE		15,290	0	450
Plum Creek Timber	REAL	729251108	210	4,505	SH		SOLE		4,325	0	180
SPDR Dow Jones Global Real Est	REAL	78463x749	445	10,582	SH		SOLE		10,582	0	0
Calamos Market Neutral Income	HEDG	128119203	645	50,646	SH		SOLE		50,646	0	0
DWS RREEF Global Infrastructur	HEDG	233379692	140	11,341	SH		SOLE		11,135	0	206
Goldman Sachs Satellite Strate	HEDG	38143H357	343	43,595	SH		SOLE		42,668	0	928