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	1,528	43,573	SH		SOLE		42,458	0	1,115
AbbVie Inc.	COM	00287y109	1,162	22,605	SH		SOLE		20,761	0	1,844
Abbott Labs	COM	002824100	644	16,714	SH		SOLE		15,010	0	1,704
Accenture	COM	g1151c101	718	9,010	SH		SOLE		8,580	0	430
Air Products and Chemicals Inc	COM	009158106	221	1,856	SH		SOLE		1,030	0	826
Alliant Energy	COM	018802108	1,572	27,674	SH		SOLE		25,904	0	1,770
Altria Group	COM	02209s103	325	8,677	SH		SOLE		7,977	0	700
Amazon.com	COM	023135106	231	687	SH		SOLE		677	0	10
American Green Group, Inc.	COM	02639t200	0	50,000	SH		SOLE		50,000	0	0
Amgen	COM	031162100	1,023	8,293	SH		SOLE		7,848	0	445
Anadarko Petroleum	COM	032511107	573	6,756	SH		SOLE		5,816	0	940
Apache Corporation	COM	037411105	764	9,215	SH		SOLE		8,740	0	475
Apple Inc.	COM	037833100	2,363	4,402	SH		SOLE		4,244	0	158
Archer-Daniels-Midland Co.	COM	039483102	278	6,400	SH		SOLE		6,400	0	0
BHP Billiton Ltd ADR	COM	088606108	538	7,933	SH		SOLE		6,971	0	962
BP p.l.c.	COM	055622104	512	10,647	SH		SOLE		8,305	0	2,342
Bank of Montreal	COM	063671101	498	7,437	SH		SOLE		6,827	0	610
Beam Inc.	COM	073730103	310	3,726	SH		SOLE		3,726	0	0
Berkshire Hathaway cl. A (1/10	COM	084990175	937	500	SH		SOLE		500	0	0
Berkshire Hathaway cl. B	COM	084670702	1,325	10,605	SH		SOLE		10,270	0	335
Brady Corp.	COM	104674106	332	12,230	SH		SOLE		12,230	0	0
Bristol-Myers Squibb	COM	110122108	230	4,425	SH		SOLE		4,425	0	0
Cambridge Heart	COM	131910101	0	25,000	SH		SOLE		25,000	0	0
Caterpillar Inc.	COM	149123101	600	6,035	SH		SOLE		5,670	0	365
Chevron Corp.	COM	166764100	1,771	14,893	SH		SOLE		13,896	0	997
Cisco Systems Inc.	COM	17275R102	742	33,117	SH		SOLE		31,367	0	1,750
Citigroup Inc.	COM	172967424	442	9,286	SH		SOLE		9,173	0	113
Coca-Cola Co.	COM	191216100	431	11,147	SH		SOLE		8,592	0	2,555
Colgate-Palmolive Co.	COM	194162103	1,487	22,923	SH		SOLE		20,233	0	2,690
Conoco Phillips	COM	20825C104	202	2,871	SH		SOLE		2,001	0	870
DNAPrint Genomics, Inc.	COM	23324q202	0	29,000	SH		SOLE		29,000	0	0
Deere & Co	COM	244199105	966	10,635	SH		SOLE		10,200	0	435
Dominion Resources Inc.	COM	25746U109	529	7,447	SH		SOLE		7,107	0	340
Dow Chemical Corp.	COM	260543103	693	14,257	SH		SOLE		14,257	0	0
Du Pont E.I. De Nemour & Co.	COM	263534109	1,080	16,097	SH		SOLE		15,642	0	455
Duff & Phelps Select Income Fu	COM	23325P104	537	54,753	SH		SOLE		51,753	0	3,000
Duke Energy	COM	26441C204	273	3,840	SH		SOLE		3,840	0	0
EMC Corp.	COM	268648102	297	10,845	SH		SOLE		10,490	0	355
Emerson Electric Co.	COM	291011104	936	14,010	SH		SOLE		12,235	0	1,775
Exxon-Mobil	COM	30231G102	1,212	12,410	SH		SOLE		12,110	0	300
Facebook Inc.	COM	30303m102	412	6,845	SH		SOLE		6,245	0	600
Fastenal Co.	COM	311900104	424	8,608	SH		SOLE		7,188	0	1,420
Fiserv Inc.	COM	337738108	1,305	23,025	SH		SOLE		21,775	0	1,250
General Dynamics	COM	369550108	417	3,825	SH		SOLE		3,150	0	675
General Electric Co.	COM	369604103	4,522	174,659	SH		SOLE		170,539	0	4,120
Genuine Parts	COM	372460105	934	10,752	SH		SOLE		9,837	0	915
Gilead Sciences	COM	375558103	1,143	16,130	SH		SOLE		15,705	0	425
Google Inc.	COM	38259p508	2,324	2,085	SH		SOLE		1,577	0	508
Halliburton Co.	COM	406216101	486	8,260	SH		SOLE		8,260	0	0
Hard To Treat Diseases	COM	41164a103	0	100,000	SH		SOLE		100,000	0	0
Harley Davidson	COM	412822108	481	7,224	SH		SOLE		7,224	0	0
Helen of Troy, Ltd	COM	g4388n106	839	12,115	SH		SOLE		11,690	0	425
Hershey Foods Corp	COM	427866108	221	2,120	SH		SOLE		2,120	0	0
Home Depot Inc.	COM	437076102	226	2,855	SH		SOLE		2,505	0	350
Integrys Energy Group, Inc	COM	45822p105	1,183	19,834	SH		SOLE		18,389	0	1,445
Intel Corp.	COM	458140100	1,571	60,852	SH		SOLE		57,252	0	3,600
Intl Business Mach. Corp.	COM	459200101	1,565	8,129	SH		SOLE		7,574	0	555
J.P. Morgan Chase & Co.	COM	46625H100	944	15,542	SH		SOLE		14,414	0	1,128
Johnson & Johnson	COM	478160104	2,992	30,462	SH		SOLE		28,237	0	2,225
Johnson Controls	COM	478366107	1,557	32,907	SH		SOLE		30,142	0	2,765
Kimberly-Clark Corp.	COM	494368103	1,940	17,594	SH		SOLE		17,214	0	380
Kohl's Corp.	COM	500255104	1,517	26,701	SH		SOLE		25,206	0	1,495
MGE Energy	COM	55277p104	1,359	34,642	SH		SOLE		34,492	0	150
MGIC Investment Corp.	COM	552848103	542	63,602	SH		SOLE		62,677	0	925
McDonald's	COM	580135101	987	10,070	SH		SOLE		9,735	0	335
Medtronic Inc	COM	585055106	1,629	26,471	SH		SOLE		24,516	0	1,955
Microsoft Corp.	COM	594918104	2,122	51,764	SH		SOLE		49,309	0	2,455
Minnesota Mining & Manufacturi	COM	88579Y101	328	2,418	SH		SOLE		2,418	0	0
National HealthCare Logs	COM	63633Y108	0	200,000	SH		SOLE		200,000	0	0
Newmont Mining Corp	COM	651639106	209	8,916	SH		SOLE		8,741	0	175
Nokia	COM	654902204	103	13,992	SH		SOLE		13,592	0	400
Nordstrom Inc.	COM	655664100	490	7,841	SH		SOLE		7,096	0	745
Novartis AG	COM	66987v109	1,472	17,315	SH		SOLE		16,430	0	885
Occidental Petroleum	COM	674599105	723	7,590	SH		SOLE		7,590	0	0
Oracle Corp.	COM	68389X105	1,245	30,430	SH		SOLE		28,230	0	2,200
Oshkosh Corp	COM	688239201	421	7,150	SH		SOLE		7,150	0	0
Paychex	COM	704326107	521	12,235	SH		SOLE		12,115	0	120
Pepsico Inc.	COM	713448108	2,077	24,880	SH		SOLE		23,210	0	1,670
Pfizer Inc.	COM	717081103	1,595	49,660	SH		SOLE		47,805	0	1,855
Philip Morris International	COM	718172109	457	5,585	SH		SOLE		4,810	0	775
Praxair	COM	74005P104	867	6,617	SH		SOLE		6,172	0	445
Procter & Gamble Co.	COM	742718109	2,200	27,296	SH		SOLE		25,145	0	2,151
Prudential Financial, Inc.	COM	744320102	827	9,774	SH		SOLE		9,379	0	395
Qualcomm Inc.	COM	747525103	1,059	13,435	SH		SOLE		12,335	0	1,100
RPM Inc.	COM	749685103	2,550	60,943	SH		SOLE		56,643	0	4,300
Range Resources	COM	75281a109	1,103	13,295	SH		SOLE		10,895	0	2,400
Regal-Beloit Corp.	COM	758750103	750	10,310	SH		SOLE		9,405	0	905
Ridgestone Finl Svcs Inc	COM	76610v103	0	12,500	SH		SOLE		12,500	0	0
Rockwell Automation	COM	773903109	582	4,670	SH		SOLE		4,670	0	0
Schlumberger Ltd.	COM	806857108	1,034	10,609	SH		SOLE		9,449	0	1,160
Sensient Technologies	COM	81725T100	284	5,030	SH		SOLE		30	0	5,000
Stanley Black & Decker, Inc.	COM	854502101	662	8,147	SH		SOLE		7,912	0	235
Teva Pharmaceutical Ind.	COM	881624209	1,301	24,629	SH		SOLE		23,594	0	1,035
Timberline Resources Corp.	COM	887133106	1	10,000	SH		SOLE		10,000	0	0
U.S. Bancorp	COM	902973304	691	16,127	SH		SOLE		15,047	0	1,080
United Technologies Corp.	COM	913017109	422	3,610	SH		SOLE		3,385	0	225
UnitedHealth Group Inc	COM	91324p102	375	4,570	SH		SOLE		4,530	0	40
VF Corp	COM	918204108	1,425	23,027	SH		SOLE		22,047	0	980
Verizon	COM	92343V104	742	15,598	SH		SOLE		14,288	0	1,310
Wal-Mart Stores Inc.	COM	931142103	702	9,180	SH		SOLE		9,010	0	170
Walgreen Company	COM	931422109	3,105	47,025	SH		SOLE		27,531	0	19,494
Walt Disney Productions	COM	254687106	466	5,821	SH		SOLE		5,821	0	0
Wells Fargo & Co.	COM	949746101	644	12,953	SH		SOLE		11,913	0	1,040
Wisconsin Energy Corp.	COM	976657106	776	16,661	SH		SOLE		16,661	0	0
YUM! Brands, Inc.	COM	988498101	205	2,720	SH		SOLE		2,580	0	140
Dow Jones Utility Index (iShar	ETF	464287697	218	2,090	SH		SOLE		2,090	0	0
Madison Covered Call&Equity St	ETF	557437100	1,143	138,152	SH		SOLE		128,402	0	9,750
MidCap SPDRs	ETF	78467y107	523	2,088	SH		SOLE		2,088	0	0
NASDAQ 100 Index Tracker	ETF	73935A104	272	3,108	SH		SOLE		3,108	0	0
S&P 500/Barra Growth (iShares)	ETF	464287309	257	2,577	SH		SOLE		2,017	0	560
S&P 500/Barra Value (iShares)	ETF	464287408	246	2,833	SH		SOLE		2,183	0	650
S&P Dep Receipts	ETF	78462f103	714	3,820	SH		SOLE		3,820	0	0
S&P High Yield Dividend Aristo	ETF	78464a763	269	3,654	SH		SOLE		3,654	0	0
SPDR Dow Jones Industrial Aver	ETF	78467x109	565	3,443	SH		SOLE		3,443	0	0
Schwab US Dividend Equity ETF	ETF	808524797	221	6,004	SH		SOLE		5,819	0	185
Vanguard High Dividend Yield I	ETF	921946406	1,776	28,138	SH		SOLE		28,138	0	0
Vanguard Mega Cap 300 Growth I	ETF	921910816	2,137	29,523	SH		SOLE		29,523	0	0
Vanguard Mid Cap ETF	ETF	922908629	771	6,790	SH		SOLE		6,790	0	0
iShares DJ Transp Avg	ETF	464287192	234	1,725	SH		SOLE		1,725	0	0
S&P 600/Barra Growth Index (iS	SMLC	464287887	1,245	10,465	SH		SOLE		9,834	0	631
S&P 600/Barra Value Index (iSh	SMLC	464287879	1,297	11,434	SH		SOLE		10,989	0	445
Vanguard Small Cap ETF	SMLC	922908751	902	7,985	SH		SOLE		7,985	0	0
WisdomTree SmallCap Dividend E	SMLC	97717w604	357	5,236	SH		SOLE		5,236	0	0
China-H FTSE/Xinhua 25 Index (	INTL	464287184	483	13,507	SH		SOLE		11,772	0	1,735
Europe/Australia/Far-East Inde	INTL	464287465	518	7,707	SH		SOLE		5,993	0	1,714
Latin America Index (iShares)	INTL	464287390	336	9,190	SH		SOLE		8,300	0	890
MSCI Emerging Markets Index (i	INTL	464287234	617	15,055	SH		SOLE		13,675	0	1,380
MSCI Japan Index (iShares)	INTL	464286848	124	10,980	SH		SOLE		9,680	0	1,300
Pacific Rim ex Japan Index (iS	INTL	464286665	209	4,344	SH		SOLE		4,039	0	305
SPDR S&P International Dividen	INTL	78463X772	288	5,922	SH		SOLE		5,687	0	235
Vanguard Emerging Markets Stoc	INTL	922042858	1,043	25,692	SH		SOLE		25,592	0	100
Vanguard MSCI EAFE ETF	INTL	921943858	828	20,061	SH		SOLE		20,061	0	0
Wisdom Tree Japan Hedged Equit	INTL	97717W851	342	7,217	SH		SOLE		7,017	0	200
WisdomTree EAFE Dividend-Wgtd	INTL	97717w703	716	13,094	SH		SOLE		12,894	0	200
WisdomTree Emerg Mkts High-Yie	INTL	97717w315	509	10,366	SH		SOLE		9,721	0	645
iShares Dow Jones EPAC Select	INTL	464288448	711	18,410	SH		SOLE		17,810	0	600
iShares MSCI All Country Asia	INTL	464288182	493	8,342	SH		SOLE		7,415	0	927
iShares MSCI EAFE Small Cap In	INTL	464288273	203	3,894	SH		SOLE		3,894	0	0
Alliance Bernstein Income Fund	FIXD	01881e101	154	21,015	SH		SOLE		21,015	0	0
BlackRock Int. Duration Munici	FIXD	09253X102	1,116	78,620	SH		SOLE		74,390	0	4,230
BlackRock MuniAssets Fund	FIXD	09254j102	469	38,070	SH		SOLE		37,070	0	1,000
Calamos Convertible & High Inc	FIXD	12811p108	594	44,055	SH		SOLE		39,755	0	4,300
Eaton Vance Limited Duration I	FIXD	27828H105	607	39,785	SH		SOLE		36,185	0	3,600
Nuveen Municipal Value Fund In	FIXD	670928100	204	21,635	SH		SOLE		21,635	0	0
PIMCO 1-5 Year US TIPS Index E	FIXD	72201r205	455	8,604	SH		SOLE		8,604	0	0
PIMCO Build America Bond ETF	FIXD	72201r825	514	10,415	SH		SOLE		10,415	0	0
PIMCO Corporate Opportunity Fu	FIXD	72201b101	546	30,250	SH		SOLE		28,100	0	2,150
PIMCO Enhanced Short Maturity	FIXD	72201r833	254	2,510	SH		SOLE		2,310	0	200
Putnam Master Intrm Inc Tr	FIXD	746909100	68	13,269	SH		SOLE		13,269	0	0
SPDR Barclays Capital High Yie	FIXD	78464a417	655	15,852	SH		SOLE		15,852	0	0
SPDR Short Term Municipal Bond	FIXD	78464a425	594	24,472	SH		SOLE		24,472	0	0
iShares Barclays 1-3 Yr Credit	FIXD	464288646	251	2,379	SH		SOLE		2,349	0	30
iShares Barclays Aggregate Bon	FIXD	464287226	1,099	10,185	SH		SOLE		10,185	0	0
iShares Barclays TIPS Bond Fun	FIXD	464287176	875	7,802	SH		SOLE		7,767	0	35
iShares iBoxx Invest Grade Cor	FIXD	464287242	1,919	16,409	SH		SOLE		16,224	0	185
Gold Shares SPDR	CMDT	78463v107	639	5,170	SH		SOLE		4,860	0	310
iPath Dow Jones-AIG Commodity	CMDT	06738C778	558	14,134	SH		SOLE		14,134	0	0
iShares Gold Trust	CMDT	464285105	154	12,379	SH		SOLE		10,914	0	1,465
Claymore/Clear Global Timber I	REAL	18383q879	229	9,057	SH		SOLE		7,657	0	1,400
Cohen & Steers Global Realty M	REAL	00162q106	209	5,222	SH		SOLE		5,222	0	0
Mortgage REIT Index	REAL	464288539	193	15,731	SH		SOLE		15,281	0	450
Plum Creek Timber	REAL	729251108	208	4,955	SH		SOLE		4,775	0	180
SPDR Dow Jones Global Real Est	REAL	78463x749	603	13,798	SH		SOLE		13,798	0	0
iShares S&P Global Timber & Fo	REAL	464288174	205	3,965	SH		SOLE		3,525	0	440
Calamos Market Neutral Income	HEDG	128119203	629	48,473	SH		SOLE		48,473	0	0
DWS RREEF Global Infrastructur	HEDG	233379692	244	17,253	SH		SOLE		17,040	0	213
Goldman Sachs Satellite Strate	HEDG	38143H357	398	48,006	SH		SOLE		47,071	0	935