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
Expires:	Oct 31, 2018
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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	1,662	48,293	SH		SOLE		47,728	0	565
AbbVie Inc.	COM	00287y109	1,505	25,413	SH		SOLE		23,174	0	2,239
Abbott Labs	COM	002824100	658	14,661	SH		SOLE		13,187	0	1,474
Accenture	COM	g1151c101	908	8,690	SH		SOLE		8,165	0	525
Air Products and Chemicals Inc	COM	009158106	233	1,790	SH		SOLE		964	0	826
Allegheny Technologies	COM	01741r102	2,621	233,003	SH		SOLE		224,033	0	8,970
Alliant Energy	COM	018802108	1,797	28,783	SH		SOLE		27,403	0	1,380
Alphabet Inc. Class A	COM	02079k305	1,316	1,692	SH		SOLE		1,334	0	358
Alphabet Inc. Class C	COM	02079k107	1,909	2,515	SH		SOLE		2,042	0	473
Altria Group	COM	02209s103	375	6,441	SH		SOLE		6,361	0	80
Amazon.com	COM	023135106	376	556	SH		SOLE		546	0	10
American Green Group, Inc.	COM	02639t200	0	50,000	SH		SOLE		50,000	0	0
Amgen	COM	031162100	1,230	7,578	SH		SOLE		7,108	0	470
Anadarko Petroleum	COM	032511107	217	4,476	SH		SOLE		3,936	0	540
Apple Inc.	COM	037833100	2,927	27,806	SH		SOLE		26,912	0	894
Arrow Electronics	COM	042735100	1,319	24,344	SH		SOLE		24,119	0	225
BP p.l.c.	COM	055622104	381	12,187	SH		SOLE		9,845	0	2,342
Bank of America	COM	060505104	2,392	142,126	SH		SOLE		139,535	0	2,591
Bank of Montreal	COM	063671101	392	6,952	SH		SOLE		6,442	0	510
Berkshire Hathaway cl. A (1/10	COM	084990175	989	500	SH		SOLE		500	0	0
Berkshire Hathaway cl. B	COM	084670702	1,180	8,933	SH		SOLE		8,723	0	210
Brady Corp.	COM	104674106	209	9,089	SH		SOLE		9,089	0	0
Briggs & Stratton	COM	109043109	620	35,825	SH		SOLE		34,175	0	1,650
Bristol-Myers Squibb	COM	110122108	296	4,300	SH		SOLE		4,300	0	0
Cambridge Heart	COM	131910101	0	25,000	SH		SOLE		25,000	0	0
Carnival Corporation	COM	143658300	2,159	39,625	SH		SOLE		38,825	0	800
Casey's General Stores	COM	147528103	214	1,775	SH		SOLE		1,775	0	0
Caterpillar Inc.	COM	149123101	376	5,535	SH		SOLE		4,870	0	665
Chesapeake Energy Corporation	COM	165167107	655	145,550	SH		SOLE		134,750	0	10,800
Chevron Corp.	COM	166764100	1,416	15,738	SH		SOLE		14,396	0	1,342
Cigna Corp.	COM	125509109	307	2,099	SH		SOLE		2,099	0	0
Cisco Systems Inc.	COM	17275R102	848	31,235	SH		SOLE		29,785	0	1,450
Citigroup Inc.	COM	172967424	3,487	67,386	SH		SOLE		65,636	0	1,750
Coca-Cola Co.	COM	191216100	408	9,494	SH		SOLE		6,939	0	2,555
Colgate-Palmolive Co.	COM	194162103	1,140	17,116	SH		SOLE		15,196	0	1,920
DNAPrint Genomics, Inc.	COM	23324q202	0	29,000	SH		SOLE		29,000	0	0
Dominion Resources Inc.	COM	25746U109	493	7,287	SH		SOLE		6,947	0	340
Dow Chemical Corp.	COM	260543103	629	12,217	SH		SOLE		12,217	0	0
Du Pont E.I. De Nemour & Co.	COM	263534109	706	10,601	SH		SOLE		10,171	0	430
Duff & Phelps Select Income Fu	COM	23325P104	321	35,859	SH		SOLE		33,784	0	2,075
Duke Energy	COM	26441C204	342	4,797	SH		SOLE		4,797	0	0
EMC Corp.	COM	268648102	1,797	69,982	SH		SOLE		67,982	0	2,000
Emerson Electric Co.	COM	291011104	475	9,931	SH		SOLE		8,406	0	1,525
Enerplus Corporation	COM	292766102	98	28,790	SH		SOLE		4,350	0	24,440
Exxon-Mobil	COM	30231G102	1,116	14,321	SH		SOLE		13,986	0	335
Facebook Inc.	COM	30303m102	1,018	9,731	SH		SOLE		9,096	0	635
Fastenal Co.	COM	311900104	366	8,958	SH		SOLE		7,938	0	1,020
Fiserv Inc.	COM	337738108	2,603	28,458	SH		SOLE		27,618	0	840
Fortuna Silver Mines Inc.	COM	349915108	34	15,000	SH		SOLE		0	0	15,000
Generac Holdings, Inc.	COM	368736104	236	7,920	SH		SOLE		7,670	0	250
General Dynamics	COM	369550108	463	3,370	SH		SOLE		2,970	0	400
General Electric Co.	COM	369604103	6,892	221,242	SH		SOLE		216,247	0	4,995
General Motors Corp.	COM	37045v100	2,674	78,612	SH		SOLE		74,787	0	3,825
Genuine Parts	COM	372460105	775	9,019	SH		SOLE		8,739	0	280
Gilead Sciences	COM	375558103	2,159	21,341	SH		SOLE		20,826	0	515
Golden Star Resources, Ltd.	COM	38119t104	7	42,900	SH		SOLE		28,000	0	14,900
Halliburton Co.	COM	406216101	383	11,238	SH		SOLE		11,163	0	75
Harley Davidson	COM	412822108	274	6,044	SH		SOLE		6,044	0	0
Home Depot Inc.	COM	437076102	519	3,922	SH		SOLE		3,922	0	0
Intel Corp.	COM	458140100	1,948	56,536	SH		SOLE		53,686	0	2,850
Intl Business Mach. Corp.	COM	459200101	871	6,327	SH		SOLE		5,877	0	450
J.P. Morgan Chase	COM	46625H100	2,940	44,524	SH		SOLE		42,971	0	1,553
Johnson & Johnson	COM	478160104	3,182	30,978	SH		SOLE		28,848	0	2,130
Johnson Controls	COM	478366107	3,978	100,724	SH		SOLE		96,124	0	4,600
Kimberly-Clark Corp.	COM	494368103	1,733	13,611	SH		SOLE		13,476	0	135
Kohl's Corp.	COM	500255104	4,472	93,900	SH		SOLE		89,170	0	4,730
Lockheed Martin Corp.	COM	539830109	213	982	SH		SOLE		982	0	0
MGE Energy	COM	55277p104	1,746	37,630	SH		SOLE		37,480	0	150
MGIC Investment Corp.	COM	552848103	1,947	220,522	SH		SOLE		212,622	0	7,900
McDonald's	COM	580135101	1,014	8,579	SH		SOLE		8,354	0	225
Medtronic plc	COM	g5960l103	1,735	22,552	SH		SOLE		20,887	0	1,665
Metlife Inc	COM	59156R108	2,207	45,789	SH		SOLE		44,714	0	1,075
Microsoft Corp.	COM	594918104	2,768	49,884	SH		SOLE		47,354	0	2,530
Minnesota Mining & Manufacturi	COM	88579Y101	322	2,140	SH		SOLE		2,140	0	0
Modine Manufacturing	COM	607828100	1,252	138,325	SH		SOLE		134,775	0	3,550
National HealthCare Logs	COM	63633Y108	0	200,000	SH		SOLE		200,000	0	0
Nordstrom Inc.	COM	655664100	490	9,835	SH		SOLE		9,110	0	725
Novartis AG	COM	66987v109	1,455	16,910	SH		SOLE		16,140	0	770
Occidental Petroleum	COM	674599105	478	7,070	SH		SOLE		7,070	0	0
Oracle Corp.	COM	68389X105	1,258	34,442	SH		SOLE		32,142	0	2,300
Owens-Illinois, Inc.	COM	690768403	1,822	104,567	SH		SOLE		102,467	0	2,100
Paychex	COM	704326107	633	11,975	SH		SOLE		11,855	0	120
Pepsico Inc.	COM	713448108	1,744	17,450	SH		SOLE		16,260	0	1,190
Pfizer Inc.	COM	717081103	1,574	48,746	SH		SOLE		47,721	0	1,025
Philip Morris International	COM	718172109	410	4,660	SH		SOLE		4,485	0	175
Praxair	COM	74005P104	588	5,741	SH		SOLE		5,491	0	250
Pretium Resources Inc.	COM	74139c102	59	11,800	SH		SOLE		4,400	0	7,400
Procter & Gamble Co.	COM	742718109	2,271	28,598	SH		SOLE		26,617	0	1,981
Prudential Financial, Inc.	COM	744320102	1,586	19,486	SH		SOLE		18,846	0	640
Quad/Graphics, Inc.	COM	747301109	255	27,456	SH		SOLE		27,456	0	0
Qualcomm Inc.	COM	747525103	803	16,062	SH		SOLE		15,127	0	935
RPM Inc.	COM	749685103	2,230	50,621	SH		SOLE		48,031	0	2,590
Range Resources	COM	75281a109	1,644	66,810	SH		SOLE		64,715	0	2,095
Regal-Beloit Corp.	COM	758750103	1,522	26,006	SH		SOLE		24,826	0	1,180
Ridgestone Financial Services,	COM	76610v103	276	13,000	SH		SOLE		11,500	0	1,500
Rockwell Automation	COM	773903109	395	3,848	SH		SOLE		3,848	0	0
Sabina Gold & Silver Corp.	COM	785246109	10	19,900	SH		SOLE		8,300	0	11,600
Samex Mining Corp.	COM	795912104	0	89,000	SH		SOLE		75,000	0	14,000
Schlumberger Ltd.	COM	806857108	821	11,772	SH		SOLE		10,542	0	1,230
Sensient Technologies	COM	81725T100	314	5,000	SH		SOLE		0	0	5,000
Stanley Black & Decker, Inc.	COM	854502101	1,007	9,437	SH		SOLE		9,202	0	235
Target Corp.	COM	87612E106	1,242	17,103	SH		SOLE		16,628	0	475
Teva Pharmaceutical Ind.	COM	881624209	2,073	31,580	SH		SOLE		30,625	0	955
U.S. Bancorp	COM	902973304	552	12,944	SH		SOLE		12,084	0	860
UnitedHealth Group Inc	COM	91324p102	874	7,426	SH		SOLE		7,386	0	40
VF Corp	COM	918204108	1,495	24,012	SH		SOLE		23,097	0	915
Vectren Corp.	COM	92240G101	203	4,794	SH		SOLE		170	0	4,624
Verizon	COM	92343V104	3,205	69,342	SH		SOLE		67,157	0	2,185
WD 40 Company	COM	929236107	222	2,250	SH		SOLE		2,250	0	0
WEC Energy Group, Inc.	COM	92939u106	1,703	33,199	SH		SOLE		31,694	0	1,505
Wal-Mart Stores Inc.	COM	931142103	482	7,860	SH		SOLE		7,650	0	210
Walgreens Boots Alliance	COM	931427108	3,372	39,595	SH		SOLE		20,716	0	18,879
Walt Disney Productions	COM	254687106	562	5,346	SH		SOLE		5,346	0	0
Weatherford International	COM	g48833100	918	109,400	SH		SOLE		106,575	0	2,825
Wells Fargo & Co.	COM	949746101	1,203	22,127	SH		SOLE		21,077	0	1,050
YUM! Brands, Inc.	COM	988498101	319	4,365	SH		SOLE		4,125	0	240
Madison Covered Call&Equity St	ETF	557437100	537	72,765	SH		SOLE		68,665	0	4,100
MidCap SPDRs	ETF	78467y107	382	1,504	SH		SOLE		1,504	0	0
Rydex S&P 500 Pure Growth ETF	ETF	78355w403	429	5,316	SH		SOLE		5,283	0	33
S&P Dep Receipts	ETF	78462f103	691	3,388	SH		SOLE		3,388	0	0
S&P High Yield Dividend Aristo	ETF	78464a763	224	3,038	SH		SOLE		3,038	0	0
SPDR Dow Jones Industrial Aver	ETF	78467x109	456	2,623	SH		SOLE		2,623	0	0
Schwab U.S. Large-Cap Growth E	ETF	808524300	392	7,420	SH		SOLE		7,160	0	260
Schwab U.S. Mid Cap ETF	ETF	808524508	305	7,605	SH		SOLE		7,463	0	142
Schwab US Dividend Equity ETF	ETF	808524797	541	14,036	SH		SOLE		13,664	0	372
Vanguard High Dividend Yield I	ETF	921946406	2,115	31,692	SH		SOLE		31,692	0	0
Vanguard Mega Cap 300 Growth I	ETF	921910816	2,794	33,648	SH		SOLE		33,648	0	0
Vanguard Mid Cap ETF	ETF	922908629	962	8,013	SH		SOLE		8,013	0	0
iShares Russell 1000 Growth ET	ETF	464287614	236	2,371	SH		SOLE		2,371	0	0
iShares Russell 1000 Value ETF	ETF	464287598	212	2,166	SH		SOLE		2,166	0	0
iShares Russell Growth Midcap	ETF	464287481	249	2,706	SH		SOLE		2,706	0	0
iShares Russell Midcap Value I	ETF	464287473	281	4,088	SH		SOLE		4,088	0	0
S&P 600/Barra Growth Index (iS	SMLC	464287887	1,270	10,214	SH		SOLE		9,683	0	531
S&P 600/Barra Value Index (iSh	SMLC	464287879	1,150	10,634	SH		SOLE		10,299	0	335
Schwab U.S. Small-Cap ETF	SMLC	808524607	254	4,882	SH		SOLE		4,787	0	95
Vanguard Small Cap ETF	SMLC	922908751	1,197	10,821	SH		SOLE		10,821	0	0
WisdomTree SmallCap Dividend E	SMLC	97717w604	359	5,530	SH		SOLE		5,530	0	0
China-H FTSE/Xinhua 25 Index (	INTL	464287184	225	6,382	SH		SOLE		5,782	0	600
Europe/Australia/Far-East Inde	INTL	464287465	413	7,031	SH		SOLE		6,167	0	864
MSCI Emerging Markets Index (i	INTL	464287234	401	12,465	SH		SOLE		11,085	0	1,380
MSCI Japan Index (iShares)	INTL	464286848	125	10,340	SH		SOLE		9,240	0	1,100
SPDR S&P International Dividen	INTL	78463X772	246	7,379	SH		SOLE		7,129	0	250
Schwab International Equity ET	INTL	808524805	212	7,678	SH		SOLE		7,221	0	457
Vanguard Emerging Markets Stoc	INTL	922042858	1,232	37,667	SH		SOLE		37,517	0	150
Vanguard FTSE Developed Market	INTL	921943858	2,191	59,674	SH		SOLE		57,354	0	2,320
Wisdom Tree Japan Hedged Equit	INTL	97717W851	539	10,759	SH		SOLE		10,474	0	285
WisdomTree EAFE Dividend-Wgtd	INTL	97717w703	890	19,102	SH		SOLE		18,677	0	425
WisdomTree Emerg Mkts High-Yie	INTL	97717w315	290	9,156	SH		SOLE		8,861	0	295
WisdomTree Int'l Hedged Divide	INTL	97717x594	392	14,824	SH		SOLE		14,399	0	425
iShares MSCI All Country Asia	INTL	464288182	366	6,862	SH		SOLE		6,335	0	527
iShares MSCI EAFE Small Cap In	INTL	464288273	345	6,908	SH		SOLE		6,908	0	0
Alliance Bernstein Income Fund	FIXD	01881e101	90	11,708	SH		SOLE		11,708	0	0
BlackRock Int. Duration Munici	FIXD	09253X102	1,086	76,645	SH		SOLE		73,465	0	3,180
BlackRock MuniAssets Fund	FIXD	09254j102	658	46,095	SH		SOLE		45,095	0	1,000
Calamos Convertible & High Inc	FIXD	12811p108	358	34,080	SH		SOLE		30,705	0	3,375
Eaton Vance Limited Duration I	FIXD	27828H105	525	41,170	SH		SOLE		37,170	0	4,000
Guggenheim Enhanced Short-Dura	FIXD	18383m654	397	7,965	SH		SOLE		6,815	0	1,150
Nuveen Insured Municipal Oppor	FIXD	670984103	187	13,050	SH		SOLE		12,050	0	1,000
Nuveen Municipal Value Fund In	FIXD	670928100	237	23,300	SH		SOLE		23,300	0	0
PIMCO 1-5 Year US TIPS Index E	FIXD	72201r205	568	11,073	SH		SOLE		11,056	0	17
PIMCO Corporate Opportunity Fu	FIXD	72201b101	501	37,524	SH		SOLE		35,024	0	2,500
PIMCO Enhanced Short Maturity	FIXD	72201r833	753	7,480	SH		SOLE		6,655	0	825
PowerShares CEF Income Composi	FIXD	73936q843	426	19,942	SH		SOLE		18,967	0	975
PowerShares Senior Loan Port	FIXD	73936q769	232	10,340	SH		SOLE		10,303	0	37
Putnam Master Intrm Inc Tr	FIXD	746909100	54	11,882	SH		SOLE		11,882	0	0
SPDR Barclays Capital High Yie	FIXD	78464a417	609	17,953	SH		SOLE		17,953	0	0
SPDR Lehman Municipal Bond ETF	FIXD	78464A458	208	8,531	SH		SOLE		8,531	0	0
SPDR Nuveen Barclays Cap Build	FIXD	78464a276	516	8,655	SH		SOLE		8,245	0	410
SPDR Nuveen S&P High Yield Mun	FIXD	78464A284	385	6,749	SH		SOLE		6,549	0	200
SPDR Short Term Municipal Bond	FIXD	78464a425	1,108	45,485	SH		SOLE		45,485	0	0
Schwab Intermediate-Term U.S.	FIXD	808524854	273	5,095	SH		SOLE		4,855	0	240
Schwab US Aggregate Bond ETF	FIXD	808524839	247	4,789	SH		SOLE		4,755	0	34
Templeton Global Income Fund	FIXD	880198106	286	45,050	SH		SOLE		11,200	0	33,850
Vanguard Intermediate-Term Bon	FIXD	921937819	316	3,810	SH		SOLE		720	0	3,090
iShares 3-7 Year Treasury Bond	FIXD	464288661	1,226	9,996	SH		SOLE		9,996	0	0
iShares Barclays 1-3 Yr Credit	FIXD	464288646	329	3,142	SH		SOLE		2,972	0	170
iShares Barclays Aggregate Bon	FIXD	464287226	1,089	10,080	SH		SOLE		10,080	0	0
iShares Barclays TIPS Bond Fun	FIXD	464287176	810	7,382	SH		SOLE		7,347	0	35
iShares S&P National Municipal	FIXD	464288414	205	1,854	SH		SOLE		1,854	0	0
iShares iBoxx Invest Grade Cor	FIXD	464287242	1,769	15,513	SH		SOLE		15,347	0	166
Central Fund of Canada Limited	CMDT	153501101	528	52,900	SH		SOLE		5,775	0	47,125
Gold Shares SPDR	CMDT	78463v107	480	4,735	SH		SOLE		4,425	0	310
iPath Dow Jones-AIG Commodity	CMDT	06738C778	623	29,015	SH		SOLE		29,015	0	0
iShares Gold Trust	CMDT	464285105	124	12,079	SH		SOLE		10,614	0	1,465
Claymore/Clear Global Timber I	REAL	18383q879	232	9,857	SH		SOLE		9,157	0	700
DJ Wilshire Int'l Real Estate	REAL	78463x863	441	11,269	SH		SOLE		9,724	0	1,545
Mortgage REIT Index	REAL	464288539	148	15,512	SH		SOLE		15,062	0	450
SPDR Dow Jones Global Real Est	REAL	78463x749	929	19,841	SH		SOLE		19,822	0	19
iShares S&P Global Timber & Fo	REAL	464288174	379	7,932	SH		SOLE		6,115	0	1,817
Calamos Market Neutral Income	HEDG	128119203	676	52,943	SH		SOLE		52,943	0	0
DWS RREEF Global Infrastructur	HEDG	25156a809	374	29,728	SH		SOLE		29,499	0	230
Salient MLP & Energy Infrastru	HEDG	79471l602	106	14,950	SH		SOLE		14,317	0	632