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	1,911	48,799	SH		SOLE		48,234	0	565
AbbVie Inc.	COM	00287y109	2,232	39,079	SH		SOLE		36,830	0	2,249
Abbott Labs	COM	002824100	545	13,039	SH		SOLE		11,565	0	1,474
Accenture	COM	g1151c101	997	8,640	SH		SOLE		8,115	0	525
Air Products and Chemicals Inc	COM	009158106	246	1,710	SH		SOLE		884	0	826
Allegheny Technologies	COM	01741r102	4,702	288,468	SH		SOLE		276,348	0	12,120
Alliant Energy	COM	018802108	2,125	28,610	SH		SOLE		27,230	0	1,380
Alphabet Inc. Class A	COM	02079k305	1,267	1,661	SH		SOLE		1,303	0	358
Alphabet Inc. Class C	COM	02079k107	1,893	2,541	SH		SOLE		2,067	0	474
Altria Group	COM	02209s103	404	6,450	SH		SOLE		6,370	0	80
Amazon.com	COM	023135106	324	546	SH		SOLE		536	0	10
American Green Group, Inc.	COM	02639t200	0	50,000	SH		SOLE		50,000	0	0
Amgen	COM	031162100	1,120	7,473	SH		SOLE		7,023	0	450
Apache Corporation	COM	037411105	232	4,743	SH		SOLE		4,438	0	305
Apple Inc.	COM	037833100	3,014	27,655	SH		SOLE		26,811	0	844
Arrow Electronics	COM	042735100	1,576	24,469	SH		SOLE		24,469	0	0
BP p.l.c.	COM	055622104	358	11,862	SH		SOLE		9,520	0	2,342
Bank of America	COM	060505104	2,064	152,662	SH		SOLE		152,471	0	191
Bank of Montreal	COM	063671101	441	7,269	SH		SOLE		6,759	0	510
Berkshire Hathaway cl. A (1/10	COM	084990175	1,067	500	SH		SOLE		500	0	0
Berkshire Hathaway cl. B	COM	084670702	1,200	8,456	SH		SOLE		8,246	0	210
Brady Corp.	COM	104674106	231	8,589	SH		SOLE		8,589	0	0
Bristol-Myers Squibb	COM	110122108	275	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	1,844	34,950	SH		SOLE		34,950	0	0
Caterpillar Inc.	COM	149123101	408	5,335	SH		SOLE		4,970	0	365
Chesapeake Energy Corporation	COM	165167107	597	144,800	SH		SOLE		144,800	0	0
Chevron Corp.	COM	166764100	1,508	15,811	SH		SOLE		14,469	0	1,342
Cigna Corp.	COM	125509109	288	2,099	SH		SOLE		2,099	0	0
Cisco Systems Inc.	COM	17275R102	2,117	74,362	SH		SOLE		72,687	0	1,675
Citigroup Inc.	COM	172967424	3,163	75,761	SH		SOLE		74,481	0	1,280
Coca-Cola Co.	COM	191216100	433	9,344	SH		SOLE		6,789	0	2,555
Colgate-Palmolive Co.	COM	194162103	1,184	16,764	SH		SOLE		14,919	0	1,845
Dominion Resources Inc.	COM	25746U109	531	7,075	SH		SOLE		6,735	0	340
Dow Chemical Corp.	COM	260543103	581	11,417	SH		SOLE		11,417	0	0
Du Pont E.I. De Nemour & Co.	COM	263534109	471	7,445	SH		SOLE		7,200	0	245
Duke Energy	COM	26441C204	415	5,138	SH		SOLE		5,138	0	0
EMC Corp.	COM	268648102	1,129	42,350	SH		SOLE		42,350	0	0
Emerson Electric Co.	COM	291011104	542	9,966	SH		SOLE		8,441	0	1,525
Enerplus Corporation	COM	292766102	92	23,300	SH		SOLE		2,350	0	20,950
Exxon-Mobil	COM	30231G102	1,137	13,601	SH		SOLE		13,266	0	335
Facebook Inc.	COM	30303m102	1,101	9,647	SH		SOLE		9,012	0	635
Fastenal Co.	COM	311900104	434	8,858	SH		SOLE		7,838	0	1,020
Fiserv Inc.	COM	337738108	2,728	26,598	SH		SOLE		26,008	0	590
Fortuna Silver Mines Inc.	COM	349915108	39	10,000	SH		SOLE		0	0	10,000
General Dynamics	COM	369550108	443	3,370	SH		SOLE		2,970	0	400
General Electric Co.	COM	369604103	6,974	219,376	SH		SOLE		215,131	0	4,245
General Motors Corp.	COM	37045v100	2,555	81,287	SH		SOLE		81,187	0	100
Genuine Parts	COM	372460105	712	7,169	SH		SOLE		6,969	0	200
Gilead Sciences	COM	375558103	2,023	22,025	SH		SOLE		21,510	0	515
Golden Star Resources, Ltd.	COM	38119t104	18	39,400	SH		SOLE		28,000	0	11,400
Halliburton Co.	COM	406216101	373	10,448	SH		SOLE		10,373	0	75
Harley Davidson	COM	412822108	300	5,844	SH		SOLE		5,844	0	0
Home Depot Inc.	COM	437076102	270	2,024	SH		SOLE		2,024	0	0
Intel Corp.	COM	458140100	1,840	56,873	SH		SOLE		54,173	0	2,700
Intl Business Mach. Corp.	COM	459200101	1,003	6,623	SH		SOLE		6,208	0	415
J.P. Morgan Chase	COM	46625H100	2,589	43,720	SH		SOLE		42,842	0	878
Johnson & Johnson	COM	478160104	3,312	30,611	SH		SOLE		28,481	0	2,130
Johnson Controls	COM	478366107	4,933	126,594	SH		SOLE		122,759	0	3,835
Kimberly-Clark Corp.	COM	494368103	1,681	12,494	SH		SOLE		12,359	0	135
Kohl's Corp.	COM	500255104	4,327	92,836	SH		SOLE		90,431	0	2,405
Lockheed Martin Corp.	COM	539830109	206	932	SH		SOLE		932	0	0
MGE Energy	COM	55277p104	1,923	36,808	SH		SOLE		36,658	0	150
MGIC Investment Corp.	COM	552848103	2,358	307,372	SH		SOLE		298,962	0	8,410
McDonald's	COM	580135101	1,041	8,280	SH		SOLE		8,070	0	210
Medtronic plc	COM	g5960l103	1,510	20,133	SH		SOLE		18,618	0	1,515
Metlife Inc	COM	59156R108	2,120	48,239	SH		SOLE		48,239	0	0
Microsoft Corp.	COM	594918104	2,718	49,219	SH		SOLE		46,714	0	2,505
Minnesota Mining & Manufacturi	COM	88579Y101	379	2,276	SH		SOLE		2,276	0	0
Modine Manufacturing	COM	607828100	1,515	137,625	SH		SOLE		137,625	0	0
National HealthCare Logs	COM	63633Y108	0	200,000	SH		SOLE		200,000	0	0
Newmont Mining Corp	COM	651639106	265	9,985	SH		SOLE		9,835	0	150
Nordstrom Inc.	COM	655664100	603	10,540	SH		SOLE		9,615	0	925
Novartis AG	COM	66987v109	1,226	16,925	SH		SOLE		16,205	0	720
Occidental Petroleum	COM	674599105	480	7,018	SH		SOLE		7,018	0	0
Olin Corp	COM	680665205	2,577	148,345	SH		SOLE		145,850	0	2,495
Oracle Corp.	COM	68389X105	1,410	34,464	SH		SOLE		32,164	0	2,300
Owens-Illinois, Inc.	COM	690768403	3,220	201,755	SH		SOLE		200,770	0	985
Paychex	COM	704326107	643	11,911	SH		SOLE		11,791	0	120
Pepsico Inc.	COM	713448108	1,770	17,268	SH		SOLE		16,103	0	1,165
Pfizer Inc.	COM	717081103	1,405	47,391	SH		SOLE		46,641	0	750
Philip Morris International	COM	718172109	453	4,613	SH		SOLE		4,438	0	175
Praxair	COM	74005P104	592	5,175	SH		SOLE		4,925	0	250
Pretium Resources Inc.	COM	74139c102	65	12,100	SH		SOLE		4,700	0	7,400
Procter & Gamble Co.	COM	742718109	1,789	21,731	SH		SOLE		19,845	0	1,886
Prudential Financial, Inc.	COM	744320102	1,591	22,028	SH		SOLE		21,183	0	845
Quad/Graphics, Inc.	COM	747301109	1,007	77,854	SH		SOLE		77,604	0	250
Qualcomm Inc.	COM	747525103	883	17,262	SH		SOLE		16,327	0	935
RPM Inc.	COM	749685103	2,428	51,294	SH		SOLE		48,704	0	2,590
Range Resources	COM	75281a109	2,168	66,940	SH		SOLE		65,595	0	1,345
Regal-Beloit Corp.	COM	758750103	1,766	27,992	SH		SOLE		26,732	0	1,260
Rockwell Automation	COM	773903109	438	3,848	SH		SOLE		3,848	0	0
Samex Mining Corp.	COM	795912104	0	89,000	SH		SOLE		75,000	0	14,000
Schlumberger Ltd.	COM	806857108	872	11,817	SH		SOLE		10,587	0	1,230
Sensient Technologies	COM	81725T100	317	5,000	SH		SOLE		0	0	5,000
Stanley Black & Decker, Inc.	COM	854502101	1,022	9,713	SH		SOLE		9,478	0	235
Target Corp.	COM	87612E106	1,225	14,883	SH		SOLE		14,783	0	100
Teva Pharmaceutical Ind.	COM	881624209	1,736	32,435	SH		SOLE		31,480	0	955
U.S. Bancorp	COM	902973304	469	11,544	SH		SOLE		10,734	0	810
UnitedHealth Group Inc	COM	91324p102	952	7,387	SH		SOLE		7,347	0	40
VF Corp	COM	918204108	1,565	24,162	SH		SOLE		23,207	0	955
Vectren Corp.	COM	92240G101	234	4,624	SH		SOLE		0	0	4,624
Verizon	COM	92343V104	3,745	69,245	SH		SOLE		67,735	0	1,510
WD 40 Company	COM	929236107	243	2,250	SH		SOLE		2,250	0	0
WEC Energy Group, Inc.	COM	92939u106	2,039	33,940	SH		SOLE		32,435	0	1,505
Wal-Mart Stores Inc.	COM	931142103	262	3,825	SH		SOLE		3,775	0	50
Walgreens Boots Alliance	COM	931427108	3,344	39,693	SH		SOLE		20,794	0	18,899
Walt Disney Productions	COM	254687106	511	5,146	SH		SOLE		5,146	0	0
Weatherford International	COM	g48833100	958	123,075	SH		SOLE		123,075	0	0
Wells Fargo & Co.	COM	949746101	1,050	21,719	SH		SOLE		20,669	0	1,050
YUM! Brands, Inc.	COM	988498101	360	4,395	SH		SOLE		4,155	0	240
Dow Jones Utility Index (iShar	ETF	464287697	218	1,760	SH		SOLE		1,760	0	0
Duff & Phelps Select Income Fu	ETF	23325P104	348	34,768	SH		SOLE		32,693	0	2,075
Madison Covered Call&Equity St	ETF	557437100	535	71,615	SH		SOLE		67,515	0	4,100
MidCap SPDRs	ETF	78467y107	379	1,444	SH		SOLE		1,444	0	0
Rydex S&P 500 Pure Growth ETF	ETF	78355w403	417	5,248	SH		SOLE		5,215	0	33
S&P 500/Barra Value (iShares)	ETF	464287408	209	2,328	SH		SOLE		1,678	0	650
S&P Dep Receipts	ETF	78462f103	640	3,113	SH		SOLE		3,113	0	0
S&P High Yield Dividend Aristo	ETF	78464a763	243	3,038	SH		SOLE		3,038	0	0
SPDR Dow Jones Industrial Aver	ETF	78467x109	463	2,623	SH		SOLE		2,623	0	0
Schwab U.S. Large-Cap Growth E	ETF	808524300	374	7,138	SH		SOLE		6,878	0	260
Schwab U.S. Mid Cap ETF	ETF	808524508	304	7,498	SH		SOLE		7,356	0	142
Schwab US Dividend Equity ETF	ETF	808524797	507	12,650	SH		SOLE		12,278	0	372
Vanguard High Dividend Yield I	ETF	921946406	2,234	32,353	SH		SOLE		32,353	0	0
Vanguard Mega Cap 300 Growth I	ETF	921910816	2,812	33,829	SH		SOLE		33,829	0	0
Vanguard Mid Cap ETF	ETF	922908629	978	8,070	SH		SOLE		8,070	0	0
iShares Russell 1000 Growth ET	ETF	464287614	300	3,007	SH		SOLE		3,007	0	0
iShares Russell 1000 Value ETF	ETF	464287598	282	2,849	SH		SOLE		2,849	0	0
iShares Russell Growth Midcap	ETF	464287481	258	2,800	SH		SOLE		2,800	0	0
iShares Russell Midcap Value I	ETF	464287473	254	3,575	SH		SOLE		3,575	0	0
S&P 600/Barra Growth Index (iS	SMLC	464287887	1,249	10,059	SH		SOLE		9,528	0	531
S&P 600/Barra Value Index (iSh	SMLC	464287879	1,204	10,629	SH		SOLE		10,299	0	330
Schwab U.S. Small-Cap ETF	SMLC	808524607	242	4,659	SH		SOLE		4,564	0	95
Vanguard Small Cap ETF	SMLC	922908751	609	5,461	SH		SOLE		5,461	0	0
WisdomTree SmallCap Dividend E	SMLC	97717w604	378	5,504	SH		SOLE		5,504	0	0
iShares S&P SmallCap 600 Index	SMLC	464287804	569	5,058	SH		SOLE		5,058	0	0
China-H FTSE/Xinhua 25 Index (	INTL	464287184	201	5,952	SH		SOLE		5,352	0	600
Europe/Australia/Far-East Inde	INTL	464287465	416	7,281	SH		SOLE		6,417	0	864
MSCI Emerging Markets Index (i	INTL	464287234	427	12,470	SH		SOLE		11,290	0	1,180
MSCI Japan Index (iShares)	INTL	464286848	116	10,140	SH		SOLE		9,040	0	1,100
SPDR S&P International Dividen	INTL	78463X772	261	7,439	SH		SOLE		7,189	0	250
Schwab International Equity ET	INTL	808524805	204	7,543	SH		SOLE		7,086	0	457
Vanguard Emerging Markets Stoc	INTL	922042858	1,328	38,399	SH		SOLE		38,249	0	150
Vanguard FTSE Developed Market	INTL	921943858	2,154	60,026	SH		SOLE		57,706	0	2,320
Wisdom Tree Japan Hedged Equit	INTL	97717W851	459	10,499	SH		SOLE		10,214	0	285
WisdomTree EAFE Dividend-Wgtd	INTL	97717w703	972	21,225	SH		SOLE		20,800	0	425
WisdomTree Emerg Mkts High-Yie	INTL	97717w315	379	10,883	SH		SOLE		10,538	0	345
WisdomTree Int'l Hedged Divide	INTL	97717x594	395	15,425	SH		SOLE		15,000	0	425
iShares MSCI All Country Asia	INTL	464288182	356	6,512	SH		SOLE		5,985	0	527
iShares MSCI EAFE Small Cap In	INTL	464288273	346	6,952	SH		SOLE		6,952	0	0
Alliance Bernstein Income Fund	FIXD	01881e101	92	11,708	SH		SOLE		11,708	0	0
BlackRock Int. Duration Munici	FIXD	09253X102	1,121	76,495	SH		SOLE		73,315	0	3,180
BlackRock MuniAssets Fund	FIXD	09254j102	679	45,695	SH		SOLE		44,695	0	1,000
Calamos Convertible & High Inc	FIXD	12811p108	354	34,115	SH		SOLE		30,740	0	3,375
Eaton Vance Limited Duration I	FIXD	27828H105	542	41,145	SH		SOLE		37,145	0	4,000
Guggenheim Enhanced Short-Dura	FIXD	18383m654	423	8,490	SH		SOLE		7,065	0	1,425
Nuveen Insured Municipal Oppor	FIXD	670984103	192	13,050	SH		SOLE		12,050	0	1,000
Nuveen Municipal Value Fund In	FIXD	670928100	288	27,500	SH		SOLE		26,500	0	1,000
PIMCO Corporate Opportunity Fu	FIXD	72201b101	516	37,874	SH		SOLE		35,374	0	2,500
PIMCO Enhanced Short Maturity	FIXD	72201r833	752	7,460	SH		SOLE		6,635	0	825
PowerShares CEF Income Composi	FIXD	73936q843	451	20,911	SH		SOLE		19,936	0	975
PowerShares Senior Loan Port	FIXD	73936q769	228	10,024	SH		SOLE		9,987	0	37
Putnam Master Intrm Inc Tr	FIXD	746909100	52	11,882	SH		SOLE		11,882	0	0
SPDR Barclays Capital High Yie	FIXD	78464a417	316	9,222	SH		SOLE		9,222	0	0
SPDR Nuveen Barclays Cap Build	FIXD	78464a276	558	8,885	SH		SOLE		8,475	0	410
SPDR Nuveen S&P High Yield Mun	FIXD	78464A284	381	6,600	SH		SOLE		6,400	0	200
SPDR Short Term Municipal Bond	FIXD	78468r739	1,120	22,949	SH		SOLE		22,949	0	0
Schwab Intermediate-Term U.S.	FIXD	808524854	266	4,811	SH		SOLE		4,571	0	240
Schwab US Aggregate Bond ETF	FIXD	808524839	281	5,317	SH		SOLE		5,283	0	34
Templeton Global Income Fund	FIXD	880198106	296	45,450	SH		SOLE		11,600	0	33,850
Vanguard Intermediate-Term Bon	FIXD	921937819	352	4,080	SH		SOLE		770	0	3,310
iShares 3-7 Year Treasury Bond	FIXD	464288661	1,054	8,370	SH		SOLE		8,370	0	0
iShares Barclays 1-3 Yr Credit	FIXD	464288646	340	3,229	SH		SOLE		3,059	0	170
iShares Barclays Aggregate Bon	FIXD	464287226	1,930	17,419	SH		SOLE		17,419	0	0
iShares Barclays TIPS Bond Fun	FIXD	464287176	618	5,391	SH		SOLE		5,356	0	35
iShares iBoxx Invest Grade Cor	FIXD	464287242	2,154	18,129	SH		SOLE		17,963	0	166
Central Fund of Canada Limited	CMDT	153501101	485	40,450	SH		SOLE		3,775	0	36,675
Gold Shares SPDR	CMDT	78463v107	566	4,810	SH		SOLE		4,500	0	310
iPath Dow Jones-AIG Commodity	CMDT	06738C778	404	18,794	SH		SOLE		18,794	0	0
iShares Gold Trust	CMDT	464285105	158	13,332	SH		SOLE		11,867	0	1,465
Claymore/Clear Global Timber I	REAL	18383q879	227	9,857	SH		SOLE		9,157	0	700
DJ Wilshire Int'l Real Estate	REAL	78463x863	500	12,059	SH		SOLE		10,314	0	1,745
Mortgage REIT Index	REAL	464288539	141	14,616	SH		SOLE		14,166	0	450
SPDR Dow Jones Global Real Est	REAL	78463x749	999	20,399	SH		SOLE		20,380	0	19
Weyerhaeuser Co.	REAL	962166104	262	8,466	SH		SOLE		8,338	0	128
iShares S&P Global Timber & Fo	REAL	464288174	377	8,057	SH		SOLE		6,190	0	1,867
Calamos Market Neutral Income	HEDG	128119203	635	49,793	SH		SOLE		49,793	0	0
Salient MLP & Energy Infrastru	HEDG	79471l602	123	18,756	SH		SOLE		18,108	0	649