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	1,554	46,279	SH		SOLE		45,614	0	665
AbbVie Inc.	COM	00287y109	4,242	44,850	SH		SOLE		43,920	0	930
Abbott Labs	COM	002824100	792	10,802	SH		SOLE		10,292	0	510
Accenture	COM	g1151c101	826	4,853	SH		SOLE		4,468	0	385
Adient plc	COM	g0084w101	2,213	56,294	SH		SOLE		46,820	0	9,474
Allegheny Technologies	COM	01741r102	6,277	212,406	SH		SOLE		175,856	0	36,550
Alliant Energy	COM	018802108	1,937	45,496	SH		SOLE		44,564	0	932
Alphabet Inc. Class A	COM	02079k305	1,515	1,255	SH		SOLE		916	0	339
Alphabet Inc. Class C	COM	02079k107	4,421	3,704	SH		SOLE		3,234	0	470
Altria Group	COM	02209s103	257	4,263	SH		SOLE		4,183	0	80
Amazon.com	COM	023135106	663	331	SH		SOLE		312	0	19
American Green Group, Inc.	COM	02639t200	0	50,000	SH		SOLE		50,000	0	0
Amgen	COM	031162100	1,377	6,643	SH		SOLE		6,208	0	435
Apache Corporation	COM	037411105	2,028	42,545	SH		SOLE		30,945	0	11,600
Apple Inc.	COM	037833100	5,131	22,731	SH		SOLE		21,966	0	765
Arrow Electronics	COM	042735100	1,743	23,643	SH		SOLE		15,693	0	7,950
BP p.l.c.	COM	055622104	449	9,732	SH		SOLE		9,582	0	150
Babcock & Wilcox Enterprises,	COM	05614l100	14	13,381	SH		SOLE		13,381	0	0
Bank of America	COM	060505104	3,042	103,245	SH		SOLE		77,945	0	25,300
Bank of Montreal	COM	063671101	295	3,578	SH		SOLE		3,518	0	60
Berkshire Hathaway cl. A (1/10	COM	084990175	960	300	SH		SOLE		300	0	0
Berkshire Hathaway cl. B	COM	084670702	1,572	7,343	SH		SOLE		7,158	0	185
Bristol-Myers Squibb	COM	110122108	220	3,550	SH		SOLE		3,550	0	0
CVS Caremark Corp	COM	126650100	5,562	70,660	SH		SOLE		58,130	0	12,530
Cambridge Heart	COM	131910101	0	25,000	SH		SOLE		25,000	0	0
Caterpillar Inc.	COM	149123101	576	3,775	SH		SOLE		3,775	0	0
Chesapeake Energy	COM	165167107	1,219	271,550	SH		SOLE		186,250	0	85,300
Chevron Corp.	COM	166764100	1,790	14,642	SH		SOLE		13,902	0	740
Cisco Systems Inc.	COM	17275R102	3,336	68,569	SH		SOLE		66,939	0	1,630
Citigroup Inc.	COM	172967424	5,543	77,263	SH		SOLE		62,888	0	14,375
Coca-Cola Co.	COM	191216100	281	6,088	SH		SOLE		5,533	0	555
Colgate-Palmolive Co.	COM	194162103	737	11,010	SH		SOLE		10,610	0	400
Deere & Co	COM	244199105	401	2,665	SH		SOLE		2,665	0	0
Diebold, Incorporated	COM	253651103	344	76,450	SH		SOLE		51,850	0	24,600
Dominion Resources Inc.	COM	25746U109	361	5,135	SH		SOLE		4,845	0	290
DowDuPont Inc.	COM	26078j100	892	13,876	SH		SOLE		13,559	0	317
Duke Energy	COM	26441C204	307	3,838	SH		SOLE		3,838	0	0
Exxon-Mobil	COM	30231G102	1,107	13,024	SH		SOLE		12,799	0	225
Facebook Inc.	COM	30303m102	612	3,721	SH		SOLE		3,221	0	500
Fastenal Co.	COM	311900104	348	5,993	SH		SOLE		5,693	0	300
Fidelity National Info Service	COM	31620m106	245	2,246	SH		SOLE		2,246	0	0
Fiserv Inc.	COM	337738108	3,274	39,742	SH		SOLE		38,642	0	1,100
General Dynamics	COM	369550108	485	2,370	SH		SOLE		2,345	0	25
General Electric Co.	COM	369604103	2,508	222,108	SH		SOLE		189,648	0	32,460
Genuine Parts	COM	372460105	555	5,587	SH		SOLE		5,387	0	200
Gilead Sciences	COM	375558103	2,304	29,844	SH		SOLE		29,179	0	665
Helen of Troy, Ltd	COM	g4388n106	2,957	22,592	SH		SOLE		21,912	0	680
Hershey Foods Corp	COM	427866108	209	2,050	SH		SOLE		2,000	0	50
Home Depot Inc.	COM	437076102	350	1,689	SH		SOLE		1,689	0	0
Intel Corp.	COM	458140100	3,164	66,916	SH		SOLE		65,691	0	1,225
Intl Business Mach. Corp.	COM	459200101	879	5,810	SH		SOLE		5,625	0	185
J.P. Morgan Chase	COM	46625H100	4,435	39,301	SH		SOLE		34,052	0	5,249
Johnson & Johnson	COM	478160104	4,192	30,340	SH		SOLE		29,405	0	935
Johnson Controls Intl plc	COM	G51502105	3,336	95,302	SH		SOLE		68,094	0	27,208
Kimberly-Clark Corp.	COM	494368103	1,528	13,442	SH		SOLE		13,222	0	220
Kohl's Corp.	COM	500255104	3,044	40,829	SH		SOLE		39,964	0	865
Lockheed Martin Corp.	COM	539830109	313	905	SH		SOLE		905	0	0
MGE Energy	COM	55277p104	1,934	30,297	SH		SOLE		30,147	0	150
MGIC Investment Corp.	COM	552848103	7,349	552,167	SH		SOLE		460,882	0	91,285
McDonald's	COM	580135101	1,129	6,748	SH		SOLE		6,593	0	155
Medtronic plc	COM	g5960l103	2,333	23,712	SH		SOLE		22,577	0	1,135
Merck & Co. Inc.	COM	58933y105	242	3,414	SH		SOLE		3,174	0	240
Metlife Inc	COM	59156R108	2,186	46,800	SH		SOLE		30,975	0	15,825
Microsoft Corp.	COM	594918104	4,649	40,645	SH		SOLE		39,480	0	1,165
Minnesota Mining & Manufacturi	COM	88579Y101	408	1,936	SH		SOLE		1,936	0	0
Modine Manufacturing	COM	607828100	3,719	249,567	SH		SOLE		225,292	0	24,275
NVidia Corp	COM	67066G104	256	910	SH		SOLE		910	0	0
National HealthCare Logs	COM	63633Y108	0	200,000	SH		SOLE		200,000	0	0
Nordstrom Inc.	COM	655664100	384	6,424	SH		SOLE		6,169	0	255
Novartis AG	COM	66987v109	1,146	13,298	SH		SOLE		13,048	0	250
Occidental Petroleum	COM	674599105	504	6,133	SH		SOLE		6,133	0	0
Olin Corp	COM	680665205	3,695	143,889	SH		SOLE		125,219	0	18,670
Oracle Corp.	COM	68389X105	936	18,151	SH		SOLE		17,026	0	1,125
Owens-Illinois, Inc.	COM	690768403	5,767	306,945	SH		SOLE		246,810	0	60,135
PayPal Holdings, Inc.	COM	70450y103	556	6,330	SH		SOLE		6,255	0	75
Paychex	COM	704326107	331	4,490	SH		SOLE		4,465	0	25
Pepsico Inc.	COM	713448108	1,767	15,803	SH		SOLE		15,243	0	560
Pfizer Inc.	COM	717081103	1,422	32,274	SH		SOLE		31,774	0	500
Philip Morris International	COM	718172109	257	3,149	SH		SOLE		2,974	0	175
Praxair	COM	74005P104	490	3,051	SH		SOLE		3,011	0	40
Procter & Gamble Co.	COM	742718109	1,140	13,692	SH		SOLE		12,872	0	820
Prudential Financial, Inc.	COM	744320102	2,656	26,217	SH		SOLE		25,352	0	865
Quad/Graphics, Inc.	COM	747301109	3,058	146,729	SH		SOLE		139,479	0	7,250
Qualcomm Inc.	COM	747525103	1,739	24,148	SH		SOLE		23,828	0	320
RPM Inc.	COM	749685103	1,801	27,736	SH		SOLE		26,961	0	775
Range Resources	COM	75281a109	3,541	208,415	SH		SOLE		170,365	0	38,050
Regal-Beloit Corp.	COM	758750103	2,589	31,398	SH		SOLE		30,553	0	845
Rockwell Automation	COM	773903109	495	2,640	SH		SOLE		2,640	0	0
Sandspring Resources Ltd.	COM	800110504	3	19,000	SH		SOLE		19,000	0	0
Schlumberger Ltd.	COM	806857108	574	9,420	SH		SOLE		8,695	0	725
Sprott Inc.	COM	852066109	43	18,500	SH		SOLE		9,500	0	9,000
Stanley Black & Decker, Inc.	COM	854502101	2,124	14,504	SH		SOLE		14,249	0	255
Teva Pharmaceutical Ind.	COM	881624209	255	11,847	SH		SOLE		9,217	0	2,630
U.S. Bancorp	COM	902973304	459	8,685	SH		SOLE		8,285	0	400
UnitedHealth Group Inc	COM	91324p102	746	2,805	SH		SOLE		2,805	0	0
VF Corp	COM	918204108	1,378	14,750	SH		SOLE		13,595	0	1,155
Valero Energy Corp	COM	91913y100	211	1,855	SH		SOLE		1,745	0	110
Verizon	COM	92343V104	5,987	112,131	SH		SOLE		93,031	0	19,100
Visa Inc.	COM	92826c839	225	1,500	SH		SOLE		1,340	0	160
WD 40 Company	COM	929236107	307	1,785	SH		SOLE		1,785	0	0
WEC Energy Group, Inc.	COM	92939u106	2,140	32,059	SH		SOLE		30,934	0	1,125
Wal-Mart Stores Inc.	COM	931142103	480	5,116	SH		SOLE		5,066	0	50
Walgreens Boots Alliance	COM	931427108	1,303	17,871	SH		SOLE		17,271	0	600
Walt Disney Productions	COM	254687106	562	4,807	SH		SOLE		4,807	0	0
Weatherford International	COM	g48833100	3,088	1,139,654	SH		SOLE		905,194	0	234,460
Wells Fargo & Co.	COM	949746101	618	11,766	SH		SOLE		10,991	0	775
Western Digital Corporation	COM	958102105	2,213	37,798	SH		SOLE		37,238	0	560
XCel Energy Inc.	COM	98389b100	409	8,672	SH		SOLE		8,672	0	0
YUM! Brands, Inc.	COM	988498101	268	2,949	SH		SOLE		2,769	0	180
Duff & Phelps Select Income Fu	ETF	23325P104	364	32,894	SH		SOLE		31,119	0	1,775
Invesco NASDAQ 100 Index Track	ETF	46090e103	320	1,724	SH		SOLE		1,724	0	0
Invesco S&P 500 Pure Growth ET	ETF	46137v266	233	1,937	SH		SOLE		1,904	0	33
Madison Covered Call&Equity St	ETF	557mcn105	417	54,195	SH		SOLE		51,945	0	2,250
MidCap SPDRs	ETF	78467y107	328	892	SH		SOLE		892	0	0
S&P 500/Barra Value (iShares)	ETF	464287408	214	1,850	SH		SOLE		1,780	0	70
S&P Dep Receipts	ETF	78462f103	504	1,733	SH		SOLE		1,733	0	0
SPDR Dow Jones Industrial Aver	ETF	78467x109	451	1,705	SH		SOLE		1,705	0	0
SPDR Portfolio Mid Cap ETF	ETF	78464A847	1,628	45,040	SH		SOLE		44,876	0	164
SPDR S&P 500 Growth ETF	ETF	78464A409	5,216	136,412	SH		SOLE		136,142	0	270
SPDR S&P 500 Value ETF	ETF	78464A508	3,079	98,945	SH		SOLE		97,862	0	1,083
Schwab U.S. Large-Cap Growth E	ETF	808524300	1,722	20,993	SH		SOLE		20,474	0	519
Schwab U.S. Large-Cap Value ET	ETF	808524409	880	15,685	SH		SOLE		15,558	0	127
Schwab US Dividend Equity ETF	ETF	808524797	240	4,530	SH		SOLE		4,230	0	300
Vanguard High Dividend Yield I	ETF	921946406	306	3,515	SH		SOLE		3,515	0	0
Vanguard Mega Cap 300 Growth I	ETF	921910816	636	4,964	SH		SOLE		4,964	0	0
Vanguard Mid Cap ETF	ETF	922908629	238	1,451	SH		SOLE		1,451	0	0
iShares Russell Growth Midcap	ETF	464287481	218	1,607	SH		SOLE		1,607	0	0
S&P 600/Barra Growth Index (iS	SMLC	464287887	1,929	9,564	SH		SOLE		9,249	0	315
S&P 600/Barra Value Index (iSh	SMLC	464287879	1,798	10,772	SH		SOLE		10,469	0	303
SPDR Portfolio Small Cap ETF	SMLC	78468R853	2,412	72,563	SH		SOLE		72,427	0	136
Schwab U.S. Small-Cap ETF	SMLC	808524607	1,076	14,132	SH		SOLE		13,732	0	400
Vanguard Small Cap ETF	SMLC	922908751	440	2,708	SH		SOLE		2,708	0	0
WisdomTree SmallCap Dividend E	SMLC	97717w604	213	7,167	SH		SOLE		7,167	0	0
iShares S&P SmallCap 600 Index	SMLC	464287804	514	5,896	SH		SOLE		5,896	0	0
China-H FTSE/Xinhua 25 Index (	INTL	464287184	244	5,687	SH		SOLE		4,862	0	825
Europe/Australia/Far-East Inde	INTL	464287465	492	7,244	SH		SOLE		6,980	0	264
Invesco Frontier Markets ETF	INTL	46138e776	297	22,015	SH		SOLE		21,015	0	1,000
MSCI Emerging Markets Index (i	INTL	464287234	502	11,701	SH		SOLE		11,246	0	455
MSCI Japan Index (iShares)	INTL	46434g822	304	5,054	SH		SOLE		4,819	0	235
SPDR Portfolio Emerging Market	INTL	78463X509	2,060	59,147	SH		SOLE		59,123	0	24
SPDR S&P World ex-US ETF	INTL	78463X889	1,397	45,414	SH		SOLE		45,014	0	400
Schwab Emerging Markets Equity	INTL	808524706	876	34,080	SH		SOLE		33,462	0	618
Schwab International Equity ET	INTL	808524805	973	29,022	SH		SOLE		27,697	0	1,325
Vanguard Emerging Markets Stoc	INTL	922042858	1,265	30,846	SH		SOLE		30,346	0	500
Vanguard FTSE Developed Market	INTL	921943858	2,711	62,661	SH		SOLE		60,266	0	2,395
Wisdom Tree Japan Hedged Equit	INTL	97717W851	676	11,665	SH		SOLE		11,080	0	585
WisdomTree EAFE Dividend-Wgtd	INTL	97717w703	1,199	22,570	SH		SOLE		22,045	0	525
WisdomTree Emerg Mkts High-Yie	INTL	97717w315	668	15,301	SH		SOLE		14,851	0	450
WisdomTree Int'l Hedged Divide	INTL	97717x594	539	16,791	SH		SOLE		16,166	0	625
iShares MSCI All Country Asia	INTL	464288182	541	7,667	SH		SOLE		6,955	0	712
BlackRock Int. Duration Munici	FIXD	09253X102	1,254	95,878	SH		SOLE		92,738	0	3,140
BlackRock MuniAssets Fund	FIXD	09254j102	1,132	87,307	SH		SOLE		85,307	0	2,000
Calamos Convertible & High Inc	FIXD	12811p108	553	41,654	SH		SOLE		37,279	0	4,375
Eaton Vance Limited Duration I	FIXD	27828H105	571	45,042	SH		SOLE		40,942	0	4,100
Invesco CEF Income Composite E	FIXD	46138e404	1,310	57,450	SH		SOLE		54,235	0	3,215
Invesco Ultra Short-Duration E	FIXD	46090a887	405	8,065	SH		SOLE		7,065	0	1,000
Nuveen Dividend Advantage Muni	FIXD	67071l106	164	11,285	SH		SOLE		11,285	0	0
Nuveen Municipal Value Fund In	FIXD	670928100	296	31,600	SH		SOLE		31,600	0	0
PIMCO Corporate Opportunity Fu	FIXD	72201b101	473	26,525	SH		SOLE		25,175	0	1,350
PIMCO Enhanced Short Maturity	FIXD	72201r833	744	7,325	SH		SOLE		6,975	0	350
Putnam Master Intrm Inc Tr	FIXD	746909100	67	14,800	SH		SOLE		14,800	0	0
SPDR Nuveen S&P High Yield Mun	FIXD	78464A284	299	5,312	SH		SOLE		5,312	0	0
SPDR Portfolio Aggregate Bond	FIXD	78464a649	3,022	109,064	SH		SOLE		108,970	0	94
SPDR Short Term Municipal Bond	FIXD	78468r739	926	19,418	SH		SOLE		19,418	0	0
Schwab US Aggregate Bond ETF	FIXD	808524839	1,215	24,185	SH		SOLE		23,517	0	668
Templeton Global Income Fund	FIXD	880198106	282	46,150	SH		SOLE		12,400	0	33,750
Vanguard Intermediate-Term Bon	FIXD	921937819	414	5,143	SH		SOLE		1,518	0	3,625
Vanguard Short-Term Bond ETF	FIXD	921937827	274	3,516	SH		SOLE		1,796	0	1,720
Vanguard Total Intl Bond Ind E	FIXD	92203j407	1,299	23,823	SH		SOLE		23,592	0	231
iShares Barclays Aggregate Bon	FIXD	464287226	315	2,987	SH		SOLE		2,987	0	0
iShares Barclays TIPS Bond Fun	FIXD	464287176	570	5,154	SH		SOLE		3,714	0	1,440
iShares Core International Agg	FIXD	46435g672	4,540	86,853	SH		SOLE		86,668	0	185
iShares iBoxx Invest Grade Cor	FIXD	464287242	1,079	9,391	SH		SOLE		8,961	0	430
Gold Shares SPDR	CMDT	78463v107	591	5,242	SH		SOLE		4,872	0	370
Sprott Physical Gold and Silve	CMDT	85208r101	323	27,625	SH		SOLE		3,725	0	23,900
iShares Gold Trust	CMDT	464285105	225	19,677	SH		SOLE		17,227	0	2,450
DJ Wilshire Int'l Real Estate	REAL	78463x863	607	15,879	SH		SOLE		13,358	0	2,521
Invesco MSCI Global Timber ETF	REAL	46138e545	243	7,587	SH		SOLE		6,987	0	600
SPDR Dow Jones Global Real Est	REAL	78463x749	1,147	24,121	SH		SOLE		23,162	0	959
Weyerhaeuser Co.	REAL	962166104	214	6,618	SH		SOLE		6,618	0	0
iShares S&P Global Timber & Fo	REAL	464288174	477	6,332	SH		SOLE		5,802	0	530
ALPS Alerian MLP ETF	HEDG	00162q866	358	33,546	SH		SOLE		30,411	0	3,135
ProShares S&P 500 Index Invers	HEDG	74347r503	1,922	70,350	SH		SOLE		49,250	0	21,100
ProShares Short Russell2000	HEDG	74648a210	277	7,350	SH		SOLE		6,300	0	1,050