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
3M Company	COM	88579Y101	242	1,385	SH		SOLE		1,385	0	0
AT&T Inc	COM	00206r102	914	31,778	SH		SOLE		31,613	0	165
AbbVie Inc.	COM	00287y109	3,949	36,851	SH		SOLE		35,771	0	1,080
Abbott Labs	COM	002824100	1,045	9,542	SH		SOLE		9,107	0	435
Accenture	COM	g1151c101	1,012	3,875	SH		SOLE		3,550	0	325
Allegheny Technologies	COM	01741r102	1,707	101,795	SH		SOLE		100,245	0	1,550
Alliant Energy	COM	018802108	1,488	28,873	SH		SOLE		28,206	0	667
Alphabet Inc. Class A	COM	02079k305	1,702	971	SH		SOLE		602	0	369
Alphabet Inc. Class C	COM	02079k107	7,778	4,440	SH		SOLE		2,996	0	1,444
Altria Group	COM	02209s103	294	7,170	SH		SOLE		7,170	0	0
Amazon.com	COM	023135106	3,944	1,211	SH		SOLE		1,177	0	34
American Green Group, Inc.	COM	02639t200	0	50,000	SH		SOLE		50,000	0	0
Amgen	COM	031162100	1,351	5,876	SH		SOLE		5,604	0	272
Apache Corporation	COM	037411105	466	32,807	SH		SOLE		32,707	0	100
Apple Inc.	COM	037833100	10,357	78,052	SH		SOLE		76,412	0	1,640
Bank of America	COM	060505104	1,569	51,756	SH		SOLE		50,886	0	870
Berkshire Hathaway cl. A (1/10	COM	084990175	696	200	SH		SOLE		200	0	0
Berkshire Hathaway cl. B	COM	084670702	2,904	12,523	SH		SOLE		12,266	0	257
Bristol-Myers Squibb	COM	110122108	2,381	38,390	SH		SOLE		37,355	0	1,035
Broadcom Inc.	COM	11135f101	1,699	3,881	SH		SOLE		3,763	0	118
Bunge Ltd	COM	g16962105	1,370	20,890	SH		SOLE		20,260	0	630
CVS Caremark Corp	COM	126650100	3,904	57,153	SH		SOLE		55,083	0	2,070
Cambridge Heart	COM	131910101	0	25,000	SH		SOLE		25,000	0	0
Carnival Corporation	COM	143658300	702	32,417	SH		SOLE		31,892	0	525
Caterpillar Inc.	COM	149123101	2,146	11,787	SH		SOLE		11,632	0	155
Chevron Corp.	COM	166764100	1,820	21,546	SH		SOLE		21,146	0	400
China Jo-Jo Drugstores, Inc.	COM	16949a206	19	19,000	SH		SOLE		19,000	0	0
Cisco Systems Inc.	COM	17275R102	675	15,092	SH		SOLE		14,487	0	605
Citigroup Inc.	COM	172967424	1,534	24,884	SH		SOLE		24,184	0	700
Coca-Cola Co.	COM	191216100	285	5,206	SH		SOLE		4,726	0	480
Colgate-Palmolive Co.	COM	194162103	586	6,850	SH		SOLE		6,450	0	400
Deere & Co	COM	244199105	566	2,104	SH		SOLE		2,104	0	0
Diebold, Incorporated	COM	253651103	188	17,600	SH		SOLE		17,600	0	0
Dominion Resources Inc.	COM	25746U109	273	3,634	SH		SOLE		3,364	0	270
Duke Energy	COM	26441C204	237	2,589	SH		SOLE		2,589	0	0
Exact Sciences Corp.	COM	30063P105	219	1,652	SH		SOLE		1,652	0	0
Exxon-Mobil	COM	30231G102	217	5,269	SH		SOLE		5,044	0	225
Facebook Inc.	COM	30303m102	647	2,370	SH		SOLE		1,870	0	500
Fastenal Co.	COM	311900104	435	8,906	SH		SOLE		8,306	0	600
FedEx Corp.	COM	31428X106	1,126	4,336	SH		SOLE		4,171	0	165
Fidelity National Info Service	COM	31620m106	320	2,261	SH		SOLE		2,261	0	0
Fiserv Inc.	COM	337738108	5,904	51,851	SH		SOLE		50,981	0	870
General Dynamics	COM	369550108	405	2,721	SH		SOLE		2,686	0	35
General Electric Co.	COM	369604103	1,299	120,285	SH		SOLE		120,075	0	210
Genuine Parts	COM	372460105	476	4,740	SH		SOLE		4,540	0	200
Gilead Sciences	COM	375558103	205	3,525	SH		SOLE		3,525	0	0
Goldman Sachs	COM	38141G104	1,431	5,428	SH		SOLE		5,298	0	130
Helen of Troy, Ltd	COM	g4388n106	2,293	10,319	SH		SOLE		9,889	0	430
Hershey Foods Corp	COM	427866108	305	2,000	SH		SOLE		2,000	0	0
Home Depot Inc.	COM	437076102	300	1,130	SH		SOLE		1,130	0	0
Illumina, Inc	COM	452327109	330	892	SH		SOLE		892	0	0
Ingersoll Rand Inc.	COM	45687v106	391	8,572	SH		SOLE		8,572	0	0
Intel Corp.	COM	458140100	2,094	42,035	SH		SOLE		41,150	0	885
Intl Business Mach. Corp.	COM	459200101	220	1,750	SH		SOLE		1,620	0	130
J.P. Morgan Chase	COM	46625H100	3,501	27,553	SH		SOLE		27,052	0	501
Johnson & Johnson	COM	478160104	4,809	30,556	SH		SOLE		29,676	0	880
Johnson Controls Intl plc	COM	G51502105	776	16,662	SH		SOLE		15,937	0	725
Kimberly-Clark Corp.	COM	494368103	2,909	21,578	SH		SOLE		21,098	0	480
Lilly Eli & Co.	COM	532457108	230	1,360	SH		SOLE		1,160	0	200
Lockheed Martin Corp.	COM	539830109	332	935	SH		SOLE		935	0	0
MGE Energy	COM	55277p104	656	9,367	SH		SOLE		9,217	0	150
MGIC Investment Corp.	COM	552848103	3,913	311,825	SH		SOLE		305,680	0	6,145
McDonald's	COM	580135101	1,249	5,822	SH		SOLE		5,717	0	105
Medtronic plc	COM	g5960l103	1,826	15,592	SH		SOLE		14,707	0	885
Merck & Co. Inc.	COM	58933y105	269	3,287	SH		SOLE		3,047	0	240
Microsoft Corp.	COM	594918104	8,840	39,747	SH		SOLE		38,872	0	875
Modine Manufacturing	COM	607828100	1,072	85,374	SH		SOLE		83,424	0	1,950
NVidia Corp	COM	67066G104	2,010	3,850	SH		SOLE		3,805	0	45
National HealthCare Logs	COM	63633Y108	2	200,000	SH		SOLE		200,000	0	0
Newmont Mining Corp	COM	651639106	724	12,083	SH		SOLE		11,963	0	120
Novartis AG	COM	66987v109	2,273	24,068	SH		SOLE		23,633	0	435
O-I Glass, Inc.	COM	67098h104	1,473	123,750	SH		SOLE		123,750	0	0
Olin Corp	COM	680665205	1,692	68,890	SH		SOLE		67,590	0	1,300
Omnicom Group	COM	681919106	407	6,525	SH		SOLE		6,525	0	0
Oracle Corp.	COM	68389X105	760	11,750	SH		SOLE		11,200	0	550
Oshkosh Corp	COM	688239201	1,003	11,650	SH		SOLE		11,495	0	155
PayPal Holdings, Inc.	COM	70450y103	2,483	10,604	SH		SOLE		10,449	0	155
Paychex	COM	704326107	299	3,205	SH		SOLE		3,205	0	0
Pepsico Inc.	COM	713448108	2,886	19,458	SH		SOLE		18,888	0	570
Pfizer Inc.	COM	717081103	1,073	29,153	SH		SOLE		29,003	0	150
Philip Morris International	COM	718172109	205	2,471	SH		SOLE		2,296	0	175
Procter & Gamble Co.	COM	742718109	1,516	10,892	SH		SOLE		10,292	0	600
Prudential Financial, Inc.	COM	744320102	280	3,587	SH		SOLE		3,352	0	235
Quad/Graphics, Inc.	COM	747301109	115	30,150	SH		SOLE		30,150	0	0
Qualcomm Inc.	COM	747525103	2,473	16,235	SH		SOLE		15,915	0	320
RPM Inc.	COM	749685103	3,571	39,337	SH		SOLE		38,477	0	860
Range Resources	COM	75281a109	213	31,855	SH		SOLE		30,805	0	1,050
Regal-Beloit Corp.	COM	758750103	211	1,721	SH		SOLE		1,221	0	500
Rockwell Automation	COM	773903109	344	1,370	SH		SOLE		1,370	0	0
Square, Inc.	COM	852234103	554	2,545	SH		SOLE		2,545	0	0
Stanley Black & Decker, Inc.	COM	854502101	435	2,435	SH		SOLE		2,310	0	125
TCF Financial Corporation	COM	872307103	1,774	47,912	SH		SOLE		46,942	0	970
Target Corp.	COM	87612E106	1,950	11,048	SH		SOLE		10,806	0	242
Tesla Motors, Inc.	COM	88160R101	850	1,205	SH		SOLE		1,205	0	0
The Interpublic Group of Compa	COM	460690100	270	11,466	SH		SOLE		11,466	0	0
The Walt Disney Co.	COM	254687106	893	4,929	SH		SOLE		4,929	0	0
Union Pacific Corp.	COM	907818108	229	1,100	SH		SOLE		1,100	0	0
UnitedHealth Group Inc	COM	91324p102	2,568	7,323	SH		SOLE		7,170	0	153
VF Corp	COM	918204108	915	10,714	SH		SOLE		9,909	0	805
Verizon	COM	92343V104	3,510	59,745	SH		SOLE		58,520	0	1,225
Visa Inc.	COM	92826c839	1,387	6,341	SH		SOLE		6,031	0	310
Vodafone Grp PLC	COM	92857w308	849	51,547	SH		SOLE		50,942	0	605
WD 40 Company	COM	929236107	474	1,785	SH		SOLE		1,785	0	0
WEC Energy Group, Inc.	COM	92939u106	1,726	18,759	SH		SOLE		17,934	0	825
Wal-Mart Stores Inc.	COM	931142103	1,745	12,106	SH		SOLE		11,921	0	185
Walgreens Boots Alliance	COM	931427108	664	16,659	SH		SOLE		16,104	0	555
Wells Fargo & Co.	COM	949746101	202	6,706	SH		SOLE		6,256	0	450
XCel Energy Inc.	COM	98389b100	578	8,672	SH		SOLE		8,672	0	0
XPO Logistics, Inc.	COM	983793100	1,298	10,892	SH		SOLE		10,687	0	205
Duff & Phelps Select Income Fu	ETF	23325P104	192	18,758	SH		SOLE		17,483	0	1,275
Madison Covered Call&Equity St	ETF	557437100	153	22,630	SH		SOLE		20,330	0	2,300
MidCap SPDRs	ETF	78467y107	543	1,292	SH		SOLE		1,292	0	0
S&P 500/Barra Value (iShares)	ETF	464287408	227	1,770	SH		SOLE		1,700	0	70
S&P Dep Receipts	ETF	78462f103	606	1,621	SH		SOLE		1,411	0	210
S&P Midcap 400 Index (iShares)	ETF	464287507	954	4,152	SH		SOLE		3,966	0	186
SPDR Portfolio Mid Cap ETF	ETF	78464A847	2,471	61,167	SH		SOLE		60,472	0	695
SPDR Portfolio S&P 500 High Di	ETF	78468r788	910	27,612	SH		SOLE		26,437	0	1,175
SPDR S&P 500 Growth ETF	ETF	78464A409	11,829	213,943	SH		SOLE		210,358	0	3,585
SPDR S&P 500 Value ETF	ETF	78464A508	7,499	218,045	SH		SOLE		212,596	0	5,449
Schwab U.S. Large-Cap ETF	ETF	808524201	708	7,785	SH		SOLE		7,785	0	0
Schwab U.S. Large-Cap Growth E	ETF	808524300	881	6,864	SH		SOLE		6,490	0	374
Schwab U.S. Large-Cap Value ET	ETF	808524409	315	5,289	SH		SOLE		4,753	0	536
Schwab US Dividend Equity ETF	ETF	808524797	673	10,486	SH		SOLE		9,836	0	650
Vanguard High Dividend Yield I	ETF	921946406	262	2,867	SH		SOLE		2,867	0	0
Vanguard Mega Cap 300 Growth I	ETF	921910816	761	3,734	SH		SOLE		3,734	0	0
Vanguard Mid Cap ETF	ETF	922908629	266	1,288	SH		SOLE		1,288	0	0
Vanguard Total Stock Market ET	ETF	922908769	226	1,159	SH		SOLE		1,146	0	13
Vanguard Value ETF	ETF	922908744	225	1,894	SH		SOLE		1,894	0	0
iShares Core S&P U.S. Growth E	ETF	464287671	282	3,176	SH		SOLE		3,176	0	0
iShares Russell Growth Midcap	ETF	464287481	296	2,886	SH		SOLE		2,886	0	0
S&P 600/Barra Growth Index (iS	SMLC	464287887	2,602	22,792	SH		SOLE		21,726	0	1,066
S&P 600/Barra Value Index (iSh	SMLC	464287879	3,053	37,548	SH		SOLE		36,409	0	1,139
SPDR Portfolio Small Cap ETF	SMLC	78468R853	7,676	214,414	SH		SOLE		212,510	0	1,904
Schwab U.S. Small-Cap ETF	SMLC	808524607	1,288	14,471	SH		SOLE		13,203	0	1,268
Vanguard Small Cap ETF	SMLC	922908751	259	1,332	SH		SOLE		1,332	0	0
iShares S&P SmallCap 600 Index	SMLC	464287804	553	6,020	SH		SOLE		5,645	0	375
China-H FTSE/Xinhua 25 Index (	INTL	464287184	241	5,189	SH		SOLE		4,364	0	825
Europe/Australia/Far-East Inde	INTL	464287465	489	6,709	SH		SOLE		6,520	0	189
MSCI Emerging Markets Index (i	INTL	464287234	524	10,132	SH		SOLE		9,677	0	455
MSCI Japan Index (iShares)	INTL	46434g822	281	4,165	SH		SOLE		3,930	0	235
SPDR Portfolio Emerging Market	INTL	78463X509	3,444	81,684	SH		SOLE		81,034	0	650
SPDR S&P Developed World ex-US	INTL	78463X889	3,825	113,335	SH		SOLE		112,670	0	665
Schwab Emerging Markets Equity	INTL	808524706	261	8,524	SH		SOLE		8,524	0	0
Schwab International Equity ET	INTL	808524805	883	24,514	SH		SOLE		22,473	0	2,041
Vanguard Emerging Markets Stoc	INTL	922042858	547	10,917	SH		SOLE		10,692	0	225
Vanguard FTSE All-World ex-US	INTL	922042775	325	5,564	SH		SOLE		5,564	0	0
Vanguard FTSE Developed Market	INTL	921943858	2,297	48,646	SH		SOLE		46,671	0	1,975
Wisdom Tree Japan Hedged Equit	INTL	97717W851	421	7,740	SH		SOLE		7,255	0	485
WisdomTree EAFE Dividend-Wgtd	INTL	97717w703	1,169	23,083	SH		SOLE		22,583	0	500
WisdomTree Emerg Mkts High-Yie	INTL	97717w315	366	8,892	SH		SOLE		8,757	0	135
WisdomTree Int'l Hedged Divide	INTL	97717x594	221	5,625	SH		SOLE		5,425	0	200
iShares MSCI All Country Asia	INTL	464288182	712	7,941	SH		SOLE		7,056	0	885
BlackRock Int. Duration Munici	FIXD	09253X102	1,234	82,973	SH		SOLE		79,833	0	3,140
BlackRock MuniAssets Fund	FIXD	09254j102	1,165	79,385	SH		SOLE		77,385	0	2,000
Calamos Convertible & High Inc	FIXD	12811p108	668	46,809	SH		SOLE		43,134	0	3,675
Eaton Vance Limited Duration I	FIXD	27828h105	436	34,762	SH		SOLE		31,712	0	3,050
Invesco CEF Income Composite E	FIXD	46138e404	1,790	79,790	SH		SOLE		74,650	0	5,140
Invesco Ultra Short-Duration E	FIXD	46090a887	265	5,235	SH		SOLE		4,235	0	1,000
Nuveen Dividend Advantage Muni	FIXD	67071l106	177	10,525	SH		SOLE		10,525	0	0
Nuveen Municipal Value Fund In	FIXD	670928100	346	31,200	SH		SOLE		31,200	0	0
PIMCO Corporate Opportunity Fu	FIXD	72201b101	593	33,212	SH		SOLE		32,212	0	1,000
PIMCO Enhanced Short Maturity	FIXD	72201r833	744	7,296	SH		SOLE		7,296	0	0
Pacer Trendpilot US Bond ETF	FIXD	69374h642	2,959	107,486	SH		SOLE		105,174	0	2,312
Putnam Master Intrm Inc Tr	FIXD	746909100	57	13,500	SH		SOLE		13,500	0	0
SPDR DoubleLine Total Return T	FIXD	78467v848	234	4,754	SH		SOLE		4,454	0	300
SPDR Lehman Municipal Bond ETF	FIXD	78468r721	240	4,573	SH		SOLE		4,573	0	0
SPDR Portfolio Aggregate Bond	FIXD	78464a649	4,334	140,750	SH		SOLE		136,751	0	3,999
SPDR Short Term Municipal Bond	FIXD	78468r739	764	15,349	SH		SOLE		15,349	0	0
Schwab US Aggregate Bond ETF	FIXD	808524839	424	7,559	SH		SOLE		7,154	0	405
Templeton Global Income Fund	FIXD	880198106	110	20,000	SH		SOLE		5,100	0	14,900
Vanguard Total Intl Bond Ind E	FIXD	92203j407	292	4,981	SH		SOLE		4,981	0	0
WisdomTree Floating Rate Treas	FIXD	97717X628	1,406	56,020	SH		SOLE		53,994	0	2,026
iShares Barclays TIPS Bond Fun	FIXD	464287176	521	4,083	SH		SOLE		3,683	0	400
iShares Core International Agg	FIXD	46435g672	2,330	41,450	SH		SOLE		40,860	0	590
iShares Short-Term Corporate B	FIXD	464288646	1,476	26,759	SH		SOLE		26,659	0	100
iShares iBoxx Invest Grade Cor	FIXD	464287242	909	6,579	SH		SOLE		6,529	0	50
Gold Shares SPDR	CMDT	78463v107	9,282	52,042	SH		SOLE		50,880	0	1,162
Sprott Physical Gold and Silve	CMDT	85208r101	233	12,025	SH		SOLE		525	0	11,500
iShares Gold Trust	CMDT	464285105	543	29,924	SH		SOLE		26,624	0	3,300
DJ Wilshire Int'l Real Estate	REAL	78463x863	753	22,089	SH		SOLE		20,241	0	1,848
Invesco MSCI Global Timber ETF	REAL	46138e545	270	8,037	SH		SOLE		7,387	0	650
SPDR Dow Jones Global Real Est	REAL	78463x749	1,274	28,660	SH		SOLE		28,270	0	390
Weyerhaeuser Co.	REAL	962166104	210	6,263	SH		SOLE		6,263	0	0
iShares S&P Global Timber & Fo	REAL	464288174	566	7,112	SH		SOLE		6,740	0	372
ProShares S&P 500 Index Invers	HEDG	74347b425	1,376	76,580	SH		SOLE		75,905	0	675