# EDGAR Filing Document

**Accession Number:** 0001521951
**File Stem:** 0001521951-23-000018
**Filing Date:** 2023-2
**Character Count:** 19621
**Document Hash:** 18f813ac6ea695e70878228be282db96
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001521951-23-000018.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001521951-23-000018

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST BUSINESS FINANCIAL SERVICES, INC.
- **CENTRAL INDEX KEY:** 0001521951
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 391576570
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15585
- **FILM NUMBER:** 23581441

**BUSINESS ADDRESS:**
- **STREET 1:** 401 CHARMANY DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53719
- **BUSINESS PHONE:** 608-238-8008

**MAIL ADDRESS:**
- **STREET 1:** 401 CHARMANY DRIVE
- **STREET 2:** PO BOX 44961
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53744

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Business Financial Services, Inc.
- **DATE OF NAME CHANGE:** 20110527

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** FIRST BUSINESS FINANCIAL SERVICES INC.<br>**Address:** 401 CHARMANY DRIVE<br>PO Box 44961<br>MADISON, WI 53744

**Form 13F File Number:** 028-15585

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Brendan Freeman<br>**Title:** President Private Wealth<br>**Phone:** 608-232-5951

**Signature, Place, and Date of Signing:**

Brendan Freeman  Madison, WI  02-02-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 163

**Form 13F Information Table Value Total:** $744170

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AT Inc | Common | 00206R102 |  | 327 | 17746 | SH |  | SOLE |  | 12174 | 0 | 5572 |
| Ark Innovation | Common | 00214Q104 |  | 226 | 7224 | SH |  | SOLE |  | 7224 | 0 | 0 |
| Abbott Laboratories | Common | 002824100 |  | 1297 | 11817 | SH |  | SOLE |  | 9295 | 0 | 2522 |
| Abbvie Inc Com | Common | 00287Y109 |  | 2231 | 13803 | SH |  | SOLE |  | 11425 | 0 | 2378 |
| Acutus Medical | Common | 005111109 |  | 12 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Adobe Inc | Common | 00724F101 |  | 1255 | 3730 | SH |  | SOLE |  | 3730 | 0 | 0 |
| Advanced Micro Devices Inc | Common | 007903107 |  | 327 | 5046 | SH |  | SOLE |  | 5046 | 0 | 0 |
| Air Prods  Chems Inc | Common | 009158106 |  | 727 | 2360 | SH |  | SOLE |  | 2360 | 0 | 0 |
| Allegheny Technologies Inc | Common | 01741R102 |  | 428 | 14325 | SH |  | SOLE |  | 14325 | 0 | 0 |
| Alphabet Inc Cap Stk Cl C | Common | 02079K107 |  | 587 | 6620 | SH |  | SOLE |  | 6620 | 0 | 0 |
| Alphabet Inc Cap Stk Cl A | Common | 02079K305 |  | 3575 | 40521 | SH |  | SOLE |  | 40381 | 0 | 140 |
| Altria Group Inc | Common | 02209S103 |  | 348 | 7616 | SH |  | SOLE |  | 363 | 0 | 7253 |
| Amazon.com Inc | Common | 023135106 |  | 1178 | 14026 | SH |  | SOLE |  | 14026 | 0 | 0 |
| American Express CO | Common | 025816109 |  | 241 | 1630 | SH |  | SOLE |  | 1630 | 0 | 0 |
| American Tower Corp | Common | 03027X100 |  | 1590 | 7506 | SH |  | SOLE |  | 7506 | 0 | 0 |
| Amerisourcebergen Corp | Common | 03073E105 |  | 1798 | 10852 | SH |  | SOLE |  | 10852 | 0 | 0 |
| Ameriprise Financial Inc | Common | 03076C106 |  | 340 | 1093 | SH |  | SOLE |  | 1093 | 0 | 0 |
| Amgen Inc | Common | 031162100 |  | 1813 | 6902 | SH |  | SOLE |  | 6902 | 0 | 0 |
| Analog Devices Inc | Common | 032654105 |  | 2124 | 12951 | SH |  | SOLE |  | 12951 | 0 | 0 |
| Elevance Health INC | Common | 036752103 |  | 2094 | 4082 | SH |  | SOLE |  | 4082 | 0 | 0 |
| Apple Inc | Common | 037833100 |  | 7061 | 54347 | SH |  | SOLE |  | 48135 | 0 | 6212 |
| Applied Materials Inc | Common | 038222105 |  | 247 | 2539 | SH |  | SOLE |  | 2539 | 0 | 0 |
| Arista Networks Inc | Common | 040413106 |  | 1595 | 13142 | SH |  | SOLE |  | 13142 | 0 | 0 |
| Automatic Data Processing Inc | Common | 053015103 |  | 222 | 931 | SH |  | SOLE |  | 931 | 0 | 0 |
| Bank Of America Corp | Common | 060505104 |  | 1741 | 52579 | SH |  | SOLE |  | 52579 | 0 | 0 |
| Bank Of Montreal ADR | Common | 063671101 |  | 242 | 2676 | SH |  | SOLE |  | 0 | 0 | 2676 |
| Barrick Gold Corp ADR | Common | 067901108 |  | 189 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| Berkshire Hathaway INC-CL B | Common | 084670702 |  | 298 | 966 | SH |  | SOLE |  | 857 | 0 | 109 |
| BlackRock Inc | Common | 09247X101 |  | 566 | 799 | SH |  | SOLE |  | 799 | 0 | 0 |
| Bristol Myers Squibb Co | Common | 110122108 |  | 347 | 4818 | SH |  | SOLE |  | 4818 | 0 | 0 |
| Broadcom Inc | Common | 11135F101 |  | 1822 | 3258 | SH |  | SOLE |  | 3258 | 0 | 0 |
| CSX Corp Com | Common | 126408103 |  | 1347 | 43488 | SH |  | SOLE |  | 43488 | 0 | 0 |
| CVS Health Corp | Common | 126650100 |  | 203 | 2181 | SH |  | SOLE |  | 2181 | 0 | 0 |
| American Funds Capital Income | Common | 140193103 |  | 397 | 6310 | SH |  | SOLE |  | 6310 | 0 | 0 |
| Charles River Labs Intl | Common | 159864107 |  | 398 | 1825 | SH |  | SOLE |  | 1825 | 0 | 0 |
| Chevron Corp | Common | 166764100 |  | 1034 | 5762 | SH |  | SOLE |  | 2352 | 0 | 3410 |
| Cisco Systems Inc | Common | 17275R102 |  | 2230 | 46817 | SH |  | SOLE |  | 43838 | 0 | 2979 |
| Cintas Corporation | Common | 172908105 |  | 272 | 602 | SH |  | SOLE |  | 602 | 0 | 0 |
| Citigroup Inc | Common | 172967424 |  | 807 | 17851 | SH |  | SOLE |  | 16351 | 0 | 1500 |
| Coca-Cola Co | Common | 191216100 |  | 2348 | 36905 | SH |  | SOLE |  | 12855 | 0 | 24050 |
| Corning Inc | Common | 219350105 |  | 364 | 11406 | SH |  | SOLE |  | 11406 | 0 | 0 |
| Costco Wholesale Corp | Common | 22160K105 |  | 1277 | 2797 | SH |  | SOLE |  | 2797 | 0 | 0 |
| Cummins Inc | Common | 231021106 |  | 219 | 904 | SH |  | SOLE |  | 904 | 0 | 0 |
| Danaher Corp | Common | 235851102 |  | 227 | 855 | SH |  | SOLE |  | 855 | 0 | 0 |
| Darden Restaurants Inc | Common | 237194105 |  | 1132 | 8184 | SH |  | SOLE |  | 8184 | 0 | 0 |
| Devon Energy Corp New | Common | 25179M103 |  | 926 | 15054 | SH |  | SOLE |  | 15054 | 0 | 0 |
| Walt Disney Company | Common | 254687106 |  | 1282 | 14752 | SH |  | SOLE |  | 14752 | 0 | 0 |
| EOG Res Inc | Common | 26875P101 |  | 203 | 1568 | SH |  | SOLE |  | 1568 | 0 | 0 |
| Electronic Arts Inc | Common | 285512109 |  | 1479 | 12106 | SH |  | SOLE |  | 12106 | 0 | 0 |
| Essential Utilities Inc | Common | 29670G102 |  | 1289 | 27012 | SH |  | SOLE |  | 27012 | 0 | 0 |
| Expedia Group Inc New | Common | 30212P303 |  | 609 | 6949 | SH |  | SOLE |  | 6949 | 0 | 0 |
| Exxon Mobil Corp | Common | 30231G102 |  | 1644 | 14903 | SH |  | SOLE |  | 12517 | 0 | 2386 |
| Meta Platforms Inc | Common | 30303M102 |  | 217 | 1803 | SH |  | SOLE |  | 1380 | 0 | 423 |
| Fidelity National Information | Common | 31620M106 |  | 636 | 9375 | SH |  | SOLE |  | 2358 | 0 | 7017 |
| First Business Financial Servi | Common | 319390100 |  | 12977 | 355045 | SH |  | SOLE |  | 0 | 0 | 355045 |
| Fiserv Inc | Common | 337738108 |  | 6431 | 63629 | SH |  | SOLE |  | 1185 | 0 | 62444 |
| Arthur J. Gallagher  Co | Common | 363576109 |  | 241 | 1276 | SH |  | SOLE |  | 1276 | 0 | 0 |
| General Dynamics Corp | Common | 369550108 |  | 1265 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| Genuine Parts Co | Common | 372460105 |  | 273 | 1574 | SH |  | SOLE |  | 1035 | 0 | 539 |
| Home Depot Inc | Common | 437076102 |  | 1934 | 6122 | SH |  | SOLE |  | 5792 | 0 | 330 |
| Illinois Tool Works Inc | Common | 452308109 |  | 775 | 3516 | SH |  | SOLE |  | 2216 | 0 | 1300 |
| Intel Corp | Common | 458140100 |  | 549 | 20784 | SH |  | SOLE |  | 18384 | 0 | 2400 |
| Intercontinental Exchange Inc | Common | 45866F104 |  | 1292 | 12598 | SH |  | SOLE |  | 12348 | 0 | 250 |
| International Business Machine | Common | 459200101 |  | 307 | 2179 | SH |  | SOLE |  | 1804 | 0 | 375 |
| Intuitive Surgical Inc | Common | 46120E602 |  | 377 | 1419 | SH |  | SOLE |  | 1419 | 0 | 0 |
| iShares Select Dividend | Common | 464287168 |  | 364 | 3022 | SH |  | SOLE |  | 3022 | 0 | 0 |
| iShares S 500 Core | Common | 464287200 |  | 2223 | 5786 | SH |  | SOLE |  | 5786 | 0 | 0 |
| iShares Core US Aggregate Bond | Common | 464287226 |  | 44734 | 461227 | SH |  | SOLE |  | 461227 | 0 | 0 |
| iShares Core S Mid-Cap ETF | Common | 464287507 |  | 36067 | 149107 | SH |  | SOLE |  | 149107 | 0 | 0 |
| iShares Russell 1000 Value ETF | Common | 464287598 |  | 42860 | 282623 | SH |  | SOLE |  | 282623 | 0 | 0 |
| iShares Russell 1000 Growth ET | Common | 464287614 |  | 45107 | 210543 | SH |  | SOLE |  | 210543 | 0 | 0 |
| iShares Russell 1000 ETF | Common | 464287622 |  | 1174 | 5578 | SH |  | SOLE |  | 5578 | 0 | 0 |
| iShares Russell 2000 Value | Common | 464287630 |  | 646 | 4662 | SH |  | SOLE |  | 4662 | 0 | 0 |
| iShares Russell 2000 Growth | Common | 464287648 |  | 676 | 3152 | SH |  | SOLE |  | 3152 | 0 | 0 |
| iShares Russell 2000 | Common | 464287655 |  | 1082 | 6206 | SH |  | SOLE |  | 6206 | 0 | 0 |
| iShares Core S Small-Cap ETF | Common | 464287804 |  | 52031 | 549779 | SH |  | SOLE |  | 549779 | 0 | 0 |
| iShares MSCI ACWI ex US | Common | 464288240 |  | 269 | 5905 | SH |  | SOLE |  | 5905 | 0 | 0 |
| iShares Edge MSCI Min Vol USA | Common | 46429B697 |  | 1160 | 16093 | SH |  | SOLE |  | 16093 | 0 | 0 |
| iShares Edge MSCI USA Momentum | Common | 46432F396 |  | 4506 | 30881 | SH |  | SOLE |  | 30881 | 0 | 0 |
| iShares Core MSCI EAFE ETF | Common | 46432F842 |  | 98721 | 1601571 | SH |  | SOLE |  | 1601571 | 0 | 0 |
| iShares Core Dividend Growth | Common | 46434V621 |  | 43372 | 867431 | SH |  | SOLE |  | 867431 | 0 | 0 |
| JPMorgan Chase  Co | Common | 46625H100 |  | 3701 | 27596 | SH |  | SOLE |  | 27596 | 0 | 0 |
| JPMorgan Ultra-Short Income ET | Common | 46641Q837 |  | 10227 | 204019 | SH |  | SOLE |  | 204019 | 0 | 0 |
| Johnson  Johnson | Common | 478160104 |  | 1950 | 11036 | SH |  | SOLE |  | 10436 | 0 | 600 |
| Kimberly-Clark Corp | Common | 494368103 |  | 313 | 2308 | SH |  | SOLE |  | 1908 | 0 | 400 |
| Kroger Co | Common | 501044101 |  | 999 | 22413 | SH |  | SOLE |  | 22413 | 0 | 0 |
| Lam Research Corporation | Common | 512807108 |  | 1170 | 2783 | SH |  | SOLE |  | 2783 | 0 | 0 |
| Lilly Eli  Co | Common | 532457108 |  | 2149 | 5875 | SH |  | SOLE |  | 5875 | 0 | 0 |
| Lowe's Companies Inc | Common | 548661107 |  | 1502 | 7541 | SH |  | SOLE |  | 7541 | 0 | 0 |
| MGE Energy Inc | Common | 55277P104 |  | 507 | 7203 | SH |  | SOLE |  | 4858 | 0 | 2345 |
| Mastercard Inc Cl A | Common | 57636Q104 |  | 529 | 1522 | SH |  | SOLE |  | 1522 | 0 | 0 |
| McDonald's Corp | Common | 580135101 |  | 2013 | 7639 | SH |  | SOLE |  | 6518 | 0 | 1121 |
| Merck  Co Inc | Common | 58933Y105 |  | 2190 | 19736 | SH |  | SOLE |  | 19273 | 0 | 463 |
| Microsoft Corp | Common | 594918104 |  | 3380 | 14093 | SH |  | SOLE |  | 12100 | 0 | 1993 |
| Microchip Technology Inc | Common | 595017104 |  | 263 | 3746 | SH |  | SOLE |  | 3746 | 0 | 0 |
| Micron Technology Inc | Common | 595112103 |  | 778 | 15575 | SH |  | SOLE |  | 15575 | 0 | 0 |
| Moderna Inc | Common | 60770K107 |  | 241 | 1341 | SH |  | SOLE |  | 1341 | 0 | 0 |
| Mondelez Intl Inc Class A | Common | 609207105 |  | 861 | 12911 | SH |  | SOLE |  | 1747 | 0 | 11164 |
| NMI Holdings Inc Cl A | Common | 629209305 |  | 243 | 11604 | SH |  | SOLE |  | 0 | 0 | 11604 |
| Nextera Energy Inc | Common | 65339F101 |  | 375 | 4491 | SH |  | SOLE |  | 1175 | 0 | 3316 |
| Nice Ltd Sponsored ADR | Common | 653656108 |  | 522 | 2713 | SH |  | SOLE |  | 2713 | 0 | 0 |
| Nike Inc | Common | 654106103 |  | 641 | 5475 | SH |  | SOLE |  | 5475 | 0 | 0 |
| Nvidia Corp | Common | 67066G104 |  | 617 | 4219 | SH |  | SOLE |  | 4219 | 0 | 0 |
| Nuveen ESG Large Cap Value | Common | 67092P300 |  | 411 | 11991 | SH |  | SOLE |  | 11991 | 0 | 0 |
| PNC Financial Services Group I | Common | 693475105 |  | 407 | 2580 | SH |  | SOLE |  | 712 | 0 | 1868 |
| Palantir Technologies Inc | Common | 69608A108 |  | 69 | 10811 | SH |  | SOLE |  | 10811 | 0 | 0 |
| Paychex Inc | Common | 704326107 |  | 1339 | 11585 | SH |  | SOLE |  | 11585 | 0 | 0 |
| Paypal Hldgs Inc | Common | 70450Y103 |  | 325 | 4560 | SH |  | SOLE |  | 4560 | 0 | 0 |
| Pepsico Inc | Common | 713448108 |  | 3255 | 18016 | SH |  | SOLE |  | 16918 | 0 | 1098 |
| Pfizer Inc | Common | 717081103 |  | 571 | 11136 | SH |  | SOLE |  | 10836 | 0 | 300 |
| Philip Morris International In | Common | 718172109 |  | 1221 | 12068 | SH |  | SOLE |  | 2680 | 0 | 9388 |
| Phillips 66 | Common | 718546104 |  | 248 | 2380 | SH |  | SOLE |  | 2380 | 0 | 0 |
| Procter  Gamble Co | Common | 742718109 |  | 1658 | 10941 | SH |  | SOLE |  | 9941 | 0 | 1000 |
| Prudential Financial Inc | Common | 744320102 |  | 1636 | 16449 | SH |  | SOLE |  | 16449 | 0 | 0 |
| Qualcomm Inc | Common | 747525103 |  | 912 | 8297 | SH |  | SOLE |  | 8297 | 0 | 0 |
| Quanta Services Inc | Common | 74762E102 |  | 1093 | 7668 | SH |  | SOLE |  | 7668 | 0 | 0 |
| Republic Services Inc | Common | 760759100 |  | 1371 | 10632 | SH |  | SOLE |  | 10632 | 0 | 0 |
| Rio Tinto PLC Sponsored ADR | Common | 767204100 |  | 1352 | 18995 | SH |  | SOLE |  | 18995 | 0 | 0 |
| Rockwell Automation Inc | Common | 773903109 |  | 223 | 867 | SH |  | SOLE |  | 867 | 0 | 0 |
| Shell Plc ADR | Common | 780259305 |  | 709 | 12455 | SH |  | SOLE |  | 12455 | 0 | 0 |
| SPDR S 500 ETF | Common | 78462F103 |  | 17171 | 44901 | SH |  | SOLE |  | 44901 | 0 | 0 |
| Spdr Gold Trust Shs | Common | 78463V107 |  | 339 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| SPDRA S MidCap 400 ETF | Common | 78467Y107 |  | 723 | 1633 | SH |  | SOLE |  | 1633 | 0 | 0 |
| Schlumberger Ltd | Common | 806857108 |  | 1571 | 29383 | SH |  | SOLE |  | 29383 | 0 | 0 |
| The Charles Schwab Corp | Common | 808513105 |  | 318 | 3815 | SH |  | SOLE |  | 3815 | 0 | 0 |
| Consumer Discr Select Sect SPD | Common | 81369Y407 |  | 730 | 5651 | SH |  | SOLE |  | 5651 | 0 | 0 |
| Energy Select Sector SPDR ETF | Common | 81369Y506 |  | 2372 | 27122 | SH |  | SOLE |  | 27122 | 0 | 0 |
| Financial Select Sector SPDR E | Common | 81369Y605 |  | 986 | 28839 | SH |  | SOLE |  | 28839 | 0 | 0 |
| Industrials Select Sector SPDR | Common | 81369Y704 |  | 1368 | 13928 | SH |  | SOLE |  | 13928 | 0 | 0 |
| Technology Select Sector SPDR | Common | 81369Y803 |  | 1666 | 13385 | SH |  | SOLE |  | 13385 | 0 | 0 |
| Communication Sector Select SP | Common | 81369Y852 |  | 339 | 7057 | SH |  | SOLE |  | 7057 | 0 | 0 |
| Starbucks Corp | Common | 855244109 |  | 239 | 2411 | SH |  | SOLE |  | 2357 | 0 | 54 |
| Stryker Corp | Common | 863667101 |  | 1396 | 5710 | SH |  | SOLE |  | 5710 | 0 | 0 |
| TJX Companies Inc | Common | 872540109 |  | 1494 | 18772 | SH |  | SOLE |  | 18772 | 0 | 0 |
| T Mobile US Inc | Common | 872590104 |  | 1769 | 12638 | SH |  | SOLE |  | 12638 | 0 | 0 |
| Tetra Tech Inc New | Common | 88162G103 |  | 679 | 4676 | SH |  | SOLE |  | 4676 | 0 | 0 |
| Texas Instruments Inc | Common | 882508104 |  | 1696 | 10267 | SH |  | SOLE |  | 10267 | 0 | 0 |
| Thomson Reuters Corp | Common | 884903709 |  | 637 | 5581 | SH |  | SOLE |  | 5581 | 0 | 0 |
| Transdigm Group Inc | Common | 893641100 |  | 408 | 648 | SH |  | SOLE |  | 648 | 0 | 0 |
| US Bancorp | Common | 902973304 |  | 329 | 7549 | SH |  | SOLE |  | 6449 | 0 | 1100 |
| Union Pacific Corp | Common | 907818108 |  | 308 | 1489 | SH |  | SOLE |  | 1489 | 0 | 0 |
| UnitedHealth Group Inc | Common | 91324P102 |  | 2041 | 3850 | SH |  | SOLE |  | 3850 | 0 | 0 |
| Valero Energy Corp | Common | 91913Y100 |  | 251 | 1978 | SH |  | SOLE |  | 1978 | 0 | 0 |
| Vanguard FTSE Developed Market | Common | 921943858 |  | 220 | 5245 | SH |  | SOLE |  | 5245 | 0 | 0 |
| Vanguard Communication SVCS ET | Common | 92204A884 |  | 510 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| Vanguard Real Estate ETF | Common | 922908553 |  | 16076 | 194906 | SH |  | SOLE |  | 194906 | 0 | 0 |
| Vanguard Mid-Cap ETF | Common | 922908629 |  | 907 | 4451 | SH |  | SOLE |  | 4451 | 0 | 0 |
| Vanguard Index Growth | Common | 922908736 |  | 320 | 1502 | SH |  | SOLE |  | 1502 | 0 | 0 |
| Vanguard Index Value | Common | 922908744 |  | 386 | 2753 | SH |  | SOLE |  | 2753 | 0 | 0 |
| Vanguard Small-Cap ETF | Common | 922908751 |  | 1053 | 5736 | SH |  | SOLE |  | 5736 | 0 | 0 |
| Vanguard Total Stock Market ET | Common | 922908769 |  | 169394 | 885996 | SH |  | SOLE |  | 885996 | 0 | 0 |
| Verizon Communications Inc | Common | 92343V104 |  | 241 | 6106 | SH |  | SOLE |  | 5323 | 0 | 783 |
| Visa Inc | Common | 92826C839 |  | 877 | 4223 | SH |  | SOLE |  | 4223 | 0 | 0 |
| Wal-Mart Inc | Common | 931142103 |  | 331 | 2337 | SH |  | SOLE |  | 2337 | 0 | 0 |
| Waste Mgmt Inc Del | Common | 94106L109 |  | 235 | 1495 | SH |  | SOLE |  | 1495 | 0 | 0 |
| Weyco Group Inc | Common | 962149100 |  | 229 | 10802 | SH |  | SOLE |  | 0 | 0 | 10802 |
| Xcel Energy Inc. | Common | 98389B100 |  | 288 | 4113 | SH |  | SOLE |  | 3976 | 0 | 137 |
| Amdocs Ltd ADR | Common | G02602103 |  | 640 | 7038 | SH |  | SOLE |  | 7038 | 0 | 0 |
| Aon PLC Shs Cl A | Common | G0403H108 |  | 577 | 1921 | SH |  | SOLE |  | 1921 | 0 | 0 |
| Accenture PLC | Common | G1151C101 |  | 500 | 1873 | SH |  | SOLE |  | 1073 | 0 | 800 |
| Eaton Corp PLC | Common | G29183103 |  | 295 | 1879 | SH |  | SOLE |  | 1879 | 0 | 0 |
| Johnson Controls Intl PLC | Common | G51502105 |  | 1150 | 17974 | SH |  | SOLE |  | 17974 | 0 | 0 |
| TE Connectivity Ltd | Common | H84989104 |  | 339 | 2955 | SH |  | SOLE |  | 2955 | 0 | 0 |

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