# EDGAR Filing Document

**Accession Number:** 0001521951
**File Stem:** 0001140361-25-028130
**Filing Date:** 2025-7
**Character Count:** 21726
**Document Hash:** a7764afd9d0d5cb2713f7e05e49dfb1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-028130.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001140361-25-028130

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**EFFECTIVENESS DATE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST BUSINESS FINANCIAL SERVICES, INC.
- **CENTRAL INDEX KEY:** 0001521951
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 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:** 251170451

**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:** 06-30-2025

**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:** Dave Seiler<br>**Title:** Chief Operating Officer<br>**Phone:** 608-232-5788

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

/s/ Dave Seiler  Madison, WI  07-23-2025<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:** 185

**Form 13F Information Table Value Total:** $1108862946

      (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 | Com | 00206R102 |  | 242980 | 8396 | SH |  | SOLE |  | 4296 | 0 | 4100 |
| Abbott Laboratories | Com | 002824100 |  | 740302 | 5443 | SH |  | SOLE |  | 2921 | 0 | 2522 |
| Abbvie Inc Com | Com | 00287Y109 |  | 1378785 | 7428 | SH |  | SOLE |  | 5423 | 0 | 2005 |
| Adobe Inc | Com | 00724F101 |  | 1335123 | 3451 | SH |  | SOLE |  | 3451 | 0 | 0 |
| Advanced Micro Devices Inc | Com | 007903107 |  | 501758 | 3536 | SH |  | SOLE |  | 3536 | 0 | 0 |
| ATI Inc | Com | 01741R102 |  | 646169 | 7484 | SH |  | SOLE |  | 7484 | 0 | 0 |
| Alliant Energy Corp | Com | 018802108 |  | 944179 | 15614 | SH |  | SOLE |  | 2498 | 0 | 13116 |
| Alphabet Inc Cap Stk Cl C | Com | 02079K107 |  | 1315524 | 7416 | SH |  | SOLE |  | 7416 | 0 | 0 |
| Alphabet Inc Cap Stk Cl A | Com | 02079K305 |  | 7181020 | 40748 | SH |  | SOLE |  | 40748 | 0 | 0 |
| Oklo Inc. | Com | 02156V109 |  | 279950 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| Altria Group Inc | Com | 02209S103 |  | 417211 | 7116 | SH |  | SOLE |  | 363 | 0 | 6753 |
| Amazon.com Inc | Com | 023135106 |  | 2099343 | 9569 | SH |  | SOLE |  | 9569 | 0 | 0 |
| Ameren Corporation | Com | 023608102 |  | 1071326 | 11155 | SH |  | SOLE |  | 1155 | 0 | 10000 |
| American Express CO | Com | 025816109 |  | 468263 | 1468 | SH |  | SOLE |  | 1468 | 0 | 0 |
| American Tower Corp | Com | 03027X100 |  | 300366 | 1359 | SH |  | SOLE |  | 1359 | 0 | 0 |
| CENCORA INC | Com | 03073E105 |  | 4681258 | 15612 | SH |  | SOLE |  | 15612 | 0 | 0 |
| Ameriprise Financial Inc | Com | 03076C106 |  | 583367 | 1093 | SH |  | SOLE |  | 1093 | 0 | 0 |
| Analog Devices Inc | Com | 032654105 |  | 3197323 | 13433 | SH |  | SOLE |  | 13433 | 0 | 0 |
| Apollo Global Mgmt Inc | Com | 03769M106 |  | 1103323 | 7777 | SH |  | SOLE |  | 7777 | 0 | 0 |
| Apple Inc | Com | 037833100 |  | 12234492 | 59631 | SH |  | SOLE |  | 55019 | 0 | 4612 |
| Applied Materials Inc | Com | 038222105 |  | 203940 | 1114 | SH |  | SOLE |  | 1114 | 0 | 0 |
| Arista Networks Inc | Com | 040413205 |  | 6739774 | 65876 | SH |  | SOLE |  | 65876 | 0 | 0 |
| Bank of America Corp | Com | 060505104 |  | 3385415 | 71543 | SH |  | SOLE |  | 71543 | 0 | 0 |
| Bank Of Montreal ADR | Com | 063671101 |  | 275690 | 2492 | SH |  | SOLE |  | 72 | 0 | 2420 |
| Berkshire Hathaway Inc Class A | Com | 084670108 |  | 4372800 | 6 | SH |  | SOLE |  | 6 | 0 | 0 |
| Berkshire Hathaway INC-CL B | Com | 084670702 |  | 1091525 | 2247 | SH |  | SOLE |  | 2138 | 0 | 109 |
| Blackrock Inc New | Com | 09290D101 |  | 871927 | 831 | SH |  | SOLE |  | 831 | 0 | 0 |
| Broadcom Inc | Com | 11135F101 |  | 11008634 | 39937 | SH |  | SOLE |  | 39937 | 0 | 0 |
| CSX Corp Com | Com | 126408103 |  | 379161 | 11620 | SH |  | SOLE |  | 11620 | 0 | 0 |
| Capital One Finl Corp Com | Com | 14040H105 |  | 416159 | 1956 | SH |  | SOLE |  | 1956 | 0 | 0 |
| Caterpillar Inc | Com | 149123101 |  | 5693876 | 14667 | SH |  | SOLE |  | 584 | 0 | 14083 |
| Chevron Corp | Com | 166764100 |  | 831504 | 5807 | SH |  | SOLE |  | 2392 | 0 | 3415 |
| Ciena Corp | Com | 171779309 |  | 2251214 | 27680 | SH |  | SOLE |  | 27680 | 0 | 0 |
| Cisco Systems Inc | Com | 17275R102 |  | 2481445 | 35766 | SH |  | SOLE |  | 32887 | 0 | 2879 |
| Cintas Corporation | Com | 172908105 |  | 457329 | 2052 | SH |  | SOLE |  | 2052 | 0 | 0 |
| Citigroup Inc | Com | 172967424 |  | 3307082 | 38852 | SH |  | SOLE |  | 38852 | 0 | 0 |
| Coca-Cola Co | Com | 191216100 |  | 2699254 | 38152 | SH |  | SOLE |  | 18491 | 0 | 19661 |
| Colgate-Palmolive Co | Com | 194162103 |  | 1118252 | 12302 | SH |  | SOLE |  | 11820 | 0 | 482 |
| Corning Inc | Com | 219350105 |  | 440126 | 8369 | SH |  | SOLE |  | 8369 | 0 | 0 |
| Corteva Inc Com | Com | 22052L104 |  | 704607 | 9454 | SH |  | SOLE |  | 9454 | 0 | 0 |
| Costco Wholesale Corp | Com | 22160K105 |  | 4537885 | 4584 | SH |  | SOLE |  | 4584 | 0 | 0 |
| Crowdstrike Hldgs Inc | Com | 22788C105 |  | 202705 | 398 | SH |  | SOLE |  | 398 | 0 | 0 |
| Cummins Inc | Com | 231021106 |  | 269860 | 824 | SH |  | SOLE |  | 824 | 0 | 0 |
| Darden Restaurants Inc | Com | 237194105 |  | 2323996 | 10662 | SH |  | SOLE |  | 10662 | 0 | 0 |
| Deere  Co Com | Com | 244199105 |  | 5105240 | 10040 | SH |  | SOLE |  | 40 | 0 | 10000 |
| Walt Disney Company | Com | 254687106 |  | 375998 | 3032 | SH |  | SOLE |  | 3032 | 0 | 0 |
| Douglas Dynamics Inc | Com | 25960R105 |  | 589400 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| Duke Energy Corp | Com | 26441C204 |  | 393884 | 3338 | SH |  | SOLE |  | 3338 | 0 | 0 |
| EOG Res Inc | Com | 26875P101 |  | 1761496 | 14727 | SH |  | SOLE |  | 14727 | 0 | 0 |
| Electronic Arts Inc | Com | 285512109 |  | 2706755 | 16949 | SH |  | SOLE |  | 16949 | 0 | 0 |
| Equinix Inc | Com | 29444U700 |  | 2607551 | 3278 | SH |  | SOLE |  | 3278 | 0 | 0 |
| Expedia Group Inc New | Com | 30212P303 |  | 1923964 | 11406 | SH |  | SOLE |  | 11406 | 0 | 0 |
| Exxon Mobil Corp | Com | 30231G102 |  | 3155522 | 29272 | SH |  | SOLE |  | 25386 | 0 | 3886 |
| Meta Platforms Inc | Com | 30303M102 |  | 839946 | 1138 | SH |  | SOLE |  | 1138 | 0 | 0 |
| Fidelity Covington Enhanced La | Com | 31609A305 |  | 211071 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| Fidelity National Information | Com | 31620M106 |  | 322628 | 3963 | SH |  | SOLE |  | 1037 | 0 | 2926 |
| First Business Financial Servi | Com | 319390100 |  | 19984914 | 394491 | SH |  | SOLE |  | 0 | 0 | 394491 |
| Ford Motor Co | Com | 345370860 |  | 159528 | 14703 | SH |  | SOLE |  | 13703 | 0 | 1000 |
| Arthur J. Gallagher  Co | Com | 363576109 |  | 331964 | 1037 | SH |  | SOLE |  | 1037 | 0 | 0 |
| GE Vernova Inc | Com | 36828A101 |  | 268279 | 507 | SH |  | SOLE |  | 507 | 0 | 0 |
| General Dynamics Corp | Com | 369550108 |  | 2859726 | 9805 | SH |  | SOLE |  | 9805 | 0 | 0 |
| GE Aerospace | Com | 369604301 |  | 306809 | 1192 | SH |  | SOLE |  | 785 | 0 | 407 |
| Global X US Infr Dev ETF | Com | 37954Y673 |  | 235376 | 5401 | SH |  | SOLE |  | 5401 | 0 | 0 |
| Goldman Sachs Group Inc | Com | 38141G104 |  | 290885 | 411 | SH |  | SOLE |  | 411 | 0 | 0 |
| Hca Healthcare Inc Com | Com | 40412C101 |  | 226412 | 591 | SH |  | SOLE |  | 591 | 0 | 0 |
| Hilton Worldwide Hldgs Inc | Com | 43300A203 |  | 457306 | 1717 | SH |  | SOLE |  | 1717 | 0 | 0 |
| Home Depot Inc | Com | 437076102 |  | 658119 | 1795 | SH |  | SOLE |  | 1465 | 0 | 330 |
| Honeywell International Inc | Com | 438516106 |  | 202140 | 868 | SH |  | SOLE |  | 868 | 0 | 0 |
| Howmet Aerospace Inc | Com | 443201108 |  | 310093 | 1666 | SH |  | SOLE |  | 0 | 0 | 1666 |
| Illinois Tool Works Inc | Com | 452308109 |  | 792684 | 3206 | SH |  | SOLE |  | 3206 | 0 | 0 |
| Intel Corp | Com | 458140100 |  | 215062 | 9601 | SH |  | SOLE |  | 8105 | 0 | 1496 |
| Intercontinental Exchange Inc | Com | 45866F104 |  | 3006890 | 16389 | SH |  | SOLE |  | 16389 | 0 | 0 |
| International Business Machine | Com | 459200101 |  | 622870 | 2113 | SH |  | SOLE |  | 2038 | 0 | 75 |
| Intuitive Surgical Inc | Com | 46120E602 |  | 679806 | 1251 | SH |  | SOLE |  | 1251 | 0 | 0 |
| Iqvia Holdings Inc | Com | 46266C105 |  | 1491747 | 9466 | SH |  | SOLE |  | 9466 | 0 | 0 |
| iShares S 500 Core | Com | 464287200 |  | 3646546 | 5873 | SH |  | SOLE |  | 5873 | 0 | 0 |
| iShares Core US Aggregate Bond | Com | 464287226 |  | 35404877 | 356904 | SH |  | SOLE |  | 356904 | 0 | 0 |
| Ishares Tr Global Tech ETF | Com | 464287291 |  | 290225 | 3143 | SH |  | SOLE |  | 3143 | 0 | 0 |
| iShares S 500 Growth | Com | 464287309 |  | 212823 | 1933 | SH |  | SOLE |  | 1933 | 0 | 0 |
| iShares MSCI EAFE ETF | Com | 464287465 |  | 458392 | 5128 | SH |  | SOLE |  | 5128 | 0 | 0 |
| iShares Core S Mid-Cap ETF | Com | 464287507 |  | 49003118 | 790118 | SH |  | SOLE |  | 790118 | 0 | 0 |
| iShares Russell 1000 Value ETF | Com | 464287598 |  | 57355342 | 295296 | SH |  | SOLE |  | 295296 | 0 | 0 |
| iShares Russell 1000 Growth ET | Com | 464287614 |  | 87206609 | 205395 | SH |  | SOLE |  | 205395 | 0 | 0 |
| iShares Russell 1000 ETF | Com | 464287622 |  | 1894121 | 5578 | SH |  | SOLE |  | 5578 | 0 | 0 |
| iShares Russell 2000 Value | Com | 464287630 |  | 726327 | 4604 | SH |  | SOLE |  | 4604 | 0 | 0 |
| iShares Russell 2000 Growth | Com | 464287648 |  | 895314 | 3132 | SH |  | SOLE |  | 3132 | 0 | 0 |
| iShares Russell 2000 | Com | 464287655 |  | 1217487 | 5642 | SH |  | SOLE |  | 5642 | 0 | 0 |
| iShares Core S Small-Cap ETF | Com | 464287804 |  | 61501964 | 562741 | SH |  | SOLE |  | 562741 | 0 | 0 |
| iShares Global Clean Energy ET | Com | 464288224 |  | 150136 | 11452 | SH |  | SOLE |  | 11452 | 0 | 0 |
| iShares MSCI ACWI ex US | Com | 464288240 |  | 359851 | 5905 | SH |  | SOLE |  | 5905 | 0 | 0 |
| iShares National Muni Bond ETF | Com | 464288414 |  | 4497028 | 43042 | SH |  | SOLE |  | 43042 | 0 | 0 |
| Ishares Silver Trust | Com | 46428Q109 |  | 401266 | 12230 | SH |  | SOLE |  | 0 | 0 | 12230 |
| iShares Edge MSCI Min Vol USA | Com | 46429B697 |  | 816106 | 8694 | SH |  | SOLE |  | 8694 | 0 | 0 |
| iShares Edge MSCI USA Momentum | Com | 46432F396 |  | 4886907 | 20335 | SH |  | SOLE |  | 20335 | 0 | 0 |
| iShares Core MSCI EAFE ETF | Com | 46432F842 |  | 142166857 | 1703005 | SH |  | SOLE |  | 1703005 | 0 | 0 |
| iShares Core Dividend Growth | Com | 46434V621 |  | 59914977 | 937050 | SH |  | SOLE |  | 937050 | 0 | 0 |
| JPMorgan Chase  Co | Com | 46625H100 |  | 9842445 | 33950 | SH |  | SOLE |  | 33950 | 0 | 0 |
| JPMorgan Ultra-Short Income ET | Com | 46641Q837 |  | 9987356 | 197067 | SH |  | SOLE |  | 197067 | 0 | 0 |
| Johnson  Johnson | Com | 478160104 |  | 796439 | 5214 | SH |  | SOLE |  | 5114 | 0 | 100 |
| Kroger Co | Com | 501044101 |  | 1832702 | 25550 | SH |  | SOLE |  | 25550 | 0 | 0 |
| Lam Research Corporation | Com | 512807306 |  | 2850115 | 29280 | SH |  | SOLE |  | 29280 | 0 | 0 |
| Lilly Eli Co | Com | 532457108 |  | 4817495 | 6180 | SH |  | SOLE |  | 6180 | 0 | 0 |
| Lowe's Companies Inc | Com | 548661107 |  | 1981965 | 8933 | SH |  | SOLE |  | 8933 | 0 | 0 |
| MGE Energy Inc | Com | 55277P104 |  | 4147748 | 46899 | SH |  | SOLE |  | 5361 | 0 | 41538 |
| Marvell Technology Group LTD | Com | 573874104 |  | 242726 | 3136 | SH |  | SOLE |  | 3136 | 0 | 0 |
| Mastercard Inc Cl A | Com | 57636Q104 |  | 497317 | 885 | SH |  | SOLE |  | 885 | 0 | 0 |
| McDonald's Corp | Com | 580135101 |  | 651247 | 2229 | SH |  | SOLE |  | 1633 | 0 | 596 |
| McKesson Corp | Com | 58155Q103 |  | 383244 | 523 | SH |  | SOLE |  | 523 | 0 | 0 |
| Merck  Co Inc | Com | 58933Y105 |  | 716477 | 9051 | SH |  | SOLE |  | 8588 | 0 | 463 |
| Microsoft Corp | Com | 594918104 |  | 9014561 | 18123 | SH |  | SOLE |  | 17258 | 0 | 865 |
| Microchip Technology Inc | Com | 595017104 |  | 236584 | 3362 | SH |  | SOLE |  | 3362 | 0 | 0 |
| Mondelez Intl Inc Class A | Com | 609207105 |  | 875371 | 12980 | SH |  | SOLE |  | 1816 | 0 | 11164 |
| Morgan Stanley | Com | 617446448 |  | 293552 | 2084 | SH |  | SOLE |  | 2084 | 0 | 0 |
| Netflix Inc | Com | 64110L106 |  | 2300625 | 1718 | SH |  | SOLE |  | 1718 | 0 | 0 |
| Nextera Energy Inc | Com | 65339F101 |  | 2247750 | 32379 | SH |  | SOLE |  | 29263 | 0 | 3116 |
| Nice Ltd Sponsored ADR | Com | 653656108 |  | 274479 | 1625 | SH |  | SOLE |  | 1625 | 0 | 0 |
| Nike Inc | Com | 654106103 |  | 230596 | 3246 | SH |  | SOLE |  | 3246 | 0 | 0 |
| Nucor Corp | Com | 670346105 |  | 2018363 | 15581 | SH |  | SOLE |  | 15581 | 0 | 0 |
| Nvidia Corp | Com | 67066G104 |  | 16069637 | 101713 | SH |  | SOLE |  | 97763 | 0 | 3950 |
| Nuveen ESG Large Cap Value | Com | 67092P300 |  | 890652 | 21249 | SH |  | SOLE |  | 21249 | 0 | 0 |
| Oracle Corp | Com | 68389X105 |  | 396595 | 1814 | SH |  | SOLE |  | 1814 | 0 | 0 |
| Oshkosh Corporation | Com | 688239201 |  | 1333187 | 11742 | SH |  | SOLE |  | 11617 | 0 | 125 |
| PNC Financial Services Group I | Com | 693475105 |  | 622829 | 3341 | SH |  | SOLE |  | 712 | 0 | 2629 |
| Palantir Technologies Inc | Com | 69608A108 |  | 1253871 | 9198 | SH |  | SOLE |  | 9198 | 0 | 0 |
| Parker Hannifin Corp | Com | 701094104 |  | 328281 | 470 | SH |  | SOLE |  | 470 | 0 | 0 |
| Paypal Hldgs Inc | Com | 70450Y103 |  | 252614 | 3399 | SH |  | SOLE |  | 3399 | 0 | 0 |
| Pepsico Inc | Com | 713448108 |  | 657823 | 4982 | SH |  | SOLE |  | 4384 | 0 | 598 |
| Philip Morris International In | Com | 718172109 |  | 1909997 | 10487 | SH |  | SOLE |  | 1099 | 0 | 9388 |
| Procter  Gamble Co | Com | 742718109 |  | 1154273 | 7245 | SH |  | SOLE |  | 6245 | 0 | 1000 |
| Prudential Financial Inc | Com | 744320102 |  | 2083047 | 19388 | SH |  | SOLE |  | 19388 | 0 | 0 |
| Qualcomm Inc | Com | 747525103 |  | 1593237 | 10004 | SH |  | SOLE |  | 10004 | 0 | 0 |
| Quanta Services Inc | Com | 74762E102 |  | 5530554 | 14628 | SH |  | SOLE |  | 14628 | 0 | 0 |
| Republic Services Inc | Com | 760759100 |  | 3540333 | 14356 | SH |  | SOLE |  | 14356 | 0 | 0 |
| Rockwell Automation Inc | Com | 773903109 |  | 287991 | 867 | SH |  | SOLE |  | 867 | 0 | 0 |
| SPDR S 500 ETF | Com | 78462F103 |  | 27182311 | 43995 | SH |  | SOLE |  | 43995 | 0 | 0 |
| Spdr Gold Trust Shs | Com | 78463V107 |  | 1579019 | 5180 | SH |  | SOLE |  | 0 | 0 | 5180 |
| SPDRA S MidCap 400 ETF | Com | 78467Y107 |  | 502468 | 887 | SH |  | SOLE |  | 887 | 0 | 0 |
| Salesforce Inc. | Com | 79466L302 |  | 1166022 | 4276 | SH |  | SOLE |  | 4276 | 0 | 0 |
| Schlumberger Ltd | Com | 806857108 |  | 1484800 | 43929 | SH |  | SOLE |  | 38929 | 0 | 5000 |
| The Charles Schwab Corp | Com | 808513105 |  | 358664 | 3931 | SH |  | SOLE |  | 3931 | 0 | 0 |
| Consumer Discr Select Sect SPD | Com | 81369Y407 |  | 1401996 | 6451 | SH |  | SOLE |  | 6451 | 0 | 0 |
| Energy Select Sector SPDR ETF | Com | 81369Y506 |  | 2311242 | 27252 | SH |  | SOLE |  | 27252 | 0 | 0 |
| Financial Select Sector SPDR E | Com | 81369Y605 |  | 1261855 | 24095 | SH |  | SOLE |  | 24095 | 0 | 0 |
| Industrials Select Sector SPDR | Com | 81369Y704 |  | 2067198 | 14013 | SH |  | SOLE |  | 14013 | 0 | 0 |
| Technology Select Sector SPDR | Com | 81369Y803 |  | 4621194 | 18249 | SH |  | SOLE |  | 18249 | 0 | 0 |
| Communication Sector Select SP | Com | 81369Y852 |  | 765896 | 7057 | SH |  | SOLE |  | 7057 | 0 | 0 |
| Utilities Select Sector SPDR E | Com | 81369Y886 |  | 322720 | 3952 | SH |  | SOLE |  | 3952 | 0 | 0 |
| Servicenow Inc | Com | 81762P102 |  | 414316 | 403 | SH |  | SOLE |  | 403 | 0 | 0 |
| Southern Company | Com | 842587107 |  | 647402 | 7050 | SH |  | SOLE |  | 7050 | 0 | 0 |
| Starbucks Corp | Com | 855244109 |  | 211574 | 2309 | SH |  | SOLE |  | 2309 | 0 | 0 |
| STRATTEC Security Corporation | Com | 863111100 |  | 223832 | 3598 | SH |  | SOLE |  | 0 | 0 | 3598 |
| Stryker Corp | Com | 863667101 |  | 3757694 | 9498 | SH |  | SOLE |  | 9498 | 0 | 0 |
| TJX Companies Inc | Com | 872540109 |  | 2472887 | 20025 | SH |  | SOLE |  | 20025 | 0 | 0 |
| T Mobile US Inc | Com | 872590104 |  | 3619408 | 15191 | SH |  | SOLE |  | 15191 | 0 | 0 |
| Tetra Tech Inc New | Com | 88162G103 |  | 631278 | 17555 | SH |  | SOLE |  | 17555 | 0 | 0 |
| Texas Instruments Inc | Com | 882508104 |  | 2712971 | 13067 | SH |  | SOLE |  | 13067 | 0 | 0 |
| Thermo Fisher Scientific Inc | Com | 883556102 |  | 351128 | 866 | SH |  | SOLE |  | 866 | 0 | 0 |
| Thomson Reuters Corp. | Com | 884903808 |  | 792854 | 3942 | SH |  | SOLE |  | 3942 | 0 | 0 |
| Toll Brothers Inc | Com | 889478103 |  | 1599532 | 14015 | SH |  | SOLE |  | 14015 | 0 | 0 |
| Toro Co | Com | 891092108 |  | 353400 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| Transdigm Group Inc | Com | 893641100 |  | 991457 | 652 | SH |  | SOLE |  | 652 | 0 | 0 |
| US Bancorp | Com | 902973304 |  | 526303 | 11631 | SH |  | SOLE |  | 3249 | 0 | 8382 |
| Union Pacific Corp | Com | 907818108 |  | 372500 | 1619 | SH |  | SOLE |  | 1619 | 0 | 0 |
| UnitedHealth Group Inc | Com | 91324P102 |  | 579640 | 1858 | SH |  | SOLE |  | 1858 | 0 | 0 |
| Vanguard FTSE Developed Market | Com | 921943858 |  | 371363 | 6514 | SH |  | SOLE |  | 6514 | 0 | 0 |
| Vanguard Information Technolog | Com | 92204A702 |  | 344242 | 519 | SH |  | SOLE |  | 519 | 0 | 0 |
| Vanguard Communication SVCS ET | Com | 92204A884 |  | 1060386 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| Vanguard Mid-Cap ETF | Com | 922908629 |  | 830815 | 2969 | SH |  | SOLE |  | 2969 | 0 | 0 |
| Vanguard Index Growth | Com | 922908736 |  | 658477 | 1502 | SH |  | SOLE |  | 1502 | 0 | 0 |
| Vanguard Index Value | Com | 922908744 |  | 475254 | 2689 | SH |  | SOLE |  | 2689 | 0 | 0 |
| Vanguard Small-Cap ETF | Com | 922908751 |  | 1800100 | 7596 | SH |  | SOLE |  | 7596 | 0 | 0 |
| Vanguard Total Stock Market ET | Com | 922908769 |  | 274163704 | 902062 | SH |  | SOLE |  | 902062 | 0 | 0 |
| Visa Inc | Com | 92826C839 |  | 480028 | 1352 | SH |  | SOLE |  | 1352 | 0 | 0 |
| Wal-Mart Inc | Com | 931142103 |  | 841886 | 8610 | SH |  | SOLE |  | 8610 | 0 | 0 |
| Waste Mgmt Inc Del | Com | 94106L109 |  | 402494 | 1759 | SH |  | SOLE |  | 1759 | 0 | 0 |
| Weyco Group Inc | Com | 962149100 |  | 434263 | 13096 | SH |  | SOLE |  | 0 | 0 | 13096 |
| Wisdomtree Tr US Qtly Div Grt | Com | 97717X669 |  | 212951 | 2543 | SH |  | SOLE |  | 2543 | 0 | 0 |
| Woodward Inc | Com | 980745103 |  | 245090 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| Xcel Energy Inc. | Com | 98389B100 |  | 283432 | 4162 | SH |  | SOLE |  | 4025 | 0 | 137 |
| Amdocs Ltd ADR | Com | G02602103 |  | 406018 | 4450 | SH |  | SOLE |  | 4450 | 0 | 0 |
| Aon PLC Shs Cl A | Com | G0403H108 |  | 493756 | 1384 | SH |  | SOLE |  | 1384 | 0 | 0 |
| Accenture PLC | Com | G1151C101 |  | 1245475 | 4167 | SH |  | SOLE |  | 4167 | 0 | 0 |
| Eaton Corp PLC | Com | G29183103 |  | 736113 | 2062 | SH |  | SOLE |  | 2062 | 0 | 0 |
| TE Connectivity PLC ADR | Com | G87052109 |  | 472276 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| ASML Holding N V N Y Registry | Com | N07059210 |  | 590624 | 737 | SH |  | SOLE |  | 61 | 0 | 676 |

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