# EDGAR Filing Document

**Accession Number:** 0001569667
**File Stem:** 0001569667-23-000001
**Filing Date:** 2023-2
**Character Count:** 20978
**Document Hash:** b2a60001f88c77e36bbf3f6d08a4d0db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001569667-23-000001.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001569667-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OARSMAN CAPITAL, INC.
- **CENTRAL INDEX KEY:** 0001569667
- **IRS NUMBER:** 392004107
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15412
- **FILM NUMBER:** 23605769

**BUSINESS ADDRESS:**
- **STREET 1:** 759 N. MILWAUKEE ST., STE 605
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-221-0081

**MAIL ADDRESS:**
- **STREET 1:** 759 N. MILWAUKEE ST., STE 605
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

### 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:** OARSMAN CAPITAL INC.<br>**Address:** 759 N. MILWAUKEE ST. STE 605<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-15412

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:** ALAN L. PURINTUN CFA<br>**Title:** VP/CCO<br>**Phone:** 4142210081

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

Alan Purintun  MILWAUKEE, WI  02-09-2023<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:** $195892837

      (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 |
| AMAZON COM INC COM | Stock | 023135106 |  | 1086825 | 12938 | SH |  | SOLE | 0 | 9598 | 0 | 3340 |
| INVESCO QQQ TRUST | ETF | 46090E103 |  | 454208 | 1706 | SH |  | SOLE | 0 | 1590 | 0 | 115 |
| ATI INC COM | Stock | 01741R102 |  | 339508 | 11370 | SH |  | SOLE | 0 | 8670 | 0 | 2700 |
| XPO INC COM | Stock | 983793100 |  | 517992 | 15560 | SH |  | SOLE | 0 | 11845 | 0 | 3715 |
| ISHARES GOLD TRUST | ETF | 464285204 |  | 290764 | 8406 | SH |  | SOLE | 0 | 6681 | 0 | 1725 |
| ISHARES CORE INTERNATIONAL AGGREGATE BOND ETF | ETF | 46435G672 |  | 361570 | 7604 | SH |  | SOLE | 0 | 5340 | 0 | 2264 |
| SPDR PORTFOLIO S 500 HIGH DIVIDEND ETF | ETF | 78468R788 |  | 1765094 | 44596 | SH |  | SOLE | 0 | 36810 | 0 | 7784 |
| JOHNSON  JOHNSON COM | Stock | 478160104 |  | 3715470 | 21033 | SH |  | SOLE | 0 | 16258 | 0 | 4774 |
| WISDOMTREE FLOATING RATE TREASURY FUND | ETF | 97717Y527 |  | 346511 | 6893 | SH |  | SOLE | 0 | 5714 | 0 | 1179 |
| OLIN CORP | Stock | 680665205 |  | 1082888 | 20455 | SH |  | SOLE | 0 | 20225 | 0 | 230 |
| BLACKROCK MUNIASSETS FD INC COM | CEF | 09254J102 |  | 372533 | 34430 | SH |  | SOLE | 0 | 33130 | 0 | 1300 |
| ISHARES MSCI EMERGING MARKETS ETF | ETF | 464287234 |  | 240097 | 6335 | SH |  | SOLE | 0 | 6200 | 0 | 135 |
| GOLDMAN SACHS GROUP INC COM | Stock | 38141G104 |  | 1669857 | 4863 | SH |  | SOLE | 0 | 3801 | 0 | 1062 |
| SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF | ETF | 78468R739 |  | 278826 | 5935 | SH |  | SOLE | 0 | 4370 | 0 | 1565 |
| REAL ESTATE SELECT SECTOR SPDR FUND | ETF | 81369Y860 |  | 246212 | 6667 | SH |  | SOLE | 0 | 4785 | 0 | 1882 |
| PROCTER AND GAMBLE CO COM | Stock | 742718109 |  | 986049 | 6506 | SH |  | SOLE | 0 | 5126 | 0 | 1380 |
| BLACKROCK MUNICIPAL INCOME COM | CEF | 09253X102 |  | 907284 | 80078 | SH |  | SOLE | 0 | 73648 | 0 | 6430 |
| INTEL CORP COM | Stock | 458140100 |  | 275042 | 10406 | SH |  | SOLE | 0 | 10101 | 0 | 305 |
| MODINE MFG CO COM | Stock | 607828100 |  | 368681 | 18564 | SH |  | SOLE | 0 | 14625 | 0 | 3939 |
| MEDTRONIC PLC SHS | Stock | G5960L103 |  | 902280 | 11609 | SH |  | SOLE | 0 | 9054 | 0 | 2555 |
| PAYCHEX INC COM | Stock | 704326107 |  | 329346 | 2850 | SH |  | SOLE | 0 | 2650 | 0 | 200 |
| ISHARES SILVER TRUST | ETF | 46428Q109 |  | 353531 | 16055 | SH |  | SOLE | 0 | 14930 | 0 | 1125 |
| SPDR DOW JONES GLOBAL REAL ESTATE ETF | ETF | 78463X749 |  | 345860 | 8456 | SH |  | SOLE | 0 | 6185 | 0 | 2271 |
| OSHKOSH CORP COM | Stock | 688239201 |  | 217124 | 2462 | SH |  | SOLE | 0 | 2162 | 0 | 300 |
| SPDR S 500 ETF TRUST | ETF | 78462F103 |  | 505572 | 1322 | SH |  | SOLE | 0 | 1112 | 0 | 210 |
| ISHARES MSCI JAPAN ETF | ETF | 46434G822 |  | 314772 | 5782 | SH |  | SOLE | 0 | 5547 | 0 | 235 |
| ISHARES TIPS BOND ETF | ETF | 464287176 |  | 284514 | 2673 | SH |  | SOLE | 0 | 1604 | 0 | 1069 |
| VERTEX PHARMACEUTICALS | Stock | 92532F100 |  | 874137 | 3027 | SH |  | SOLE | 0 | 2177 | 0 | 850 |
| ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF | ETF | 464288182 |  | 387509 | 5981 | SH |  | SOLE | 0 | 5876 | 0 | 105 |
| EATON VANCE LTD DURATION INCOM COM | CEF | 27828H105 |  | 304114 | 32387 | SH |  | SOLE | 0 | 29887 | 0 | 2500 |
| VERIZON COMMUNICATIONS INC COM | Stock | 92343V104 |  | 632565 | 16055 | SH |  | SOLE | 0 | 15374 | 0 | 680 |
| PEPSICO INC COM | Stock | 713448108 |  | 2180655 | 12070 | SH |  | SOLE | 0 | 9957 | 0 | 2113 |
| FIRST TRUST TCW OPPORTUNISTIC FIXED INCOME ETF | ETF | 33740F805 |  | 267209 | 6084 | SH |  | SOLE | 0 | 6008 | 0 | 76 |
| KIMBERLY-CLARK CORP COM | Stock | 494368103 |  | 1085457 | 7996 | SH |  | SOLE | 0 | 4451 | 0 | 3545 |
| INTERPUBLIC GROUP COS INC COM | Stock | 460690100 |  | 291995 | 8766 | SH |  | SOLE | 0 | 6466 | 0 | 2300 |
| INGERSOLL RAND INC COM | Stock | 45687V106 |  | 409640 | 7840 | SH |  | SOLE | 0 | 7840 | 0 | 0 |
| XCEL ENERGY INC COM | Stock | 98389B100 |  | 607994 | 8672 | SH |  | SOLE | 0 | 8272 | 0 | 400 |
| XCEL ENERGY INC COM | Stock | 98389B100 |  | 210 | 3000 | SH | Put | SOLE | 0 | 3000 | 0 | 0 |
| XCEL ENERGY INC COM | Stock | 98389B100 |  | 70 | 1000 | SH | Put | SOLE | 0 | 1000 | 0 | 0 |
| HOME DEPOT INC COM | Stock | 437076102 |  | 362807 | 1149 | SH |  | SOLE | 0 | 1073 | 0 | 75 |
| SPDR GOLD SHARES | ETF | 78463V107 |  | 1771720 | 10444 | SH |  | SOLE | 0 | 9567 | 0 | 877 |
| SCHWAB U.S. SMALL-CAP ETF | ETF | 808524607 |  | 956684 | 23616 | SH |  | SOLE | 0 | 22358 | 0 | 1258 |
| SCHWAB INTERNATIONAL EQUITY ETF | ETF | 808524805 |  | 9160752 | 284407 | SH |  | SOLE | 0 | 200903 | 0 | 83504 |
| SCHWAB U.S. LARGE-CAP ETF | ETF | 808524201 |  | 433169 | 9594 | SH |  | SOLE | 0 | 9594 | 0 | 0 |
| JPMORGAN ULTRA-SHORT INCOME ETF | ETF | 46641Q837 |  | 2172985 | 43347 | SH |  | SOLE | 0 | 35234 | 0 | 8113 |
| SCHWAB U.S. LARGE-CAP GROWTH ETF | ETF | 808524300 |  | 540932 | 9736 | SH |  | SOLE | 0 | 4202 | 0 | 5534 |
| PIMCO ENHANCED SHORT MATURITY ACTIVE ETF | ETF | 72201R833 |  | 372404 | 3775 | SH |  | SOLE | 0 | 1575 | 0 | 2200 |
| ISHARES CORE S SMALL CAP ETF | ETF | 464287804 |  | 326224 | 3447 | SH |  | SOLE | 0 | 2877 | 0 | 570 |
| BERKSHIRE HATHAWAY INC DEL CL B NEW | Stock | 084670702 |  | 1560254 | 5051 | SH |  | SOLE | 0 | 3823 | 0 | 1228 |
| ALPHABET INC CAP STK CL A | Stock | 02079K305 |  | 1434884 | 16263 | SH |  | SOLE | 0 | 15163 | 0 | 1100 |
| FISERV INC COM | Stock | 337738108 |  | 5025403 | 49722 | SH |  | SOLE | 0 | 43547 | 0 | 6175 |
| GENERAC HLDGS INC COM | Stock | 368736104 |  | 592283 | 5884 | SH |  | SOLE | 0 | 4372 | 0 | 1512 |
| MICROSOFT CORP COM | Stock | 594918104 |  | 7449948 | 31065 | SH |  | SOLE | 0 | 28763 | 0 | 2301 |
| INVESCO CEF INCOME COMPOSITE ETF | ETF | 46138E404 |  | 349923 | 19311 | SH |  | SOLE | 0 | 17761 | 0 | 1550 |
| CVS HEALTH CORP COM | Stock | 126650100 |  | 1729575 | 18560 | SH |  | SOLE | 0 | 13117 | 0 | 5442 |
| ISHARES GLOBAL TIMBER  FORESTRY ETF | ETF | 464288174 |  | 509905 | 7009 | SH |  | SOLE | 0 | 6804 | 0 | 205 |
| RPM INTL INC COM | Stock | 749685103 |  | 1242000 | 12745 | SH |  | SOLE | 0 | 12095 | 0 | 650 |
| V F CORP COM | Stock | 918204108 |  | 310033 | 11229 | SH |  | SOLE | 0 | 10774 | 0 | 455 |
| BERKSHIRE HATHAWAY INC DEL CL A | Stock | 084670108 |  | 937422 | 2 | SH |  | SOLE | 0 | 1 | 0 | 1 |
| VANGUARD SMALL-CAP ETF | ETF | 922908751 |  | 209419 | 1141 | SH |  | SOLE | 0 | 514 | 0 | 627 |
| TESLA INC COM | Stock | 88160R101 |  | 250794 | 2036 | SH |  | SOLE | 0 | 2036 | 0 | 0 |
| QUAD / GRAPHICS INC COM CL A | Stock | 747301109 |  | 212160 | 52000 | SH |  | SOLE | 0 | 48400 | 0 | 3600 |
| ISHARES MSCI EMERGING MARKETS EX CHINA ETF | ETF | 46434G764 |  | 875609 | 18446 | SH |  | SOLE | 0 | 14220 | 0 | 4225 |
| SCHWAB US TIPS ETF | ETF | 808524870 |  | 275419 | 5318 | SH |  | SOLE | 0 | 5141 | 0 | 177 |
| WALGREENS BOOTS ALLIANCE INC COM | Stock | 931427108 |  | 308369 | 8254 | SH |  | SOLE | 0 | 8129 | 0 | 125 |
| MANPOWERGROUP INC WIS COM | Stock | 56418H100 |  | 254207 | 3055 | SH |  | SOLE | 0 | 3010 | 0 | 45 |
| ASTRAZENECA PLC SPONSORED ADR | ADR | 046353108 |  | 934284 | 13780 | SH |  | SOLE | 0 | 9230 | 0 | 4550 |
| HUNTINGTON BANCSHARES INC COM | Stock | 446150104 |  | 2116514 | 150107 | SH |  | SOLE | 0 | 117765 | 0 | 32342 |
| INVESCO S 500 EQUAL WEIGHT ETF | ETF | 46137V357 |  | 5143092 | 36411 | SH |  | SOLE | 0 | 23387 | 0 | 13024 |
| LILLY ELI  CO COM | Stock | 532457108 |  | 678653 | 1855 | SH |  | SOLE | 0 | 1855 | 0 | 0 |
| HELEN OF TROY LTD COM | Stock | G4388N106 |  | 1065734 | 9609 | SH |  | SOLE | 0 | 6958 | 0 | 2651 |
| PIMCO CORPORATE  INCOME OPPOR COM | CEF | 72201B101 |  | 219251 | 18256 | SH |  | SOLE | 0 | 14955 | 0 | 3300 |
| PIMCO ENHANCED SHORT MATURITY ACTIVE ESG EXCHANGE-TRADED FUND | ETF | 72201R643 |  | 310273 | 3202 | SH |  | SOLE | 0 | 2311 | 0 | 891 |
| PROSHARES SHORT S | ETF | 74347B425 |  | 177532 | 11075 | SH |  | SOLE | 0 | 11075 | 0 | 0 |
| FREEPORT-MCMORAN INC CL B | Stock | 35671D857 |  | 1716840 | 45180 | SH |  | SOLE | 0 | 34835 | 0 | 10345 |
| REGAL REXNORD CORPORATION COM | Stock | 758750103 |  | 1287385 | 10730 | SH |  | SOLE | 0 | 7903 | 0 | 2827 |
| ISHARES RUSSELL MID-CAP GROWTH ETF | ETF | 464287481 |  | 202646 | 2424 | SH |  | SOLE | 0 | 2424 | 0 | 0 |
| SCHWAB US DIVIDEND EQUITY ETF | ETF | 808524797 |  | 1164123 | 15411 | SH |  | SOLE | 0 | 12885 | 0 | 2525 |
| ISHARES GOLD TRUST MICRO ETF OF BENEF INTEREST | ETF | 46436F103 |  | 1060441 | 58234 | SH |  | SOLE | 0 | 57318 | 0 | 916 |
| OLAPLEX HLDGS INC COM | Stock | 679369108 |  | 156222 | 29985 | SH |  | SOLE | 0 | 21320 | 0 | 8665 |
| NUVEEN MUN VALUE FD INC COM | CEF | 670928100 |  | 150500 | 17500 | SH |  | SOLE | 0 | 10500 | 0 | 7000 |
| META PLATFORMS INC CL A | Stock | 30303M102 |  | 296303 | 2462 | SH |  | SOLE | 0 | 2141 | 0 | 321 |
| WARNER BROS DISCOVERY INC COM SER A | Stock | 934423104 |  | 525922 | 55477 | SH |  | SOLE | 0 | 48481 | 0 | 6996 |
| O-I GLASS INC COM | Stock | 67098H104 |  | 4588979 | 276945 | SH |  | SOLE | 0 | 224685 | 0 | 52260 |
| BROADCOM INC COM | Stock | 11135F101 |  | 1847366 | 3304 | SH |  | SOLE | 0 | 2290 | 0 | 1014 |
| RXO INC COMMON STOCK | Stock | 74982T103 |  | 217786 | 12662 | SH |  | SOLE | 0 | 9117 | 0 | 3545 |
| JOHNSON CTLS INTL PLC SHS | Stock | G51502105 |  | 1118720 | 17480 | SH |  | SOLE | 0 | 12521 | 0 | 4959 |
| NOVARTIS AG SPONSORED ADR | ADR | 66987V109 |  | 616170 | 6792 | SH |  | SOLE | 0 | 6192 | 0 | 600 |
| WD 40 CO COM | Stock | 929236107 |  | 265513 | 1647 | SH |  | SOLE | 0 | 1647 | 0 | 0 |
| KINDER MORGAN INC DEL COM | Stock | 49456B101 |  | 192805 | 10664 | SH |  | SOLE | 0 | 10664 | 0 | 0 |
| ACCENTURE PLC IRELAND SHS CLASS A | Stock | G1151C101 |  | 800520 | 3000 | SH |  | SOLE | 0 | 2595 | 0 | 405 |
| OMNICOM GROUP INC COM | Stock | 681919106 |  | 420086 | 5150 | SH |  | SOLE | 0 | 4350 | 0 | 800 |
| NVIDIA CORPORATION COM | Stock | 67066G104 |  | 1450152 | 9923 | SH |  | SOLE | 0 | 7712 | 0 | 2211 |
| GENUINE PARTS CO COM | Stock | 372460105 |  | 595139 | 3430 | SH |  | SOLE | 0 | 3355 | 0 | 75 |
| MOSAIC CO NEW COM | Stock | 61945C103 |  | 916576 | 20893 | SH |  | SOLE | 0 | 15563 | 0 | 5330 |
| ABBVIE INC COM | Stock | 00287Y109 |  | 3871119 | 23953 | SH |  | SOLE | 0 | 18716 | 0 | 5237 |
| SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF | ETF | 78463X863 |  | 657337 | 24555 | SH |  | SOLE | 0 | 23600 | 0 | 955 |
| CASEYS GEN STORES INC COM | Stock | 147528103 |  | 207524 | 925 | SH |  | SOLE | 0 | 925 | 0 | 0 |
| COTERRA ENERGY INC COM | Stock | 127097103 |  | 329238 | 13400 | SH |  | SOLE | 0 | 10400 | 0 | 3000 |
| RANGE RES CORP COM | Stock | 75281A109 |  | 336769 | 13460 | SH |  | SOLE | 0 | 10960 | 0 | 2500 |
| QUALCOMM INC COM | Stock | 747525103 |  | 1686590 | 15341 | SH |  | SOLE | 0 | 11191 | 0 | 4150 |
| FASTENAL CO COM | Stock | 311900104 |  | 371746 | 7856 | SH |  | SOLE | 0 | 7856 | 0 | 0 |
| GENERAL DYNAMICS CORP COM | Stock | 369550108 |  | 453049 | 1826 | SH |  | SOLE | 0 | 1796 | 0 | 30 |
| MCDONALDS CORP COM | Stock | 580135101 |  | 912604 | 3463 | SH |  | SOLE | 0 | 2712 | 0 | 751 |
| CISCO SYS INC COM | Stock | 17275R102 |  | 1001217 | 21016 | SH |  | SOLE | 0 | 16066 | 0 | 4950 |
| APA CORPORATION COM | Stock | 03743Q108 |  | 376988 | 8076 | SH |  | SOLE | 0 | 6626 | 0 | 1450 |
| WISDOMTREE INTERNATIONAL EQUITY FUND | ETF | 97717W703 |  | 1017993 | 21641 | SH |  | SOLE | 0 | 20041 | 0 | 1600 |
| AT INC COM | Stock | 00206R102 |  | 1783312 | 96867 | SH |  | SOLE | 0 | 76421 | 0 | 20445 |
| GENERAL ELECTRIC CO COM NEW | Stock | 369604301 |  | 387529 | 4625 | SH |  | SOLE | 0 | 805 | 0 | 3820 |
| ISHARES S SMALL-CAP 600 GROWTH ETF | ETF | 464287887 |  | 2332799 | 21586 | SH |  | SOLE | 0 | 20723 | 0 | 863 |
| CALAMOS CONV  HIGH INCOME FD COM SHS | CEF | 12811P108 |  | 268698 | 25469 | SH |  | SOLE | 0 | 23644 | 0 | 1825 |
| SCHWAB FUNDAMENTAL EMERGING MARKETS LARGE CO. INDEX ETF | ETF | 808524730 |  | 333861 | 13473 | SH |  | SOLE | 0 | 12748 | 0 | 725 |
| ISHARES S 500 VALUE ETF | ETF | 464287408 |  | 399523 | 2754 | SH |  | SOLE | 0 | 2749 | 0 | 5 |
| SPDR PORTFOLIO S 600 SMALL CAP ETF | ETF | 78468R853 |  | 6983828 | 188905 | SH |  | SOLE | 0 | 128413 | 0 | 60492 |
| ISHARES S 500 GROWTH ETF | ETF | 464287309 |  | 201825 | 3450 | SH |  | SOLE | 0 | 3400 | 0 | 50 |
| CIGNA CORP NEW COM | Stock | 125523100 |  | 296549 | 895 | SH |  | SOLE | 0 | 895 | 0 | 0 |
| BUNGE LIMITED COM | Stock | G16962105 |  | 1370341 | 13735 | SH |  | SOLE | 0 | 9835 | 0 | 3900 |
| WELLS FARGO CO NEW COM | Stock | 949746101 |  | 1168490 | 28300 | SH |  | SOLE | 0 | 22139 | 0 | 6160 |
| DIEBOLD NIXDORF INC COM STK | Stock | 253651103 |  | 102879 | 72450 | SH |  | SOLE | 0 | 58450 | 0 | 14000 |
| MGIC INVT CORP WIS COM | Stock | 552848103 |  | 1922882 | 147914 | SH |  | SOLE | 0 | 113102 | 0 | 34812 |
| JPMORGAN CHASE  CO COM | Stock | 46625H100 |  | 1959837 | 14615 | SH |  | SOLE | 0 | 11213 | 0 | 3401 |
| CHEVRON CORP NEW COM | Stock | 166764100 |  | 1192598 | 6644 | SH |  | SOLE | 0 | 6599 | 0 | 45 |
| VANGUARD FTSE DEVELOPED MARKETS ETF | ETF | 921943858 |  | 1804130 | 42986 | SH |  | SOLE | 0 | 35561 | 0 | 7425 |
| BANK AMERICA CORP COM | Stock | 060505104 |  | 1513683 | 45703 | SH |  | SOLE | 0 | 36374 | 0 | 9329 |
| MGE ENERGY INC COM | Stock | 55277P104 |  | 449363 | 6383 | SH |  | SOLE | 0 | 4790 | 0 | 1593 |
| WALMART INC COM | Stock | 931142103 |  | 1486668 | 10485 | SH |  | SOLE | 0 | 7703 | 0 | 2782 |
| INTERNATIONAL BUSINESS MACHS COM | Stock | 459200101 |  | 330810 | 2348 | SH |  | SOLE | 0 | 2218 | 0 | 130 |
| ORACLE CORP COM | Stock | 68389X105 |  | 879604 | 10761 | SH |  | SOLE | 0 | 10031 | 0 | 730 |
| VANGUARD FTSE EMERGING MARKETS ETF | ETF | 922042858 |  | 462048 | 11853 | SH |  | SOLE | 0 | 11053 | 0 | 800 |
| TARGET CORP COM | Stock | 87612E106 |  | 772474 | 5183 | SH |  | SOLE | 0 | 3791 | 0 | 1392 |
| INVESCO S 500 EQUAL WEIGHT ENERGY ETF | ETF | 46137V365 |  | 4477110 | 61592 | SH |  | SOLE | 0 | 43724 | 0 | 17867 |
| SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF | ETF | 78468R721 |  | 210810 | 4621 | SH |  | SOLE | 0 | 3421 | 0 | 1200 |
| PFIZER INC COM | Stock | 717081103 |  | 701131 | 13683 | SH |  | SOLE | 0 | 12283 | 0 | 1400 |
| CATERPILLAR INC COM | Stock | 149123101 |  | 1702313 | 7106 | SH |  | SOLE | 0 | 4976 | 0 | 2130 |
| ALPHABET INC CAP STK CL C | Stock | 02079K107 |  | 7864482 | 88634 | SH |  | SOLE | 0 | 78998 | 0 | 9635 |
| AMGEN INC COM | Stock | 031162100 |  | 952858 | 3628 | SH |  | SOLE | 0 | 3276 | 0 | 352 |
| WISDOMTREE EMERGING MARKETS HIGH DIVIDEND FUND | ETF | 97717W315 |  | 418663 | 11747 | SH |  | SOLE | 0 | 11360 | 0 | 387 |
| ISHARES CORE S U.S. GROWTH ETF | ETF | 464287671 |  | 258908 | 3176 | SH |  | SOLE | 0 | 3176 | 0 | 0 |
| BANK MONTREAL QUE COM | Stock | 063671101 |  | 288017 | 3179 | SH |  | SOLE | 0 | 3179 | 0 | 0 |
| ISHARES S SMALL-CAP 600 VALUE ETF | ETF | 464287879 |  | 3460316 | 37896 | SH |  | SOLE | 0 | 36666 | 0 | 1230 |
| ISHARES INTERMEDIATE GOVERNMENT/CREDIT BOND ETF | ETF | 464288612 |  | 2158832 | 21070 | SH |  | SOLE | 0 | 17119 | 0 | 3951 |
| ISHARES CORE TOTAL USD BOND MARKET ETF | ETF | 46434V613 |  | 4349404 | 96804 | SH |  | SOLE | 0 | 64076 | 0 | 32728 |
| ALLIANT ENERGY CORP COM | Stock | 018802108 |  | 728496 | 13195 | SH |  | SOLE | 0 | 11128 | 0 | 2067 |
| SPDR PORTFOLIO S 500 GROWTH ETF | ETF | 78464A409 |  | 6666618 | 131569 | SH |  | SOLE | 0 | 107835 | 0 | 23734 |
| SPDR PORTFOLIO S 500 VALUE ETF | ETF | 78464A508 |  | 6717892 | 172741 | SH |  | SOLE | 0 | 140543 | 0 | 32197 |
| INVESCO MSCI GLOBAL TIMBER ETF | ETF | 46138E545 |  | 220761 | 7300 | SH |  | SOLE | 0 | 6660 | 0 | 640 |
| VANGUARD MEGA CAP GROWTH ETF | ETF | 921910816 |  | 292863 | 1702 | SH |  | SOLE | 0 | 1171 | 0 | 531 |
| BRISTOL-MYERS SQUIBB CO COM | Stock | 110122108 |  | 1637222 | 22755 | SH |  | SOLE | 0 | 16920 | 0 | 5835 |
| CITIGROUP INC COM NEW | Stock | 172967424 |  | 1056301 | 23354 | SH |  | SOLE | 0 | 21559 | 0 | 1795 |
| EXXON MOBIL CORP COM | Stock | 30231G102 |  | 464915 | 4215 | SH |  | SOLE | 0 | 4165 | 0 | 50 |
| UNITEDHEALTH GROUP INC COM | Stock | 91324P102 |  | 2446781 | 4615 | SH |  | SOLE | 0 | 3135 | 0 | 1480 |
| DEERE  CO COM | Stock | 244199105 |  | 300666 | 701 | SH |  | SOLE | 0 | 446 | 0 | 255 |
| COLGATE PALMOLIVE CO COM | Stock | 194162103 |  | 327766 | 4160 | SH |  | SOLE | 0 | 3810 | 0 | 350 |
| VODAFONE GROUP PLC NEW SPONSORED ADR | ADR | 92857W308 |  | 133635 | 13205 | SH |  | SOLE | 0 | 12855 | 0 | 350 |
| PAYPAL HLDGS INC COM | Stock | 70450Y103 |  | 910405 | 12783 | SH |  | SOLE | 0 | 9375 | 0 | 3408 |
| SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF | ETF | 78463X889 |  | 360704 | 12149 | SH |  | SOLE | 0 | 6604 | 0 | 5545 |
| ISHARES CORE S MID-CAP ETF | ETF | 464287507 |  | 1339345 | 5537 | SH |  | SOLE | 0 | 5261 | 0 | 276 |
| INVESCO OPTIMUM YIELD DIVERSIFIED COMMODITY STRATEGY NO K-1 ETF | ETF | 46090F100 |  | 2198067 | 148719 | SH |  | SOLE | 0 | 101142 | 0 | 47577 |
| ISHARES MSCI EAFE ETF | ETF | 464287465 |  | 504801 | 7690 | SH |  | SOLE | 0 | 7625 | 0 | 65 |
| APPLE INC COM | Stock | 037833100 |  | 5626740 | 43306 | SH |  | SOLE | 0 | 34126 | 0 | 9179 |
| WEC ENERGY GROUP INC COM | Stock | 92939U106 |  | 686530 | 7322 | SH |  | SOLE | 0 | 5685 | 0 | 1637 |
| ABBOTT LABS COM | Stock | 002824100 |  | 850653 | 7748 | SH |  | SOLE | 0 | 7273 | 0 | 475 |
| RAYMOND JAMES FINL INC | Stock | 754730109 |  | 492151 | 4606 | SH |  | SOLE | 0 | 3013 | 0 | 1593 |

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