First Business Financial Services, Inc. Buys iShares Edge MSCI USA Momentum Factor, SPDR S&P 500, SPDR Select Sector Fund - Energy Select Sector, Sells iShares MSCI EAFE, iShares Russell 1000 Value, iShares Core MSCI EAFE

• New Purchases: MTUM, XLE, MGEE, VOX, XLF, XLI, XLK,
• Added Positions: SPY, VTI, IJH, AGG, IJR, USMV, FIS, MCD, T, PEP, MSFT, JNJ, XOM, INOV, SYY, KMB, BMO,
• Reduced Positions: IWD, IEFA, FISV, IWM, IWF, KO, FBIZ, CVX, BABA, TMUS, CSCO, HD, PG, IWO, IWN, UNH, AAPL, ANET, TXN, CNP, VOD, WMT, DIS, ANTM, EBAY, CSX, DFS, AVGO, GOOG, TJX, BA, PYPL, BKR, IVV, ADI, AMGN, ABC, AMT, ALL, SPGI, LLY, EA, DRI, ICE, JPM, JCI, KLAC, KR, LRCX, LOW, EXPE, MRK, PAYX, ATI, PGR, QCOM, RSG, RIO, TRV, SBUX, SYK,
• Sold Out: EFA, SCHB, BAC, PSX, PNC, RDS.A, C, RSP, MDY, ACWX, ABBV, TEL, UNP, USB, ITW, EXAS, X,

For the details of FIRST BUSINESS FINANCIAL SERVICES, INC.'s stock buys and sells, go to https://www.gurufocus.com/guru/first+business+financial+services%2C+inc./current-portfolio/portfolio

1. Vanguard Total Stock Market (VTI) - 960,748 shares, 26.77% of the total portfolio. Shares added by 4.29%
2. iShares Core U.S. Aggregate Bond (AGG) - 387,061 shares, 9.65% of the total portfolio. Shares added by 3.81%
3. iShares Edge MSCI Min Vol USA (USMV) - 762,112 shares, 8.90% of the total portfolio. Shares added by 1.75%
4. iShares Core MSCI EAFE (IEFA) - 790,925 shares, 8.53% of the total portfolio. Shares reduced by 29.12%
5. iShares Russell 1000 Growth (IWF) - 216,787 shares, 7.06% of the total portfolio. Shares reduced by 1.54%

First Business Financial Services, Inc. initiated holding in iShares Edge MSCI USA Momentum Factor. The purchase prices were between $90.36 and $137.08, with an estimated average price of $124.42. The stock is now traded at around $116.03. The impact to a portfolio due to this purchase was 3.7%. The holding were 160,775 shares as of .

First Business Financial Services, Inc. initiated holding in SPDR Select Sector Fund - Energy Select Sector. The purchase prices were between $23.57 and $60.87, with an estimated average price of $48.26. The stock is now traded at around $35.85. The impact to a portfolio due to this purchase was 0.1%. The holding were 15,345 shares as of .

First Business Financial Services, Inc. initiated holding in MGE Energy Inc. The purchase prices were between $54.09 and $82.22, with an estimated average price of $74.84. The stock is now traded at around $62.49. The impact to a portfolio due to this purchase was 0.08%. The holding were 5,916 shares as of .

First Business Financial Services, Inc. initiated holding in Vanguard Communication Services. The purchase prices were between $69.09 and $100.6, with an estimated average price of $91.01. The stock is now traded at around $85.81. The impact to a portfolio due to this purchase was 0.06%. The holding were 3,400 shares as of .

First Business Financial Services, Inc. initiated holding in SPDR Select Sector Fund - Financial. The purchase prices were between $17.66 and $31.17, with an estimated average price of $27.83. The stock is now traded at around $22.06. The impact to a portfolio due to this purchase was 0.06%. The holding were 12,647 shares as of .

First Business Financial Services, Inc. initiated holding in SPDR Select Sector Fund - Technology. The purchase prices were between $70.4 and $102.79, with an estimated average price of $91.85. The stock is now traded at around $88.90. The impact to a portfolio due to this purchase was 0.05%. The holding were 2,890 shares as of .

First Business Financial Services, Inc. added to a holding in SPDR S&P 500 by 106.80%. The purchase prices were between $222.95 and $338.34, with an estimated average price of $307.42. The stock is now traded at around $282.79. The impact to a portfolio due to this purchase was 1.21%. The holding were 41,957 shares as of .

First Business Financial Services, Inc. added to a holding in McDonald's Corp by 31.57%. The purchase prices were between $137.1 and $217.46, with an estimated average price of $197.58. The stock is now traded at around $182.66. The impact to a portfolio due to this purchase was 0.03%. The holding were 3,238 shares as of .

First Business Financial Services, Inc. added to a holding in AT&T Inc by 40.64%. The purchase prices were between $26.77 and $39.37, with an estimated average price of $36.28. The stock is now traded at around $29.90. The impact to a portfolio due to this purchase was 0.02%. The holding were 8,870 shares as of .

First Business Financial Services, Inc. sold out a holding in iShares MSCI EAFE. The sale prices were between $46.5 and $70.38, with an estimated average price of $63.47.

First Business Financial Services, Inc. sold out a holding in Schwab U.S. Broad Market. The sale prices were between $52.35 and $80.88, with an estimated average price of $73.19.

First Business Financial Services, Inc. sold out a holding in Bank of America Corp. The sale prices were between $18.08 and $35.64, with an estimated average price of $30.21.

First Business Financial Services, Inc. sold out a holding in Phillips 66. The sale prices were between $42.09 and $112.2, with an estimated average price of $82.3.

First Business Financial Services, Inc. sold out a holding in Royal Dutch Shell PLC. The sale prices were between $21.62 and $60.96, with an estimated average price of $47.13.

First Business Financial Services, Inc. sold out a holding in PNC Financial Services Group Inc. The sale prices were between $80.64 and $160.81, with an estimated average price of $135.33.