SEC FORM 13F-HR

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 COVER PAGE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	July 31, 2015
Estimated average burden
hours per response:		23.8

Report for the Calendar Year or Quarter Ended:

03-31-2024

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.
Address:	401 CHARMANY DRIVE
	PO BOX 44961
	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
Title:	President, Private Wealth
Phone:	608-232-5951
Signature, Place, and Date of Signing:
Brendan Freeman		Madison, WI	05-03-2024
[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 reported are 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:	162
	Form 13F Information Table Value Total:	860,157,818
		(thousands)

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

SEC FORM 13-F Information Table

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	July 31, 2015
Estimated average burden
hours per response:		23.8

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
Ark Innovation	Common	00214Q104	273,581	5,224	SH		SOLE		5,224	0	0
Abbott Laboratories	Common	002824100	629,380	5,718	SH		SOLE		3,196	0	2,522
Abbvie Inc Com	Common	00287Y109	1,140,424	7,359	SH		SOLE		5,196	0	2,163
Acutus Medical	Common	005111109	2,019	10,000	SH		SOLE		10,000	0	0
Adobe Inc	Common	00724F101	2,487,822	4,170	SH		SOLE		4,170	0	0
Advanced Micro Devices Inc	Common	007903107	707,715	4,801	SH		SOLE		4,801	0	0
Air Prods Chems Inc	Common	009158106	648,906	2,370	SH		SOLE		2,370	0	0
Allegheny Technologies Inc	Common	01741R102	611,799	13,455	SH		SOLE		13,455	0	0
Alphabet Inc Cap Stk Cl C	Common	02079K107	1,055,566	7,490	SH		SOLE		7,490	0	0
Alphabet Inc Cap Stk Cl A	Common	02079K305	5,069,909	36,294	SH		SOLE		36,154	0	140
Altria Group Inc	Common	02209S103	307,229	7,616	SH		SOLE		363	0	7,253
Amazon.com Inc	Common	023135106	1,398,608	9,205	SH		SOLE		9,205	0	0
American Express CO	Common	025816109	293,374	1,566	SH		SOLE		1,566	0	0
American Tower Corp	Common	03027X100	909,287	4,212	SH		SOLE		4,212	0	0
CENCORA INC	Common	03073E105	2,468,462	12,019	SH		SOLE		12,019	0	0
Ameriprise Financial Inc	Common	03076C106	415,154	1,093	SH		SOLE		1,093	0	0
Amgen Inc	Common	031162100	1,265,560	4,394	SH		SOLE		4,394	0	0
Analog Devices Inc	Common	032654105	2,573,338	12,960	SH		SOLE		12,960	0	0
Elevance Health INC	Common	036752103	1,127,028	2,390	SH		SOLE		2,390	0	0
Apple Inc	Common	037833100	9,983,066	51,852	SH		SOLE		46,840	0	5,012
Arista Networks Inc	Common	040413106	3,065,163	13,015	SH		SOLE		13,015	0	0
Bank Of America Corp	Common	060505104	1,825,789	54,226	SH		SOLE		54,226	0	0
Barrick Gold Corp ADR	Common	067901108	198,990	11,000	SH		SOLE		11,000	0	0
Berkshire Hathaway INC-CL B	Common	084670702	412,656	1,157	SH		SOLE		1,048	0	109
BlackRock Inc	Common	09247X101	673,794	830	SH		SOLE		830	0	0
Boeing Co	Common	097023105	222,343	853	SH		SOLE		437	0	416
Bristol Myers Squibb Co	Common	110122108	205,137	3,998	SH		SOLE		3,998	0	0
Broadcom Inc	Common	11135F101	4,188,170	3,752	SH		SOLE		3,752	0	0
CSX Corp Com	Common	126408103	1,758,913	50,733	SH		SOLE		50,733	0	0
Charles River Labs Intl	Common	159864107	355,782	1,505	SH		SOLE		1,505	0	0
Chevron Corp	Common	166764100	835,296	5,600	SH		SOLE		2,247	0	3,353
Ciena Corp	Common	171779309	775,792	17,236	SH		SOLE		17,236	0	0
Cisco Systems Inc	Common	17275R102	2,289,465	45,318	SH		SOLE		42,439	0	2,879
Cintas Corporation	Common	172908105	368,828	612	SH		SOLE		612	0	0
Citigroup Inc	Common	172967424	1,921,438	37,353	SH		SOLE		37,253	0	100
Coca-Cola Co	Common	191216100	1,495,643	25,380	SH		SOLE		3,450	0	21,930
Corning Inc	Common	219350105	347,313	11,406	SH		SOLE		11,406	0	0
Corteva Inc Com	Common	22052L104	1,530,852	31,946	SH		SOLE		31,946	0	0
Costco Wholesale Corp	Common	22160K105	2,126,778	3,222	SH		SOLE		3,222	0	0
Cummins Inc	Common	231021106	216,571	904	SH		SOLE		904	0	0
Danaher Corp	Common	235851102	231,340	1,000	SH		SOLE		1,000	0	0
Darden Restaurants Inc	Common	237194105	1,502,524	9,145	SH		SOLE		9,145	0	0
Walt Disney Company	Common	254687106	1,396,786	15,470	SH		SOLE		15,470	0	0
EOG Res Inc	Common	26875P101	1,152,170	9,526	SH		SOLE		9,526	0	0
Electronic Arts Inc	Common	285512109	1,845,567	13,490	SH		SOLE		13,490	0	0
Essential Utilities, Inc	Common	29670G102	985,517	26,386	SH		SOLE		26,386	0	0
Expedia Group Inc New	Common	30212P303	1,242,098	8,183	SH		SOLE		8,183	0	0
Exxon Mobil Corp	Common	30231G102	2,319,236	23,197	SH		SOLE		21,311	0	1,886
Meta Platforms Inc	Common	30303M102	353,252	998	SH		SOLE		890	0	108
Fidelity National Information	Common	31620M106	317,410	5,284	SH		SOLE		1,350	0	3,934
First Business Financial Servi	Common	319390100	14,015,832	349,522	SH		SOLE		0	0	349,522
Fiserv Inc	Common	337738108	4,842,948	36,457	SH		SOLE		1,232	0	35,225
Franklin Managed Income Cl A	Common	353612682	258,896	20,812	SH		SOLE		20,812	0	0
Franklin Conservative Allocati	Common	35472P109	133,424	10,093	SH		SOLE		10,093	0	0
Arthur J. Gallagher & Co	Common	363576109	290,995	1,294	SH		SOLE		1,294	0	0
General Dynamics Corp	Common	369550108	1,432,859	5,518	SH		SOLE		5,518	0	0
Home Depot Inc	Common	437076102	670,921	1,936	SH		SOLE		1,606	0	330
Honeywell International Inc	Common	438516106	200,692	957	SH		SOLE		957	0	0
Illinois Tool Works Inc	Common	452308109	872,522	3,331	SH		SOLE		3,331	0	0
Intel Corp	Common	458140100	964,247	19,189	SH		SOLE		16,884	0	2,305
Intercontinental Exchange Inc	Common	45866F104	1,747,162	13,604	SH		SOLE		13,354	0	250
International Business Machine	Common	459200101	301,423	1,843	SH		SOLE		1,768	0	75
Intuitive Surgical Inc	Common	46120E602	504,353	1,495	SH		SOLE		1,495	0	0
Iqvia Holdings Inc	Common	46266C105	1,942,435	8,395	SH		SOLE		8,395	0	0
iShares S&P 500 Core	Common	464287200	2,805,121	5,873	SH		SOLE		5,873	0	0
iShares Core US Aggregate Bond	Common	464287226	45,312,389	456,548	SH		SOLE		456,548	0	0
Ishares Tr Global Tech ETF	Common	464287291	214,290	3,143	SH		SOLE		3,143	0	0
iShares MSCI EAFE ETF	Common	464287465	386,395	5,128	SH		SOLE		5,128	0	0
iShares Russell Mid-Cap Value	Common	464287473	247,349	2,127	SH		SOLE		2,127	0	0
iShares Core S&P Mid-Cap ETF	Common	464287507	42,107,677	151,931	SH		SOLE		151,931	0	0
iShares Russell 1000 Value ETF	Common	464287598	47,345,447	286,508	SH		SOLE		286,508	0	0
iShares Russell 1000 Growth ET	Common	464287614	64,261,429	211,965	SH		SOLE		211,965	0	0
iShares Russell 1000 ETF	Common	464287622	1,462,886	5,578	SH		SOLE		5,578	0	0
iShares Russell 2000 Value	Common	464287630	715,139	4,604	SH		SOLE		4,604	0	0
iShares Russell 2000 Growth	Common	464287648	789,953	3,132	SH		SOLE		3,132	0	0
iShares Russell 2000	Common	464287655	1,188,805	5,923	SH		SOLE		5,923	0	0
iShares Core S&P Small-Cap ETF	Common	464287804	60,093,797	555,139	SH		SOLE		555,139	0	0
iShares MSCI ACWI ex US	Common	464288240	301,391	5,905	SH		SOLE		5,905	0	0
iShares Edge MSCI Min Vol USA	Common	46429B697	1,232,328	15,793	SH		SOLE		15,793	0	0
iShares Edge MSCI USA Momentum	Common	46432F396	3,190,358	20,335	SH		SOLE		20,335	0	0
iShares Core MSCI EAFE ETF	Common	46432F842	115,279,028	1,638,650	SH		SOLE		1,638,650	0	0
iShares Core Dividend Growth	Common	46434V621	48,392,522	899,155	SH		SOLE		899,155	0	0
JPMorgan Chase & Co	Common	46625H100	5,070,681	29,810	SH		SOLE		29,810	0	0
JPMorgan Ultra-Short Income ET	Common	46641Q837	10,897,951	216,961	SH		SOLE		216,961	0	0
Johnson & Johnson	Common	478160104	865,518	5,522	SH		SOLE		5,522	0	0
Kimberly-Clark Corp	Common	494368103	231,841	1,908	SH		SOLE		1,908	0	0
Kroger Co	Common	501044101	1,117,701	24,452	SH		SOLE		24,452	0	0
Lam Research Corporation	Common	512807108	2,176,680	2,779	SH		SOLE		2,779	0	0
Lilly Eli Co	Common	532457108	3,090,642	5,302	SH		SOLE		5,302	0	0
Lowe's Companies Inc	Common	548661107	1,839,821	8,267	SH		SOLE		8,267	0	0
MGE Energy Inc	Common	55277P104	451,070	6,238	SH		SOLE		4,858	0	1,380
Mastercard Inc Cl A	Common	57636Q104	447,836	1,050	SH		SOLE		1,050	0	0
McDonald's Corp	Common	580135101	735,345	2,480	SH		SOLE		1,884	0	596
McKesson Corp	Common	58155Q103	242,139	523	SH		SOLE		523	0	0
Merck & Co Inc	Common	58933Y105	1,082,678	9,931	SH		SOLE		9,468	0	463
Microsoft Corp	Common	594918104	6,719,083	17,868	SH		SOLE		15,875	0	1,993
Microchip Technology Inc	Common	595017104	339,257	3,762	SH		SOLE		3,762	0	0
Mondelez Intl Inc Class A	Common	609207105	945,936	13,060	SH		SOLE		1,896	0	11,164
Nextera Energy Inc	Common	65339F101	287,786	4,738	SH		SOLE		1,422	0	3,316
Nice Ltd Sponsored ADR	Common	653656108	447,501	2,243	SH		SOLE		2,243	0	0
Nike Inc	Common	654106103	620,260	5,713	SH		SOLE		5,713	0	0
Novo Nordisk A/S ADR	Common	670100205	318,833	3,082	SH		SOLE		3,082	0	0
Nvidia Corp	Common	67066G104	3,438,808	6,944	SH		SOLE		6,944	0	0
Nuveen ESG Large Cap Value	Common	67092P300	418,172	11,645	SH		SOLE		11,645	0	0
PNC Financial Services Group I	Common	693475105	574,958	3,713	SH		SOLE		712	0	3,001
Palantir Technologies Inc	Common	69608A108	185,625	10,811	SH		SOLE		10,811	0	0
Parker Hannifin Corp	Common	701094104	205,012	445	SH		SOLE		445	0	0
Paypal Hldgs Inc	Common	70450Y103	236,367	3,849	SH		SOLE		3,849	0	0
Pepsico Inc	Common	713448108	1,999,526	11,773	SH		SOLE		11,175	0	598
Pfizer Inc	Common	717081103	305,635	10,616	SH		SOLE		10,116	0	500
Philip Morris International In	Common	718172109	1,052,379	11,186	SH		SOLE		1,798	0	9,388
Phillips 66	Common	718546104	277,064	2,081	SH		SOLE		2,081	0	0
Procter & Gamble Co	Common	742718109	1,221,411	8,335	SH		SOLE		7,335	0	1,000
Prudential Financial Inc	Common	744320102	1,701,570	16,407	SH		SOLE		16,407	0	0
Qualcomm Inc	Common	747525103	1,334,646	9,228	SH		SOLE		9,228	0	0
Quanta Services Inc	Common	74762E102	2,354,378	10,910	SH		SOLE		10,910	0	0
Republic Services Inc	Common	760759100	1,833,140	11,116	SH		SOLE		11,116	0	0
Rockwell Automation Inc	Common	773903109	269,186	867	SH		SOLE		867	0	0
SPDR S&P 500 ETF	Common	78462F103	21,135,610	44,467	SH		SOLE		44,467	0	0
Spdr Gold Trust Shs	Common	78463V107	1,051,435	5,500	SH		SOLE		5,500	0	0
SPDRA S&P MidCap 400 ETF	Common	78467Y107	786,946	1,551	SH		SOLE		1,551	0	0
Schlumberger Ltd	Common	806857108	1,684,847	32,376	SH		SOLE		32,376	0	0
The Charles Schwab Corp	Common	808513105	278,021	4,041	SH		SOLE		4,041	0	0
Consumer Discr Select Sect SPD	Common	81369Y407	1,010,455	5,651	SH		SOLE		5,651	0	0
Energy Select Sector SPDR ETF	Common	81369Y506	2,273,908	27,122	SH		SOLE		27,122	0	0
Financial Select Sector SPDR E	Common	81369Y605	905,972	24,095	SH		SOLE		24,095	0	0
Industrials Select Sector SPDR	Common	81369Y704	1,597,342	14,013	SH		SOLE		14,013	0	0
Technology Select Sector SPDR	Common	81369Y803	2,576,345	13,385	SH		SOLE		13,385	0	0
Communication Sector Select SP	Common	81369Y852	512,762	7,057	SH		SOLE		7,057	0	0
Starbucks Corp	Common	855244109	272,188	2,835	SH		SOLE		2,835	0	0
Stryker Corp	Common	863667101	1,963,859	6,558	SH		SOLE		6,558	0	0
TJX Companies Inc	Common	872540109	1,715,879	18,291	SH		SOLE		18,291	0	0
T Mobile US Inc	Common	872590104	2,074,029	12,936	SH		SOLE		12,936	0	0
Terran Orbital Corporation	Common	88105P103	11,400	10,000	SH		SOLE		10,000	0	0
Tetra Tech Inc New	Common	88162G103	661,210	3,961	SH		SOLE		3,961	0	0
Texas Instruments Inc	Common	882508104	1,848,468	10,844	SH		SOLE		10,844	0	0
Thomson Reuters Corp.	Common	884903808	654,627	4,477	SH		SOLE		4,477	0	0
Transdigm Group Inc	Common	893641100	659,563	652	SH		SOLE		652	0	0
US Bancorp	Common	902973304	464,957	10,743	SH		SOLE		5,590	0	5,153
Union Pacific Corp	Common	907818108	397,659	1,619	SH		SOLE		1,619	0	0
UnitedHealth Group Inc	Common	91324P102	2,189,062	4,158	SH		SOLE		4,158	0	0
Valero Energy Corp	Common	91913Y100	215,410	1,657	SH		SOLE		1,657	0	0
Vanguard FTSE Developed Market	Common	921943858	312,691	6,528	SH		SOLE		6,528	0	0
Vanguard Information Technolog	Common	92204A702	251,196	519	SH		SOLE		519	0	0
Vanguard Communication SVCS ET	Common	92204A884	729,891	6,200	SH		SOLE		6,200	0	0
Vanguard Mid-Cap ETF	Common	922908629	700,712	3,012	SH		SOLE		3,012	0	0
Vanguard Index Growth	Common	922908736	466,942	1,502	SH		SOLE		1,502	0	0
Vanguard Index Value	Common	922908744	402,006	2,689	SH		SOLE		2,689	0	0
Vanguard Small-Cap ETF	Common	922908751	1,095,023	5,133	SH		SOLE		5,133	0	0
Vanguard Total Stock Market ET	Common	922908769	213,339,063	899,330	SH		SOLE		899,330	0	0
Verizon Communications Inc	Common	92343V104	206,408	5,475	SH		SOLE		4,592	0	883
Visa Inc	Common	92826C839	431,140	1,656	SH		SOLE		1,656	0	0
Wal-Mart Inc	Common	931142103	413,989	2,626	SH		SOLE		2,626	0	0
Waste Mgmt Inc Del	Common	94106L109	296,769	1,657	SH		SOLE		1,657	0	0
Weyco Group Inc	Common	962149100	379,331	12,096	SH		SOLE		0	0	12,096
Xcel Energy Inc.	Common	98389B100	246,835	3,987	SH		SOLE		3,850	0	137
Amdocs Ltd ADR	Common	G02602103	518,375	5,898	SH		SOLE		5,898	0	0
Aon PLC Shs Cl A	Common	G0403H108	474,945	1,632	SH		SOLE		1,632	0	0
Accenture PLC	Common	G1151C101	2,600,243	7,410	SH		SOLE		7,010	0	400
Eaton Corp PLC	Common	G29183103	491,754	2,042	SH		SOLE		2,042	0	0
Johnson Controls Intl, PLC	Common	G51502105	1,073,084	18,617	SH		SOLE		18,617	0	0
TE Connectivity Ltd	Common	H84989104	415,178	2,955	SH		SOLE		2,955	0	0