In a heavy pot over medium heat, add the butter and oil and heat until bubbly. Stir in the diced squash and cook, stirring occasionally for 5-6 minutes until slightly softened.
Measure the vegetable broth in a microwaveable glass measuring cup and heat for 3-4 minutes until very hot. Set aside.
Add the shallots and apples and stir for one minute. Add the arborio rice, stirring to combine. Add about 1 cup of the vegetable broth, stirring constantly. Cook over medium heat for 5-6 minutes or until the liquid is nearly evaporated. Add more broth about half a cup at a time, stirring constantly between each addition.
About 10 minutes into the simmering add the crumbled sage, salt and pepper. Continue to simmer and stir, adding more broth when the previous addition has been nearly absorbed.
It should take about 20-25 minutes of adding broth, stirring and simmering before the rice is cooked through. When it's done, stir in ¾ cup of grated parmesan cheese and the vermouth (if using). Taste for seasonings and adjust, adding additional salt and pepper if desired.
Transfer risotto to a serving dish and sprinkle with remaining parmesan cheese and chopped parsley. Serve.