Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Johnson Controls Inc.	446,119	$22.89M	6.3%	$35.79	—	Com	478366107
—	Baker Hughes Inc.	411,897	$22.76M	6.2%	$46.13	—	Com	057224107
MET	Metlife Inc.	414,727	$22.36M	6.1%	$24.43	+23.3%	Com	59156R108
—	Owens-Illinois Inc.	623,225	$22.3M	6.1%	$27.79	—	Com	690768403
—	General Electric Co.	766,001	$21.47M	5.9%	$23.20	—	Com	369604103
—	Cisco Systems	950,288	$21.32M	5.8%	$23.67	—	Com	17275r102
BAC	Bank of America	1,177,355	$18.33M	5.0%	$10.06	+16.2%	Com	060505104
—	Finish Line	631,087	$17.78M	4.9%	$21.86	—	Com	317923100
—	Interpublic Group Companies	892,106	$15.79M	4.3%	$9.16	+20.7%	Com	460690100
—	Allegheny Technologies Inc.	422,625	$15.06M	4.1%	$26.38	—	Com	01741r102
—	Sealed Air Corp.	421,303	$14.35M	3.9%	$23.95	—	Com	81211k100
JPM	J P Morgan Chase	223,957	$13.1M	3.6%	$39.49	+0.4%	Com	46625H100
MOD	Modine Manufacturing Co.	995,752	$12.77M	3.5%	$9.64	+39.0%	Com	607828100
ARW	Arrow Electronics Inc.	222,850	$12.09M	3.3%	$38.94	+30.5%	Com	042735100
—	Southwestern Energy Co.	297,462	$11.7M	3.2%	$36.45	—	Com	845467109
—	Weatherford Intl. Inc.	721,400	$11.17M	3.1%	$13.76	—	Com	H27013103
—	Willis Group Holdings	221,825	$9.94M	2.7%	$40.78	—	Com	G96666105
PTEN	Patterson UTI Energy	365,887	$9.264M	2.5%	$21.72	+10.2%	Com	703481101
INTC	Intel Corp.	356,129	$9.243M	2.5%	$17.17	+4.4%	Com	458140100
—	General Motors Corp.	211,211	$8.632M	2.4%	$33.54	—	Com	37045v100
—	MedAssets Inc.	346,675	$6.875M	1.9%	$17.77	—	Com	584045108
—	Range Resources Corp.	77,202	$6.509M	1.8%	$77.32	—	Com	75281a109
USB	US Bancorp	149,148	$6.026M	1.6%	$22.41	+13.2%	Com	902973304
—	Briggs & Stratton Corp.	204,975	$4.46M	1.2%	$21.76	—	Com	109043109
WFC	Wells Fargo & Co.	79,930	$3.629M	1.0%	$27.36	+12.4%	Com	949746101
—	Exxon Mobil Corp.	22,840	$2.311M	0.6%	$90.35	—	Com	30231g102
MTG	MGIC Investment Corp.	259,401	$2.189M	0.6%	$5.72	+39.5%	Com	552848103
—	Chataqua Partners LLC	1,683,587	$1.684M	0.5%	$1.00	—	Com	1428198
UNP	Union Pacific Corp.	10,000	$1.68M	0.5%	$57.06	+6.1%	Com	907818108
WRB	Berkley W R Corp.	31,968	$1.387M	0.4%	$9.58	+2.5%	Com	084423102
MCD	McDonalds Corp.	9,422	$914K	0.2%	$71.80	-2.5%	Com	580135101
IBM	IBM	4,620	$867K	0.2%	$118.51	-10.2%	Com	459200101
JNJ	Johnson & Johnson	8,897	$815K	0.2%	$59.72	+10.1%	Com	478160104
PFE	Pfizer Inc.	23,277	$713K	0.2%	$16.46	+7.1%	Com	717081103
SYY	Sysco Corp.	19,450	$702K	0.2%	$24.37	+0.0%	Com	871829107
AAPL	Apple Computer Inc.	1,239	$695K	0.2%	$13.16	+24.4%	Com	037833100
FISV	Fiserv Inc.	11,400	$673K	0.2%	$24.45	+10.3%	Com	337738108
SLB	Schlumberger Ltd.	7,352	$662K	0.2%	$52.90	+23.0%	Com	806857108
DRI	Darden Restaurants Inc.	11,400	$620K	0.2%	$29.75	+7.8%	Com	237194105
FAST	Fastenal Company	12,800	$608K	0.2%	$8.84	-1.0%	Com	311900104
—	HollyFrontier Corp.	11,400	$566K	0.2%	$49.65	—	Com	436106108
—	Hanesbrands Inc.	7,900	$555K	0.2%	$51.42	—	Com	410345102
—	GoldenTree Offshore Cl C Exemp	198	$554K	0.2%	$2587.85	—	Com	2071622
—	Goldentree Offshore C 5 F	409	$534K	0.1%	$1277.64	—	Com	2071621
—	Eaton Corp.	7,000	$533K	0.1%	$76.14	—	Com	278058102
AEM	Agnico-Eagle Mines Ltd.	20,100	$530K	0.1%	$25.17	-13.1%	Com	008474108
PG	Procter & Gamble Co.	6,240	$508K	0.1%	$55.03	+5.4%	Com	742718109
EMR	Emerson Electric Co.	7,088	$497K	0.1%	$40.02	+20.4%	Com	291011104
ASB	Associated Banc Corp.	24,952	$434K	0.1%	$10.02	+12.7%	Com	045487105
KMB	Kimberly-Clark Corporation	3,961	$414K	0.1%	$62.75	+5.8%	Com	494368103
—	Anadarko Petroleum Corp.	4,567	$362K	0.1%	$85.83	—	Com	032511107
T	AT&T Inc.	10,221	$359K	0.1%	$11.30	-1.2%	Com	00206R102
SCHW	Charles Schwab Corp.	13,550	$352K	0.1%	$15.92	+29.8%	Com	808513105
—	Boulder Brands Inc.	22,000	$349K	0.1%	$12.05	—	Com	101405108
LLY	Eli Lilly & Co.	6,600	$337K	0.1%	$42.21	-6.2%	Com	532457108
—	Pentair Ltd.	4,340	$337K	0.1%	$57.60	—	Com	709631105
—	Merck & Company	6,700	$335K	0.1%	$46.77	—	Com	58933y105
OXY	Occidental Petroleum Corp.	3,459	$329K	0.1%	$59.24	+7.0%	Com	674599105
CSX	CSX Corp.	10,900	$314K	0.1%	$6.86	+7.4%	Com	126408103
CL	Colgate-Palmolive Co.	4,613	$301K	0.1%	$44.39	+9.0%	Com	194162103
—	Proshares Tr Pshs Shrt S&P 500	11,400	$288K	0.1%	$29.28	—	Com	74347r503
KSS	Kohls Corp.	4,770	$271K	0.1%	$49.51	+10.7%	Com	500255104
—	Orion Energy System Inc.	30,240	$206K	0.1%	$2.47	—	Com	686275108
MSFT	Microsoft Corp.	5,461	$204K	0.1%	$26.81	+11.9%	Com	594918104
—	Journal Comm. CL'A	14,988	$140K	0.0%	$7.48	—	Com	481130102
—	Cumulus Media Inc.	10,650	$82,000	0.0%	$3.41	—	Com	231082108
—	Synovus Financial Corp.	10,000	$36,000	0.0%	$2.90	—	Com	87161c105
—	Coastal South Bankshares	11,850	$18,000	0.0%	$1.52	—	Com	190545103
OPMG	Options Media Group	20,000	$0	0.0%	$0.00	-55.7%	Com	684008105
—	Protide Pharmaceutical	10,000	$0	0.0%	—	—	Com	74371a103