Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BAC	Bank of America	1,387,870	$23.66M	6.3%	$10.47	+20.1%	Com	060505104
—	Weatherford Intl. Inc.	1,126,150	$23.42M	6.2%	$22.97	—	Com	G48833100
JPM	J P Morgan Chase	388,124	$23.38M	6.2%	$40.21	+7.3%	Com	46625H100
C	Citigroup Inc.	447,079	$23.17M	6.1%	$36.34	+3.0%	Com	172967424
—	Cisco Systems	905,949	$22.8M	6.0%	$23.67	—	Com	17275r102
MET	Metlife Inc.	421,676	$22.65M	6.0%	$24.54	+35.6%	Com	59156R108
—	Johnson Controls Inc.	452,245	$19.9M	5.3%	$36.19	—	Com	478366107
—	General Electric Co.	766,327	$19.63M	5.2%	$23.20	—	Com	369604103
—	General Motors Corp.	605,586	$19.34M	5.1%	$34.11	—	Com	37045v100
—	Baker Hughes Inc.	287,349	$18.7M	4.9%	$46.73	—	Com	057224107
—	Owens-Illinois Inc.	712,312	$18.56M	4.9%	$27.65	—	Com	690768403
—	Allegheny Technologies Inc.	427,562	$15.86M	4.2%	$27.01	—	Com	01741r102
—	Target Corp.	223,000	$13.98M	3.7%	$57.95	—	Com	87612e106
CCL	Carnival Corp	338,350	$13.59M	3.6%	$32.52	-1.6%	Com	143658300
—	Interpublic Group Companies	584,479	$10.71M	2.8%	$9.16	+41.0%	Com	460690100
—	Southwestern Energy Co.	302,150	$10.56M	2.8%	$36.41	—	Com	845467109
MOD	Modine Manufacturing Co.	858,325	$10.19M	2.7%	$10.09	+38.5%	Com	607828100
—	Briggs & Stratton Corp.	554,075	$9.984M	2.6%	$21.42	—	Com	109043109
—	Finish Line	398,400	$9.972M	2.6%	$21.86	—	Com	317923100
ARW	Arrow Electronics Inc.	154,649	$8.56M	2.3%	$38.94	+54.9%	Com	042735100
USB	US Bancorp	149,148	$6.239M	1.7%	$22.41	+26.8%	Com	902973304
WFC	Wells Fargo & Co.	63,810	$3.31M	0.9%	$27.36	+36.7%	Com	949746101
—	Sirius XM Radio Inc.	662,183	$2.311M	0.6%	$3.24	—	Com	82967N108
MTG	MGIC Investment Corp.	279,945	$2.186M	0.6%	$5.98	+37.0%	Com	552848103
UNP	Union Pacific Corp.	20,000	$2.168M	0.6%	$65.92	+21.8%	Com	907818108
—	Exxon Mobil Corp.	22,426	$2.109M	0.6%	$90.45	—	Com	30231g102
—	Chataqua Partners LLC	1,763,074	$1.763M	0.5%	$1.00	—	Com	1428198
WRB	Berkley W R Corp.	31,968	$1.528M	0.4%	$9.58	+11.6%	Com	084423102
JNJ	Johnson & Johnson	8,784	$936K	0.2%	$60.08	+25.8%	Com	478160104
AAPL	Apple Computer Inc.	9,033	$910K	0.2%	$18.15	+19.2%	Com	037833100
IBM	IBM	4,100	$778K	0.2%	$118.51	-3.5%	Com	459200101
FISV	Fiserv Inc.	11,400	$737K	0.2%	$24.45	+29.2%	Com	337738108
—	Ladenburg Thalmann	172,747	$732K	0.2%	$4.24	—	Com	50575q102
PFE	Pfizer Inc.	24,729	$731K	0.2%	$16.52	+5.6%	Com	717081103
MCD	McDonalds Corp.	7,272	$689K	0.2%	$71.80	-0.8%	Com	580135101
—	Proshares Tr Pshs Shrt S&P 500	28,100	$647K	0.2%	$26.08	—	Com	74347r503
SLB	Schlumberger Ltd.	6,352	$646K	0.2%	$52.90	+50.3%	Com	806857108
—	Walgreen Co.	10,900	$646K	0.2%	$59.27	—	Com	931422109
PEP	Pepsico Inc.	6,690	$623K	0.2%	$64.88	0.0%	Com	713448108
—	GoldenTree Offshore Cl C Exemp	203	$621K	0.2%	$2596.65	—	Com	2071622
—	Goldentree Offshore C 5 F	409	$582K	0.2%	$1277.64	—	Com	2071621
FAST	Fastenal Company	12,800	$575K	0.2%	$8.84	-4.3%	Com	311900104
T	AT&T Inc.	16,035	$565K	0.1%	$11.54	+3.1%	Com	00206R102
AEM	Agnico-Eagle Mines Ltd.	17,800	$517K	0.1%	$25.62	+19.5%	Com	008474108
—	Anadarko Petroleum Corp.	4,567	$463K	0.1%	$85.83	—	Com	032511107
PG	Procter & Gamble Co.	4,566	$382K	0.1%	$55.03	+8.6%	Com	742718109
LLY	Eli Lilly & Co.	5,600	$363K	0.1%	$42.21	+21.7%	Com	532457108
—	Merck & Company	5,525	$328K	0.1%	$46.77	—	Com	58933y105
META	Facebook, Inc.	4,060	$321K	0.1%	$64.91	+12.2%	Com	30303M102
—	Eaton Corp.	5,000	$317K	0.1%	$76.14	—	Com	278058102
EMR	Emerson Electric Co.	5,000	$313K	0.1%	$40.02	+19.4%	Com	291011104
—	Boulder Brands Inc.	22,000	$300K	0.1%	$12.05	—	Com	101405108
CL	Colgate-Palmolive Co.	4,400	$287K	0.1%	$44.39	+14.2%	Com	194162103
—	Pentair Ltd.	4,340	$284K	0.1%	$57.60	—	Com	709631105
—	Verizon Communications	5,593	$280K	0.1%	$50.06	—	Com	92343v104
WMT	Wal Mart Stores Inc.	3,609	$276K	0.1%	$20.31	0.0%	Com	931142103
KMB	Kimberly-Clark Corporation	2,440	$262K	0.1%	$62.75	+12.9%	Com	494368103
—	Sigma Aldrich Corp.	1,800	$245K	0.1%	$136.11	—	Com	826552101
ASB	Associated Banc Corp.	13,867	$242K	0.1%	$10.02	+24.3%	Com	045487105
BIIB	Biogen Idec Inc.	696	$230K	0.1%	$317.43	+3.9%	Com	09062X103
KSS	Kohls Corp.	3,770	$230K	0.1%	$51.79	+9.3%	Com	500255104
—	Holly Frontier Corp.	4,800	$210K	0.1%	$47.54	—	Com	436106108
—	Capstone Turbine Corp.	195,008	$209K	0.1%	$1.75	—	Com	14067D102
—	Transocean Ltd.	6,529	$209K	0.1%	$41.31	—	Com	h8817h100
—	Goodrich Pete Corp.	14,000	$207K	0.1%	$14.79	—	Com	382410405
HAL	Halliburton Co.	3,200	$206K	0.1%	$51.48	+7.2%	Com	406216101
—	Journal Comm. CL'A	12,988	$109K	0.0%	$7.48	—	Com	481130102
—	Orion Energy System Inc.	20,040	$107K	0.0%	$2.47	—	Com	686275108
—	Cumulus Media Inc.	10,450	$42,000	0.0%	$3.41	—	Com	231082108
GERN	Geron Corp.	20,000	$40,000	0.0%	$3.04	-18.9%	Com	374163103
—	Forest Oil Corp.	30,000	$35,000	0.0%	$2.10	—	Com	346091705
—	Coastal South Bankshares	11,850	$18,000	0.0%	$1.52	—	Com	190545103
—	Protide Pharmaceutical	10,000	$1,000	0.0%	—	—	Com	74371a103
OPMG	Options Media Group	20,000	$0	0.0%	$0.00	-55.3%	Com	684008105