Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	General Motors Corp.	765,790	$28.72M	8.0%	$34.29	—	Com	37045v100
C	Citigroup Inc.	460,706	$23.74M	6.6%	$36.38	+4.3%	Com	172967424
—	Allegheny Technologies Inc.	776,565	$23.3M	6.5%	$30.27	—	Com	01741r102
JPM	J P Morgan Chase	379,562	$22.99M	6.4%	$40.21	+10.1%	Com	46625H100
—	Johnson Controls Inc.	453,040	$22.85M	6.3%	$36.59	—	Com	478366107
MET	Metlife Inc.	435,113	$22M	6.1%	$24.78	+26.0%	Com	59156R108
BAC	Bank of America	1,413,557	$21.75M	6.0%	$10.50	+21.5%	Com	060505104
—	General Electric Co.	790,976	$19.62M	5.5%	$23.26	—	Com	369604103
—	Target Corp.	218,675	$17.95M	5.0%	$57.95	—	Com	87612e106
—	Owens-Illinois Inc.	742,887	$17.32M	4.8%	$27.57	—	Com	690768403
MOD	Modine Manufacturing Co.	1,237,100	$16.66M	4.6%	$10.88	+18.5%	Com	607828100
CCL	Carnival Corp	336,875	$16.12M	4.5%	$32.52	+18.5%	Com	143658300
—	Weatherford Intl. Inc.	1,191,850	$14.66M	4.1%	$22.36	—	Com	G48833100
—	Range Resources Corp.	213,850	$11.13M	3.1%	$53.43	—	Com	75281a109
—	Briggs & Stratton Corp.	531,275	$10.91M	3.0%	$21.42	—	Com	109043109
—	Chesapeake Energy Corp.	719,776	$10.19M	2.8%	$14.16	—	Com	165167107
—	Finish Line	392,740	$9.63M	2.7%	$21.91	—	Com	317923100
ARW	Arrow Electronics Inc.	149,136	$9.12M	2.5%	$39.57	+50.4%	Com	042735100
USB	US Bancorp	149,618	$6.534M	1.8%	$22.48	+32.5%	Com	902973304
WFC	Wells Fargo & Co.	64,342	$3.5M	1.0%	$28.36	+40.5%	Com	949746101
MTG	MGIC Investment Corp.	280,352	$2.7M	0.7%	$6.09	+50.2%	Com	552848103
UNP	Union Pacific Corp.	20,035	$2.17M	0.6%	$65.92	+39.3%	Com	907818108
—	Exxon Mobil Corp.	23,017	$1.956M	0.5%	$90.48	—	Com	30231g102
AAPL	Apple Computer Inc.	15,478	$1.926M	0.5%	$21.72	+23.6%	Com	037833100
—	Chataqua Partners LLC	1,910,905	$1.911M	0.5%	$1.00	—	Com	1428198
WRB	Berkley W R Corp.	31,968	$1.615M	0.4%	$9.58	+22.4%	Com	084423102
HAL	Halliburton Co.	22,700	$996K	0.3%	$37.51	-9.9%	Com	406216101
FISV	Fiserv Inc.	11,600	$921K	0.3%	$24.62	+54.9%	Com	337738108
JNJ	Johnson & Johnson	9,054	$911K	0.3%	$60.56	+24.0%	Com	478160104
PFE	Pfizer Inc.	23,603	$821K	0.2%	$16.55	+21.5%	Com	717081103
PEP	Pepsico Inc.	7,370	$705K	0.2%	$65.22	+6.9%	Com	713448108
IBM	IBM	4,220	$677K	0.2%	$117.95	-18.2%	Com	459200101
—	Ladenburg Thalmann	172,747	$667K	0.2%	$4.24	—	Com	50575q102
—	GoldenTree Offshore Cl C Exemp	207	$659K	0.2%	$2596.65	—	Com	2071622
META	Facebook, Inc.	7,810	$642K	0.2%	$70.67	+10.1%	Com	30303M102
AEM	Agnico-Eagle Mines Ltd.	22,900	$640K	0.2%	$25.56	-0.7%	Com	008474108
T	AT&T Inc.	18,642	$609K	0.2%	$11.58	+1.9%	Com	00206R102
—	Goldentree Offshore C 5 F	409	$608K	0.2%	$1277.64	—	Com	2071621
—	Proshares Tr Pshs Shrt S&P 500	28,100	$603K	0.2%	$26.08	—	Com	74347r503
FAST	Fastenal Company	12,800	$530K	0.1%	$8.84	-8.5%	Com	311900104
SLB	Schlumberger Ltd.	6,352	$530K	0.1%	$52.90	+16.0%	Com	806857108
BIIB	Biogen Idec Inc.	1,196	$505K	0.1%	$349.50	+12.8%	Com	09062X103
MCD	McDonalds Corp.	5,122	$499K	0.1%	$71.80	+0.5%	Com	580135101
—	Taser International Inc.	20,000	$482K	0.1%	$24.10	—	Com	87651b104
CAT	Caterpillar Inc.	5,840	$467K	0.1%	$63.13	0.0%	Com	149123101
LLY	Eli Lilly & Co.	6,113	$444K	0.1%	$43.36	+35.2%	Com	532457108
EMR	Emerson Electric Co.	7,000	$396K	0.1%	$40.99	+5.9%	Com	291011104
—	Merck & Company	6,847	$394K	0.1%	$49.01	—	Com	58933y105
—	Anadarko Petroleum Corp.	4,567	$378K	0.1%	$85.83	—	Com	032511107
LVS	Las Vegas Sands Corp.	6,600	$363K	0.1%	$40.73	0.0%	Com	517834107
BRK/B	Berkshire Hathaway Cl B	2,421	$349K	0.1%	$145.16	+1.4%	Com	084670702
—	Verizon Communications	7,056	$343K	0.1%	$49.34	—	Com	92343v104
—	Eaton Corp.	4,700	$319K	0.1%	$76.14	—	Com	278058102
WMT	Wal Mart Stores Inc.	3,854	$317K	0.1%	$20.41	+12.9%	Com	931142103
CL	Colgate-Palmolive Co.	4,400	$305K	0.1%	$44.39	+20.9%	Com	194162103
PG	Procter & Gamble Co.	3,705	$304K	0.1%	$55.03	+15.6%	Com	742718109
—	Sigma Aldrich Corp.	2,000	$276K	0.1%	$136.25	—	Com	826552101
—	Pentair Ltd.	4,363	$274K	0.1%	$57.60	—	Com	709631105
—	Wisconsin Energy Corporation	5,529	$274K	0.1%	$49.56	—	Com	976657106
—	Walgreens Boots Alliance Inc.	3,166	$268K	0.1%	$59.27	—	Com	931422109
ASB	Associated Banc Corp.	13,867	$258K	0.1%	$10.02	+25.9%	Com	045487105
SYY	Sysco Corp.	6,200	$234K	0.1%	$29.54	0.0%	Com	871829107
—	AbbVie Inc.	3,746	$219K	0.1%	$64.72	—	Com	00287y109
—	Boulder Brands Inc.	23,000	$219K	0.1%	$12.00	—	Com	101405108
HP	Helmerich & Payne Inc.	3,035	$207K	0.1%	$65.43	0.0%	Com	423452101
—	Capstone Turbine Corp.	260,008	$169K	0.0%	$1.50	—	Com	14067D102
GERN	Geron Corp.	20,000	$75,000	0.0%	$3.04	+11.8%	Com	374163103
—	Goodrich Pete Corp.	20,000	$71,000	0.0%	$11.69	—	Com	382410405
—	Penn VA Corp.	10,000	$65,000	0.0%	$6.70	—	Com	707882106
—	Orion Energy System Inc.	16,040	$50,000	0.0%	$2.47	—	Com	686275108
—	Cumulus Media Inc.	10,450	$26,000	0.0%	$3.41	—	Com	231082108
—	Coastal South Bankshares	11,850	$18,000	0.0%	$1.52	—	Com	190545103
—	Sabine Oil & Gas Corp.	30,000	$3,000	0.0%	$0.23	—	Com	78532p107
OPMG	Options Media Group	20,000	$0	0.0%	$0.00	-72.4%	Com	684008105
—	Protide Pharmaceutical	10,000	$0	0.0%	—	—	Com	74371a103