Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	General Motors Corp.	803,215	$26.77M	6.8%	$34.24	—	Com	37045v100
C	Citigroup Inc.	473,733	$26.17M	6.6%	$36.49	+11.1%	Com	172967424
—	Allegheny Technologies Inc.	838,518	$25.32M	6.4%	$30.26	—	Com	01741r102
BAC	Bank of America	1,483,430	$25.25M	6.4%	$10.62	+23.6%	Com	060505104
MET	Metlife Inc.	438,113	$24.53M	6.2%	$24.78	+33.7%	Com	59156R108
—	Johnson Controls Inc.	472,573	$23.41M	5.9%	$37.13	—	Com	478366107
CCL	Carnival Corp	465,050	$22.97M	5.8%	$34.74	+16.8%	Com	143658300
—	General Electric Co.	833,545	$22.15M	5.6%	$23.43	—	Com	369604103
—	Owens-Illinois Inc.	775,587	$17.79M	4.5%	$27.38	—	Com	690768403
JPM	J P Morgan Chase	261,720	$17.73M	4.5%	$40.21	+22.2%	Com	46625H100
—	Weatherford Intl. Inc.	1,255,626	$15.41M	3.9%	$21.85	—	Com	G48833100
—	E M C Corp.	541,291	$14.29M	3.6%	$26.39	—	Com	268648102
MOD	Modine Manufacturing Co.	1,320,600	$14.17M	3.6%	$10.95	+9.2%	Com	607828100
WMT	Wal Mart Stores Inc.	176,809	$12.54M	3.2%	$20.87	+0.0%	Com	931142103
—	Target Corp.	150,991	$12.32M	3.1%	$57.95	—	Com	87612e106
—	Range Resources Corp.	224,284	$11.07M	2.8%	$53.24	—	Com	75281a109
—	Briggs & Stratton Corp.	552,350	$10.76M	2.7%	$21.35	—	Com	109043109
ARW	Arrow Electronics Inc.	158,729	$8.857M	2.2%	$40.85	+48.8%	Com	042735100
—	Chesapeake Energy Corp.	791,525	$8.841M	2.2%	$13.89	—	Com	165167107
MTG	MGIC Investment Corp.	336,192	$3.826M	1.0%	$6.85	+55.9%	Com	552848103
USB	US Bancorp	69,444	$3.014M	0.8%	$22.48	+33.0%	Com	902973304
AAPL	Apple Computer Inc.	22,436	$2.814M	0.7%	$23.84	+19.7%	Com	037833100
—	Exxon Mobil Corp.	25,293	$2.104M	0.5%	$89.82	—	Com	30231g102
UNP	Union Pacific Corp.	20,333	$1.939M	0.5%	$66.15	+23.9%	Com	907818108
—	Chataqua Partners LLC	1,913,869	$1.914M	0.5%	$1.00	—	Com	1428198
WFC	Wells Fargo & Co.	33,278	$1.872M	0.5%	$28.36	+45.9%	Com	949746101
FISV	Fiserv Inc.	16,000	$1.325M	0.3%	$28.91	+39.1%	Com	337738108
JNJ	Johnson & Johnson	11,881	$1.158M	0.3%	$63.87	+16.6%	Com	478160104
HAL	Halliburton Co.	24,607	$1.06M	0.3%	$37.51	+0.0%	Com	406216101
PFE	Pfizer Inc.	26,027	$873K	0.2%	$16.94	+22.6%	Com	717081103
SLB	Schlumberger Ltd.	9,975	$860K	0.2%	$57.94	+15.2%	Com	806857108
IBM	IBM	5,289	$860K	0.2%	$114.93	-10.4%	Com	459200101
META	Facebook, Inc.	9,499	$815K	0.2%	$72.53	+11.8%	Com	30303M102
PEP	Pepsico Inc.	8,599	$803K	0.2%	$65.81	+5.3%	Com	713448108
BRK/B	Berkshire Hathaway Cl B	5,891	$802K	0.2%	$143.67	-0.7%	Com	084670702
T	AT&T Inc.	22,468	$798K	0.2%	$11.68	+4.5%	Com	00206R102
MCD	McDonalds Corp.	7,753	$737K	0.2%	$72.60	+2.2%	Com	580135101
—	Proshares Tr Pshs Shrt S&P 500	33,200	$708K	0.2%	$25.35	—	Com	74347r503
AEM	Agnico-Eagle Mines Ltd.	24,900	$706K	0.2%	$25.57	+0.4%	Com	008474108
CAT	Caterpillar Inc.	8,280	$702K	0.2%	$63.93	+3.0%	Com	149123101
—	GoldenTree Offshore Cl C Exemp	207	$672K	0.2%	$2596.65	—	Com	2071622
FAST	Fastenal Company	14,960	$631K	0.2%	$8.71	-8.9%	Com	311900104
—	Goldentree Offshore C 5 F	409	$619K	0.2%	$1277.64	—	Com	2071621
ACN	Accenture Ltd Bermuda CL A	6,361	$616K	0.2%	$80.68	0.0%	Com	G1151C101
—	Ladenburg Thalmann	172,747	$605K	0.2%	$4.24	—	Com	50575q102
DIS	Disney Walt Hldg. Co.	4,872	$556K	0.1%	$100.00	0.0%	Com	254687106
—	Verizon Communications	11,355	$529K	0.1%	$48.30	—	Com	92343v104
LLY	Eli Lilly & Co.	5,913	$494K	0.1%	$43.36	+45.8%	Com	532457108
—	Eaton Corp.	7,175	$484K	0.1%	$73.15	—	Com	278058102
PNC	PNC Financial Services Group,	5,054	$483K	0.1%	$67.69	0.0%	Com	693475105
UNH	Unitedhealth Group Inc.	3,950	$482K	0.1%	$99.59	0.0%	Com	91324P102
CVS	CVS Corp.	4,499	$472K	0.1%	$75.25	0.0%	Com	126650100
—	Visa Inc. Cl A	6,826	$458K	0.1%	$67.10	—	Com	92826c839
PG	Procter & Gamble Co.	5,836	$457K	0.1%	$56.83	+5.5%	Com	742718109
OMC	Omnicom Group Inc.	6,558	$456K	0.1%	$52.75	0.0%	Com	681919106
MSFT	Microsoft Corp.	10,114	$447K	0.1%	$39.29	0.0%	Com	594918104
—	Google Inc. Cl C	835	$435K	0.1%	$520.96	—	Com	38259p706
BIIB	Biogen Idec Inc.	1,016	$410K	0.1%	$349.50	+14.8%	Com	09062X103
HD	Home Depot Inc.	3,652	$406K	0.1%	$87.09	0.0%	Com	437076102
CSX	CSX Corp.	12,383	$404K	0.1%	$9.83	0.0%	Com	126408103
NSRGY	Nestle S A ADR	5,556	$401K	0.1%	$72.17	—	Com	641069406
EMR	Emerson Electric Co.	7,095	$393K	0.1%	$41.03	+7.8%	Com	291011104
—	Merck & Company	6,757	$385K	0.1%	$49.01	—	Com	58933y105
—	Costco Wholesale Corp.	2,756	$372K	0.1%	$134.98	—	Com	22160k105
—	Anadarko Petroleum Corp.	4,614	$360K	0.1%	$85.75	—	Com	032511107
PCAR	Paccar Inc.	5,530	$353K	0.1%	$28.76	0.0%	Com	693718108
LVS	Las Vegas Sands Corp.	6,600	$347K	0.1%	$40.73	-3.1%	Com	517834107
—	Novartis A G ADR	3,373	$332K	0.1%	$98.43	—	Com	66987v109
—	WEC Energy Group Inc.	7,370	$331K	0.1%	$48.40	—	Com	976657106
—	Praxair Inc.	2,759	$330K	0.1%	$119.61	—	Com	74005p104
CL	Colgate-Palmolive Co.	4,970	$325K	0.1%	$45.37	+16.8%	Com	194162103
CTSH	Cognizant Tech Solutions	5,116	$313K	0.1%	$55.65	0.0%	Com	192446102
—	Tyco Electronics Ltd.	4,779	$307K	0.1%	$64.24	—	Com	g9144p105
—	Pentair Ltd.	4,452	$306K	0.1%	$57.83	—	Com	709631105
—	Rockwell Collins Inc.	3,212	$297K	0.1%	$92.47	—	Com	774341101
CVX	Chevron Corp.	3,059	$295K	0.1%	$66.45	0.0%	Com	166764100
—	Express Scripts Holdings	3,320	$295K	0.1%	$88.86	—	Com	30219g108
OXY	Occidental Petroleum Corp.	3,683	$286K	0.1%	$56.86	0.0%	Com	674599105
—	AbbVie Inc.	4,231	$284K	0.1%	$65.00	—	Com	00287y109
MKL	Markel Corp.	355	$284K	0.1%	$777.66	0.0%	Com	570535104
—	3M Company	1,830	$282K	0.1%	$154.10	—	Com	88579y101
—	Apache Corp.	4,899	$282K	0.1%	$57.56	—	Com	037411105
ASB	Associated Banc Corp.	13,867	$281K	0.1%	$10.02	+35.0%	Com	045487105
LMT	Lockheed Martin Corp.	1,500	$279K	0.1%	$144.57	0.0%	Com	539830109
—	Sigma Aldrich Corp.	2,000	$279K	0.1%	$136.25	—	Com	826552101
—	Walgreens Boots Alliance Inc.	3,309	$279K	0.1%	$60.35	—	Com	931422109
LUV	Southwest Airlines Co.	8,214	$272K	0.1%	$34.60	0.0%	Com	844741108
—	Finish Line	9,690	$270K	0.1%	$21.91	—	Com	317923100
GIS	General Mills Inc.	4,816	$268K	0.1%	$38.79	0.0%	Com	370334104
—	Grupo Televisa Sponsored ADR	6,883	$267K	0.1%	$38.79	—	Com	40049j206
SBUX	Starbucks Corp.	4,936	$265K	0.1%	$40.92	0.0%	Com	855244109
—	United Technologies Corp.	2,387	$265K	0.1%	$111.02	—	Com	913017109
UPS	United Parcel Service Cl'B	2,676	$259K	0.1%	$67.72	0.0%	Com	911312106
HON	Honeywell Intl. Inc.	2,526	$258K	0.1%	$74.76	0.0%	Com	438516106
—	Google Inc. Cl A	476	$257K	0.1%	$539.92	—	Com	38259p508
PM	Philip Morris International In	3,128	$251K	0.1%	$48.32	0.0%	Com	718172109
SJM	JM Smuckers Co.	2,286	$248K	0.1%	$84.30	0.0%	Com	832696405
—	Comcast Corp. Cl A	4,072	$245K	0.1%	$60.17	—	Com	20030n101
DHR	Danaher Corp.	2,750	$235K	0.1%	$34.86	0.0%	Com	235851102
NTRS	Northern Trust Corp.	2,995	$229K	0.1%	$56.07	0.0%	Com	665859104
—	Fedex Corp.	1,335	$227K	0.1%	$170.04	—	Com	31428x106
SYY	Sysco Corp.	6,200	$224K	0.1%	$29.54	-4.3%	Com	871829107
—	Diageo PLC ADR	1,909	$222K	0.1%	$116.29	—	Com	25243q205
—	Marathon Petroleum Corp.	4,230	$221K	0.1%	$52.25	—	Com	56585a102
ADP	Automatic Data Processing, Inc	2,747	$220K	0.1%	$67.60	0.0%	Com	053015103
—	Oracle Corp.	5,428	$219K	0.1%	$40.35	—	Com	68389x105
QCOM	Qualcomm Inc.	3,481	$218K	0.1%	$50.31	0.0%	Com	747525103
AMGN	Amgen Inc.	1,410	$216K	0.1%	$117.59	0.0%	Com	031162100
—	Devon Energy Corp.	3,576	$213K	0.1%	$59.56	—	Com	25179m103
ROK	Rockwell Automation, Inc.	1,691	$211K	0.1%	$97.78	0.0%	Com	773903109
KMB	Kimberly-Clark Corporation	1,990	$211K	0.1%	$75.84	0.0%	Com	494368103
HP	Helmerich & Payne Inc.	3,000	$211K	0.1%	$65.43	+12.9%	Com	423452101
—	BB&T Corp.	5,140	$207K	0.1%	$40.27	—	Com	054937107
MO	Altria Group Inc.	4,163	$204K	0.1%	$25.26	0.0%	Com	02209S103
BAX	Baxter International Inc.	2,892	$202K	0.1%	$31.47	0.0%	Com	071813109
PFF	Ishares S&P US Pfd Stock Index	5,144	$201K	0.1%	$39.07	—	Com	464288687
CSIQ	Canadian Solar Inc.	7,000	$200K	0.1%	$34.29	0.0%	Com	136635109
—	Boulder Brands Inc.	23,000	$160K	0.0%	$12.00	—	Com	101405108
—	Orion Energy System Inc.	55,280	$139K	0.0%	$2.50	—	Com	686275108
—	Abeona Therapeutics	21,839	$111K	0.0%	$5.08	—	Com	00289y107
—	Capstone Turbine Corp.	260,008	$107K	0.0%	$1.50	—	Com	14067D102
GERN	Geron Corp.	20,000	$86,000	0.0%	$3.04	+30.5%	Com	374163103
—	Goodrich Pete Corp.	31,925	$59,000	0.0%	$8.01	—	Com	382410405
—	Penn VA Corp.	10,000	$44,000	0.0%	$6.70	—	Com	707882106
—	Cumulus Media Inc.	20,450	$42,000	0.0%	$2.75	—	Com	231082108
—	Abraxax Pete Corp.	10,000	$29,000	0.0%	$2.90	—	Com	003830106
—	Coastal South Bankshares	11,850	$18,000	0.0%	$1.52	—	Com	190545103
—	Emmis Comm. Corp.	18,500	$18,000	0.0%	$0.97	—	Com	291525103
—	Monitise PLC Ord F	20,000	$3,000	0.0%	$0.15	—	Com	g6258f105
—	Sabine Oil & Gas Corp.	30,000	$2,000	0.0%	$0.23	—	Com	78532p107
—	Protide Pharmaceutical	10,000	$0	0.0%	—	—	Com	74371a103
OPMG	Options Media Group	20,000	$0	0.0%	$0.00	-72.3%	Com	684008105