Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	General Motors Corp.	675,518	$20.28M	7.2%	$34.24	—	Com	37045v100
C	Citigroup Inc.	400,057	$19.85M	7.0%	$36.49	+11.7%	Com	172967424
BAC	Bank of America	1,261,576	$19.66M	7.0%	$10.62	+26.6%	Com	060505104
MET	Metlife Inc.	398,326	$18.78M	6.6%	$24.78	+32.8%	Com	59156R108
—	General Electric Co.	704,297	$17.76M	6.3%	$23.43	—	Com	369604103
—	Johnson Controls Inc.	396,575	$16.4M	5.8%	$37.13	—	Com	478366107
—	Allegheny Technologies Inc.	1,127,635	$15.99M	5.7%	$26.14	—	Com	01741r102
—	Owens-Illinois Inc.	658,145	$13.64M	4.8%	$27.38	—	Com	690768403
JPM	J P Morgan Chase	220,092	$13.42M	4.7%	$40.21	+23.4%	Com	46625H100
CCL	Carnival Corp	238,675	$11.86M	4.2%	$34.74	+26.7%	Com	143658300
—	E M C Corp.	466,033	$11.26M	4.0%	$26.39	—	Com	268648102
—	Target Corp.	127,589	$10.04M	3.6%	$57.95	—	Com	87612e106
WMT	Wal Mart Stores Inc.	153,056	$9.924M	3.5%	$20.87	-9.4%	Com	931142103
—	Verizon Communications	211,671	$9.21M	3.3%	$43.77	—	Com	92343v104
—	Weatherford Intl. Inc.	1,042,800	$8.843M	3.1%	$21.85	—	Com	G48833100
MOD	Modine Manufacturing Co.	1,116,550	$8.787M	3.1%	$10.95	-14.8%	Com	607828100
KSS	Kohls Corp.	168,606	$7.808M	2.8%	$56.24	0.0%	Com	500255104
ARW	Arrow Electronics Inc.	126,335	$6.984M	2.5%	$40.85	+35.9%	Com	042735100
—	Range Resources Corp.	191,305	$6.145M	2.2%	$53.24	—	Com	75281a109
—	Chesapeake Energy Corp.	671,675	$4.923M	1.7%	$13.89	—	Com	165167107
MTG	MGIC Investment Corp.	367,335	$3.402M	1.2%	$7.17	+47.8%	Com	552848103
USB	US Bancorp	63,364	$2.599M	0.9%	$22.48	+32.6%	Com	902973304
UNP	Union Pacific Corp.	20,284	$1.793M	0.6%	$66.15	+9.1%	Com	907818108
—	Chataqua Partners LLC	1,748,660	$1.749M	0.6%	$1.00	—	Com	1428198
—	Exxon Mobil Corp.	22,762	$1.692M	0.6%	$89.82	—	Com	30231g102
WFC	Wells Fargo & Co.	31,537	$1.619M	0.6%	$28.36	+44.8%	Com	949746101
AAPL	Apple Computer Inc.	12,988	$1.433M	0.5%	$23.84	+10.3%	Com	037833100
FISV	Fiserv Inc.	13,000	$1.126M	0.4%	$28.91	+49.6%	Com	337738108
—	Proshares Tr Pshs Shrt S&P 500	40,800	$918K	0.3%	$24.82	—	Com	74347r503
WRB	Berkley W R Corp.	15,984	$869K	0.3%	$12.99	0.0%	Com	084423102
JNJ	Johnson & Johnson	7,884	$736K	0.3%	$63.87	+13.5%	Com	478160104
PEP	Pepsico Inc.	7,740	$730K	0.3%	$65.81	+5.6%	Com	713448108
IBM	IBM	4,768	$691K	0.2%	$114.93	-17.0%	Com	459200101
PFE	Pfizer Inc.	21,747	$683K	0.2%	$16.94	+21.6%	Com	717081103
—	GoldenTree Offshore Cl C Exemp	209	$659K	0.2%	$2596.65	—	Com	2071622
—	Goldentree Offshore C 5 F	409	$602K	0.2%	$1277.64	—	Com	2071621
T	AT&T Inc.	17,388	$567K	0.2%	$11.68	+5.0%	Com	00206R102
HAL	Halliburton Co.	15,250	$539K	0.2%	$37.51	-14.2%	Com	406216101
AEM	Agnico-Eagle Mines Ltd.	19,600	$496K	0.2%	$25.57	-21.0%	Com	008474108
LLY	Eli Lilly & Co.	5,913	$495K	0.2%	$43.36	+62.5%	Com	532457108
FAST	Fastenal Company	12,800	$469K	0.2%	$8.71	-13.6%	Com	311900104
SLB	Schlumberger Ltd.	6,662	$459K	0.2%	$57.94	+1.7%	Com	806857108
META	Facebook, Inc.	4,500	$405K	0.1%	$72.53	+25.6%	Com	30303M102
—	Ladenburg Thalmann	172,747	$364K	0.1%	$4.24	—	Com	50575q102
BRK/B	Berkshire Hathaway Cl B	2,566	$335K	0.1%	$143.67	-4.6%	Com	084670702
—	Heartland Financial Inc.	9,008	$327K	0.1%	$36.30	—	Com	42234q102
EMR	Emerson Electric Co.	7,000	$309K	0.1%	$41.03	-9.0%	Com	291011104
—	Anadarko Petroleum Corp.	4,967	$300K	0.1%	$83.95	—	Com	032511107
CL	Colgate-Palmolive Co.	4,400	$279K	0.1%	$45.37	+13.1%	Com	194162103
—	Sigma Aldrich Corp.	2,000	$278K	0.1%	$136.25	—	Com	826552101
MCD	McDonalds Corp.	2,822	$278K	0.1%	$72.60	+3.8%	Com	580135101
—	WEC Energy Group Inc.	5,312	$277K	0.1%	$48.40	—	Com	976657106
BIIB	Biogen Idec Inc.	946	$276K	0.1%	$349.50	-5.5%	Com	09062X103
—	Merck & Company	5,565	$275K	0.1%	$49.01	—	Com	58933y105
CSX	CSX Corp.	10,000	$269K	0.1%	$9.83	-14.9%	Com	126408103
PG	Procter & Gamble Co.	3,705	$267K	0.1%	$56.83	-0.9%	Com	742718109
AMZN	Amazon Inc.	505	$259K	0.1%	$25.28	0.0%	Com	023135106
—	Kinder Morgan Inc.	9,292	$257K	0.1%	$27.66	—	Com	49455P101
—	Eaton Corp.	4,908	$252K	0.1%	$73.15	—	Com	278058102
SYY	Sysco Corp.	6,200	$242K	0.1%	$29.54	-1.6%	Com	871829107
OXY	Occidental Petroleum Corp.	3,633	$240K	0.1%	$56.86	-9.7%	Com	674599105
IVV	Ishares Tr. S&P 500 Index	1,200	$231K	0.1%	$192.50	—	Com	464287200
—	Alphabet Inc. Cl C	366	$223K	0.1%	$609.29	—	Com	02079k107
—	Netflix Inc.	2,000	$207K	0.1%	$103.50	—	Com	64110l106
—	Boulder Brands Inc.	23,000	$188K	0.1%	$12.00	—	Com	101405108
—	Abeona Therapeutics	28,612	$116K	0.0%	$4.84	—	Com	00289y107
—	Capstone Turbine Corp.	260,008	$88,000	0.0%	$1.50	—	Com	14067D102
—	CYS Investments REIT	10,900	$79,000	0.0%	$7.25	—	Com	12673a108
—	Orion Energy System Inc.	15,640	$28,000	0.0%	$2.50	—	Com	686275108
—	Coastal South Bankshares	11,850	$18,000	0.0%	$1.52	—	Com	190545103
—	Goodrich Pete Corp.	20,000	$12,000	0.0%	$8.01	—	Com	382410405
—	Cumulus Media Inc.	10,450	$7,000	0.0%	$2.75	—	Com	231082108
—	Penn VA Corp.	10,000	$5,000	0.0%	$6.70	—	Com	707882106
—	Protide Pharmaceutical	10,000	$1,000	0.0%	—	—	Com	74371a103
—	Sabine Oil & Gas Corp.	30,000	$0	0.0%	$0.23	—	Com	78532p107
—	WA Funding Tr III Escrow Posit	32,000	$0	0.0%	—	—	Com	939esc968
—	Alternative Energy	260,000	$0	0.0%	—	—	Com	02152e200
—	Medical Marijuana Inc.	15,000	$0	0.0%	—	—	Com	58463a105
OPMG	Options Media Group	20,000	$0	0.0%	$0.00	-71.9%	Com	684008105