Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Allegheny Technologies Inc.	1,265,992	$22.88M	7.3%	$24.56	—	COM	01741r102
BAC	Bank of America	1,227,419	$19.21M	6.1%	$10.63	+13.5%	COM	060505104
C	Citigroup Inc.	400,525	$18.92M	6.0%	$36.34	-6.0%	COM	172967424
MET	Metlife Inc.	391,069	$17.38M	5.5%	$24.84	+10.3%	COM	59156R108
—	Cisco Systems	519,272	$16.47M	5.2%	$28.55	—	COM	17275r102
—	General Motors Corp.	478,966	$15.22M	4.8%	$33.98	—	COM	37045v100
—	General Electric Co.	484,171	$14.34M	4.6%	$23.53	—	COM	369604103
JPM	J P Morgan Chase	212,100	$14.12M	4.5%	$40.27	+26.3%	COM	46625H100
MOD	Modine Manufacturing Co.	1,077,783	$12.78M	4.1%	$10.93	-4.9%	COM	607828100
CCL	Carnival Corp	239,707	$11.7M	3.7%	$35.07	+17.1%	COM	143658300
—	Owens-Illinois Inc.	630,061	$11.59M	3.7%	$26.57	—	COM	690768403
—	Verizon Communications	214,758	$11.16M	3.6%	$45.98	—	COM	92343v104
CSX	CSX Corp.	363,151	$11.08M	3.5%	$7.83	+5.9%	COM	126408103
IBM	IBM	69,355	$11.02M	3.5%	$86.50	+17.6%	COM	459200101
WMT	Wal Mart Stores Inc.	149,541	$10.79M	3.4%	$20.77	-0.8%	COM	931142103
—	McKesson Corp.	57,199	$9.538M	3.0%	$157.93	—	COM	58155q103
—	Range Resources Corp.	211,498	$8.196M	2.6%	$39.63	—	COM	75281a109
KSS	Kohls Corp.	186,432	$8.156M	2.6%	$54.41	-23.0%	COM	500255104
ARW	Arrow Electronics Inc.	107,182	$6.856M	2.2%	$40.85	+58.1%	COM	042735100
CTRA	Cabot Oil & Gas Corp.	251,950	$6.5M	2.1%	$18.23	0.0%	COM	127097103
PFE	Pfizer Inc.	190,961	$6.468M	2.1%	$20.93	+6.3%	COM	717081103
—	Oracle Corp.	156,324	$6.14M	2.0%	$40.87	—	COM	68389x105
—	Weatherford Intl. Inc.	1,086,856	$6.108M	1.9%	$20.60	—	COM	G48833100
MTG	MGIC Investment Corp.	469,146	$3.753M	1.2%	$7.40	+0.5%	COM	552848103
—	Chesapeake Energy Corp.	424,725	$2.663M	0.8%	$13.89	—	COM	165167107
USB	US Bancorp	53,041	$2.275M	0.7%	$23.20	+29.2%	COM	902973304
—	Chataqua Partners LLC	2,076,176	$2.076M	0.7%	$1.00	—	COM	1428198
UNP	Union Pacific Corp.	20,000	$1.951M	0.6%	$66.15	+14.8%	COM	907818108
—	Exxon Mobil Corp.	21,963	$1.917M	0.6%	$89.84	—	COM	30231g102
AAPL	Apple Computer Inc.	16,791	$1.898M	0.6%	$23.51	+3.1%	COM	037833100
PEP	Pepsico Inc.	14,580	$1.586M	0.5%	$72.77	+11.4%	COM	713448108
WFC	Wells Fargo & Co.	35,436	$1.569M	0.5%	$31.41	+17.3%	COM	949746101
FISV	Fiserv Inc.	11,700	$1.164M	0.4%	$28.91	+81.4%	COM	337738108
WRB	Berkley W R Corp.	16,084	$1.139M	0.4%	$12.99	+6.7%	COM	084423102
JNJ	Johnson & Johnson	8,434	$996K	0.3%	$68.57	+36.5%	COM	478160104
T	AT&T Inc.	22,272	$904K	0.3%	$12.30	+32.4%	COM	00206R102
—	Cigna Corp.	5,400	$704K	0.2%	$127.96	—	COM	125509109
—	GoldenTree Offshore Cl C Exemp	213	$683K	0.2%	$2607.84	—	COM	2071622
MRK	Merck & Co Inc.	10,330	$645K	0.2%	$43.73	0.0%	COM	58933Y105
—	Goldentree Offshore C 5 F	409	$613K	0.2%	$1277.64	—	COM	2071621
—	Proshares Tr Pshs Shrt S&P 500	15,600	$594K	0.2%	$24.82	—	COM	74347r503
SLB	Schlumberger Ltd.	7,232	$569K	0.2%	$58.15	+4.3%	COM	806857108
AEM	Agnico-Eagle Mines Ltd.	10,000	$542K	0.2%	$25.57	+80.8%	COM	008474108
FAST	Fastenal Company	12,800	$535K	0.2%	$8.71	-4.5%	COM	311900104
DIS	Disney Walt Hldg. Co.	5,697	$529K	0.2%	$89.08	-0.2%	COM	254687106
LLY	Eli Lilly & Co.	5,600	$449K	0.1%	$43.36	+58.2%	COM	532457108
OXY	Occidental Petroleum Corp.	5,633	$411K	0.1%	$56.58	+1.4%	COM	674599105
—	Ladenburg Thalmann	172,747	$399K	0.1%	$4.24	—	COM	50575q102
BMY	Bristol Myers Squibb	7,335	$395K	0.1%	$46.14	0.0%	COM	110122108
BRK/B	Berkshire Hathaway Cl B	2,671	$386K	0.1%	$143.83	+1.7%	COM	084670702
EMR	Emerson Electric Co.	7,070	$385K	0.1%	$40.86	+3.5%	COM	291011104
—	WEC Energy Group Inc.	6,299	$377K	0.1%	$64.51	—	COM	92939u106
—	Anadarko Petroleum Corp.	5,827	$369K	0.1%	$73.76	—	COM	032511107
—	AbbVie Inc.	5,630	$355K	0.1%	$60.03	—	COM	00287y109
—	Eaton Corp.	5,300	$348K	0.1%	$70.67	—	COM	278058102
MCD	McDonalds Corp.	2,972	$343K	0.1%	$79.54	+18.9%	COM	580135101
PG	Procter & Gamble Co.	3,801	$341K	0.1%	$57.71	+17.0%	COM	742718109
—	Potash Corp.	20,148	$329K	0.1%	$16.23	—	COM	73755l107
CL	Colgate-Palmolive Co.	4,400	$326K	0.1%	$45.37	+30.9%	COM	194162103
—	Heartland Financial Inc.	8,996	$324K	0.1%	$36.30	—	COM	42234q102
—	Kinder Morgan Inc.	13,292	$307K	0.1%	$24.43	—	COM	49455P101
IVV	Ishares Tr. S&P 500 Index	1,200	$261K	0.1%	$192.50	—	COM	464287200
MSFT	Microsoft Corp.	4,228	$244K	0.1%	$50.29	0.0%	COM	594918104
—	Holly Frontier Corp.	9,925	$243K	0.1%	$24.48	—	COM	436106108
HAL	Halliburton Co.	4,950	$222K	0.1%	$37.51	-3.0%	COM	406216101
YUM	Yum Brands Inc.	2,424	$220K	0.1%	$53.87	0.0%	COM	988498101
—	Biogen Inc.	696	$218K	0.1%	$313.22	—	COM	09062x103
BP	BP PLC	6,128	$215K	0.1%	$35.08	—	COM	055622104
ABT	Abbott Labs	5,026	$213K	0.1%	$36.13	0.0%	COM	002824100
HOG	Harley Davidson Inc.	4,000	$210K	0.1%	$51.71	0.0%	COM	412822108
—	Walgreens Boots Alliance Inc.	2,494	$201K	0.1%	$80.59	—	COM	931422109
—	CYS Investments REIT	10,900	$95,000	0.0%	$7.25	—	COM	12673a108
—	Manitowoc Inc.	12,400	$59,000	0.0%	$4.35	—	COM	563571108
—	Coastal South Bancshares	11,850	$20,000	0.0%	$1.52	—	COM	190545103
—	Orion Energy System Inc.	13,640	$18,000	0.0%	$2.50	—	COM	686275108
—	Medical Marijuana Inc.	15,000	$1,000	0.0%	—	—	COM	58463a105
—	Protide Pharmaceutical	10,000	$0	0.0%	—	—	COM	74371a103
OPMG	Options Media Group	20,000	$0	0.0%	$0.00	-68.4%	COM	684008105
—	Alternative Energy	260,000	$0	0.0%	—	—	COM	02152e200
—	Goodrich Pete Corp.	10,000	$0	0.0%	$8.01	—	COM	382410405