Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PATK	PATRICK INDS INC	2,659,430	$76.94M	12.7%	—	—	COM	703343103
JPM	JPMORGAN CHASE & CO	1,224,000	$71.58M	11.8%	—	—	Call	46625H100
C	CITIGROUP INC	1,190,000	$62.01M	10.2%	—	—	Call	172967424
—	INTEGRATED ELECTRICAL SVC	10,373,324	$55.91M	9.2%	—	—	COM	45811E301
FCX	FREEPORT-MCMORAN COPPER & GO	900,300	$33.98M	5.6%	—	—	Call	35671D857
—	WESTMORELAND COAL CO	1,167,395	$22.52M	3.7%	—	—	COM	960878106
—	WILLBROS GROUP INC DEL	2,299,948	$21.66M	3.6%	—	—	COM	969203108
BAC	BANK OF AMERICA CORPORATION	1,384,800	$21.56M	3.6%	—	—	Call	060505104
BAC	BANK OF AMERICA CORPORATION	1,297,519	$20.2M	3.3%	—	—	COM	060505104
LXU	LSB INDS INC	482,780	$19.8M	3.3%	—	—	COM	502160104
—	NAVISTAR INTL CORP NEW	473,100	$18.07M	3.0%	—	—	COM	63934E108
COF	CAPITAL ONE FINL CORP	210,000	$16.09M	2.7%	—	—	Call	14040H105
BWEN	BROADWIND ENERGY INC	1,446,201	$13.65M	2.3%	—	—	COM NEW	11161T207
—	HEWLETT PACKARD CO	475,000	$13.29M	2.2%	—	—	Call	428236103
C	CITIGROUP INC	230,676	$12.02M	2.0%	—	—	COM NEW	172967424
COF	CAPITAL ONE FINL CORP	144,301	$11.06M	1.8%	—	—	COM	14040H105
FCX	FREEPORT-MCMORAN COPPER & GO	249,057	$9.399M	1.6%	—	—	COM	35671D857
DAN	DANA HLDG CORP	476,446	$9.348M	1.5%	—	—	COM	235825205
OSG	AMBAC FINL GROUP INC	353,283	$8.677M	1.4%	—	—	COM NEW	023139884
PEBK	PEOPLES BANCORP N C INC	512,965	$7.273M	1.2%	—	—	COM	710577107
JPM	JPMORGAN CHASE & CO	116,993	$6.842M	1.1%	—	—	COM	46625H100
—	HEWLETT PACKARD CO	209,275	$5.856M	1.0%	—	—	COM	428236103
—	CALUMET SPECIALTY PRODS PTNR	186,199	$4.845M	0.8%	—	—	UT LTD PARTNER	131476103
HWBK	HAWTHORN BANCSHARES INC	394,693	$4.796M	0.8%	—	—	COM	420476103
—	FIDELITY SOUTHERN CORP NEW	288,285	$4.788M	0.8%	—	—	COM	316394105
NEM	NEWMONT MINING CORP	200,000	$4.606M	0.8%	—	—	Call	651639106
MTRN	MATERION CORP	149,185	$4.602M	0.8%	—	—	COM	576690101
—	MUTUALFIRST FINL INC	244,415	$4.187M	0.7%	—	—	COM	62845B104
NEM	NEWMONT MINING CORP	167,400	$3.855M	0.6%	—	—	COM	651639106
—	HMN FINL INC	352,706	$3.728M	0.6%	—	—	COM	40424G108
—	TIDEWATER INC	62,731	$3.718M	0.6%	—	—	COM	886423102
—	AMERIANA BANCORP	276,056	$3.658M	0.6%	—	—	COM	023613102
—	DEVRY ED GROUP INC	94,852	$3.367M	0.6%	—	—	COM	251893103
UBOH	UNITED BANCSHARES INC OHIO	224,669	$3.215M	0.5%	—	—	COM	909458101
—	UNITED CMNTY FINL CORP OHIO	822,583	$2.937M	0.5%	—	—	COM	909839102
ALNT	ALLIED MOTION TECHNOLOGIES I	171,698	$2.138M	0.4%	—	—	COM	019330109
—	MORGAN STANLEY CHINA A SH FD	82,163	$1.956M	0.3%	—	—	COM	617468103
KRO	KRONOS WORLDWIDE INC	99,319	$1.892M	0.3%	—	—	COM	50105F105
—	TECUMSEH PRODS CO	173,158	$1.567M	0.3%	—	—	CL A	878895200
—	ALCOA INC	106,500	$1.132M	0.2%	—	—	COM	013817101
ESINQ	ITT EDUCATIONAL SERVICES INC	31,676	$1.064M	0.2%	—	—	COM	45068B109
—	BARNES & NOBLE INC	68,400	$1.023M	0.2%	—	—	COM	067774109
—	FIRST DEFIANCE FINL CORP	33,763	$877K	0.1%	—	—	COM	32006W106
—	SUMMIT FINANCIAL GROUP INC	78,269	$776K	0.1%	—	—	COM	86606G101
—	FIRST FED NORTHN MICH BANCOR	141,680	$765K	0.1%	—	—	COM	32021X105
—	JEFFERSON BANCSHARES INC TEN	113,456	$728K	0.1%	—	—	COM	472375104
—	STANDARD REGISTER CO	70,195	$483K	0.1%	—	—	COM	853887206
—	POAGE BANKSHARES INC	22,482	$315K	0.1%	—	—	COM	730206109
—	FIRST CTZNS BANC CORP	24,635	$161K	0.0%	—	—	COM NO PAR	319459202
—	HUTTIG BLDG PRODS INC	29,614	$114K	0.0%	—	—	COM	448451104