Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PATK	PATRICK INDS INC	2,501,430	$111M	15.7%	—	—	COM	703343103
C	CITIGROUP INC	1,565,000	$74.49M	10.6%	—	—	Call	172967424
—	INTEGRATED ELECTRICAL SVC	10,779,124	$66.94M	9.5%	—	—	COM	45811E301
JPM	JPMORGAN CHASE & CO	1,064,000	$64.59M	9.1%	—	—	Call	46625H100
—	WESTMORELAND COAL CO	992,395	$29.55M	4.2%	—	—	COM	960878106
—	WILLBROS GROUP INC DEL	2,169,013	$27.37M	3.9%	—	—	COM	969203108
BAC	BANK OF AMERICA CORPORATION	1,484,800	$25.54M	3.6%	—	—	Call	060505104
—	ARCH COAL INC	5,194,422	$25.04M	3.5%	—	—	COM	039380100
LXU	LSB INDS INC	551,502	$20.64M	2.9%	—	—	COM	502160104
FCX	FREEPORT-MCMORAN COPPER & GO	610,300	$20.18M	2.9%	—	—	Call	35671D857
BAC	BANK OF AMERICA CORPORATION	1,160,019	$19.95M	2.8%	—	—	COM	060505104
—	NAVISTAR INTL CORP NEW	573,100	$19.41M	2.7%	—	—	COM	63934E108
FCX	FREEPORT-MCMORAN COPPER & GO	542,957	$17.96M	2.5%	—	—	COM	35671D857
BWEN	BROADWIND ENERGY INC	1,446,201	$17.67M	2.5%	—	—	COM NEW	11161T207
—	BARNES & NOBLE INC	769,044	$16.07M	2.3%	—	—	COM	067774109
COF	CAPITAL ONE FINL CORP	186,501	$14.39M	2.0%	—	—	COM	14040H105
JPM	JPMORGAN CHASE & CO	230,693	$14.01M	2.0%	—	—	COM	46625H100
C	CITIGROUP INC	277,576	$13.21M	1.9%	—	—	COM NEW	172967424
OSG	AMBAC FINL GROUP INC	331,283	$10.28M	1.5%	—	—	COM NEW	023139884
PEBK	PEOPLES BANCORP N C INC	512,965	$8.002M	1.1%	—	—	COM	710577107
—	ALCOA INC	511,700	$6.586M	0.9%	—	—	COM	013817101
—	CLIFFS NAT RES INC	267,025	$5.463M	0.8%	—	—	COM	18683K101
COF	CAPITAL ONE FINL CORP	70,000	$5.401M	0.8%	—	—	Call	14040H105
HWBK	HAWTHORN BANCSHARES INC	394,693	$5.222M	0.7%	—	—	COM	420476103
—	CLIFFS NAT RES INC	250,000	$5.115M	0.7%	—	—	Call	18683K101
—	CALUMET SPECIALTY PRODS PTNR	194,710	$5.031M	0.7%	—	—	UT LTD PARTNER	131476103
WGO	WINNEBAGO INDS INC	183,360	$5.023M	0.7%	—	—	COM	974637100
—	MUTUALFIRST FINL INC	244,415	$4.644M	0.7%	—	—	COM	62845B104
UBOH	UNITED BANCSHARES INC OHIO	283,625	$4.444M	0.6%	—	—	COM	909458101
—	TECUMSEH PRODS CO	632,389	$4.364M	0.6%	—	—	CL A	878895200
GFF	GRIFFON CORP	344,066	$4.108M	0.6%	—	—	COM	398433102
—	FIDELITY SOUTHERN CORP NEW	289,438	$4.043M	0.6%	—	—	COM	316394105
—	UNITED CMNTY FINL CORP OHIO	1,010,266	$3.96M	0.6%	—	—	COM	909839102
—	AMERIANA BANCORP	276,056	$3.749M	0.5%	—	—	COM	023613102
—	TIDEWATER INC	73,631	$3.58M	0.5%	—	—	COM	886423102
—	HMN FINL INC	352,706	$3.474M	0.5%	—	—	COM	40424G108
ALNT	ALLIED MOTION TECHNOLOGIES I	200,432	$2.323M	0.3%	—	—	COM	019330109
PBF	PBF ENERGY INC	80,800	$2.085M	0.3%	—	—	CL A	69318G106
—	MORGAN STANLEY CHINA A SH FD	72,163	$1.557M	0.2%	—	—	COM	617468103
SKY	SKYLINE CORP	234,548	$1.419M	0.2%	—	—	COM	830830105
—	HEWLETT PACKARD CO	30,000	$971K	0.1%	—	—	Call	428236103
—	FIRST DEFIANCE FINL CORP	33,763	$916K	0.1%	—	—	COM	32006W106
—	STANDARD REGISTER CO	108,270	$874K	0.1%	—	—	COM	853887206
—	UNITED CMNTY BANCORP IND	76,325	$866K	0.1%	—	—	COM	90984R101
—	SUMMIT FINANCIAL GROUP INC	82,832	$849K	0.1%	—	—	COM	86606G101
—	POAGE BANKSHARES INC	58,641	$833K	0.1%	—	—	COM	730206109
—	FIRST FED NORTHN MICH BANCOR	141,680	$708K	0.1%	—	—	COM	32021X105
—	MACKINAC FINL CORP	50,334	$631K	0.1%	—	—	COM	554571109
—	JEFFERSON BANCSHARES INC TEN	71,735	$560K	0.1%	—	—	COM	472375104
KRO	KRONOS WORLDWIDE INC	33,413	$557K	0.1%	—	—	COM	50105F105
—	FIRST CTZNS BANC CORP	39,392	$364K	0.1%	—	—	COM NO PAR	319459202
—	HUTTIG BLDG PRODS INC	29,614	$136K	0.0%	—	—	COM	448451104