Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PATK	PATRICK INDS INC	2,476,430	$115M	16.0%	—	—	COM	703343103
—	INTEGRATED ELECTRICAL SVC	10,779,124	$71.9M	10.0%	—	—	COM	45811E301
C	CITIGROUP INC	1,402,000	$66.03M	9.2%	—	—	Call	172967424
JPM	JPMORGAN CHASE & CO	1,064,000	$61.31M	8.5%	—	—	Call	46625H100
—	BARNES & NOBLE INC	1,648,644	$37.57M	5.2%	—	—	COM	67774109
—	WESTMORELAND COAL CO	780,758	$28.33M	3.9%	—	—	COM	960878106
LXU	LSB INDS INC	657,532	$27.4M	3.8%	—	—	COM	502160104
—	WILLBROS GROUP INC DEL	2,187,090	$27.01M	3.8%	—	—	COM	969203108
FCX	FREEPORT-MCMORAN COPPER & GO	681,800	$24.89M	3.5%	—	—	Call	35671D857
—	BANK OF AMERICA CORPORATION	1,503,100	$23.1M	3.2%	—	—	Call	60505104
—	NAVISTAR INTL CORP NEW	613,100	$22.98M	3.2%	—	—	COM	63934E108
—	ARCH COAL INC	6,222,228	$22.71M	3.2%	—	—	COM	39380100
BWEN	BROADWIND ENERGY INC	1,458,201	$12.79M	1.8%	—	—	COM NEW	11161T207
—	BED BATH & BEYOND INC	210,000	$12.05M	1.7%	—	—	Call	75896100
WGO	WINNEBAGO INDS INC	451,925	$11.38M	1.6%	—	—	COM	974637100
—	OFFICE DEPOT INC	1,915,862	$10.9M	1.5%	—	—	COM	676220106
FCX	FREEPORT-MCMORAN COPPER & GO	274,837	$10.03M	1.4%	—	—	COM	35671D857
—	BANK OF AMERICA CORPORATION	639,919	$9.835M	1.4%	—	—	COM	60505104
—	PETSMART INC	140,000	$8.372M	1.2%	—	—	Call	716768106
PEBK	PEOPLES BANCORP N C INC	512,965	$8.208M	1.1%	—	—	COM	710577107
PBF	PBF ENERGY INC	290,400	$7.739M	1.1%	—	—	CL A	69318G106
—	STAPLES INC	700,800	$7.597M	1.1%	—	—	COM	855030102
C	CITIGROUP INC	139,115	$6.552M	0.9%	—	—	COM NEW	172967424
—	CALUMET SPECIALTY PRODS PTNR	204,262	$6.496M	0.9%	—	—	UT LTD PARTNER	131476103
AAL	AMERICAN AIRLS GROUP INC	141,950	$6.099M	0.8%	—	—	COM	02376R102
—	AMBAC FINL GROUP INC	197,616	$5.397M	0.8%	—	—	COM NEW	23139884
HWBK	HAWTHORN BANCSHARES INC	410,941	$5.145M	0.7%	—	—	COM	420476103
JPM	JPMORGAN CHASE & CO	85,593	$4.932M	0.7%	—	—	COM	46625H100
—	MUTUALFIRST FINL INC	244,415	$4.664M	0.6%	—	—	COM	62845B104
—	ALCOA INC	303,900	$4.525M	0.6%	—	—	COM	13817101
UBOH	UNITED BANCSHARES INC OHIO	324,623	$4.347M	0.6%	—	—	COM	909458101
—	AMERIANA BANCORP	269,667	$4.004M	0.6%	—	—	COM	23613102
—	HMN FINL INC	352,706	$3.88M	0.5%	—	—	COM	40424G108
—	CLIFFS NAT RES INC	250,000	$3.763M	0.5%	—	—	Call	18683K101
—	FIDELITY SOUTHERN CORP NEW	289,438	$3.76M	0.5%	—	—	COM	316394105
—	CLIFFS NAT RES INC	242,292	$3.646M	0.5%	—	—	COM	18683K101
—	BED BATH & BEYOND INC	59,500	$3.414M	0.5%	—	—	COM	75896100
—	TECUMSEH PRODS CO	652,438	$3.321M	0.5%	—	—	CL A	878895200
—	UNITED CMNTY FINL CORP OHIO	776,485	$3.207M	0.4%	—	—	COM	909839102
—	PETSMART INC	33,500	$2.003M	0.3%	—	—	COM	716768106
—	ALLIED MOTION TECHNOLOGIES I	111,244	$1.611M	0.2%	—	—	COM	19330109
GFF	GRIFFON CORP	127,718	$1.584M	0.2%	—	—	COM	398433102
SKY	SKYLINE CORP	356,986	$1.467M	0.2%	—	—	COM	830830105
—	MORGAN STANLEY CHINA A SH FD	62,163	$1.364M	0.2%	—	—	COM	617468103
—	UNITED CMNTY BANCORP IND	96,696	$1.137M	0.2%	—	—	COM	90984R101
—	POAGE BANKSHARES INC	72,582	$1.071M	0.1%	—	—	COM	730206109
—	FIRST DEFIANCE FINL CORP	33,763	$969K	0.1%	—	—	COM	32006W106
—	SUMMIT FINANCIAL GROUP INC	86,939	$925K	0.1%	—	—	COM	86606G101
—	FIRST FED NORTHN MICH BANCOR	141,680	$867K	0.1%	—	—	COM	32021X105
—	STANDARD REGISTER CO	122,899	$693K	0.1%	—	—	COM	853887206
—	MACKINAC FINL CORP	50,334	$649K	0.1%	—	—	COM	554571109
—	FIRST CTZNS BANC CORP	39,392	$355K	0.0%	—	—	COM NO PAR	319459202
—	OXFORD RESOURCE PARTNERS LP	134,864	$113K	0.0%	—	—	COM UNIT RP LP	691807101