Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INTEGRATED ELECTRICAL SVC	13,353,617	$110M	14.8%	—	—	COM	45811E301
PATK	PATRICK INDS INC	2,360,229	$99.98M	13.4%	—	—	COM	703343103
BAC	BANK OF AMERICA CORPORATION	4,730,000	$80.65M	10.8%	—	—	Call	060505104
JPM	JPMORGAN CHASE & CO	1,245,000	$75M	10.1%	—	—	Call	46625H100
C	CITIGROUP INC	1,230,000	$63.74M	8.6%	—	—	Call	172967424
—	BARNES & NOBLE INC	1,314,403	$25.95M	3.5%	—	—	COM	067774109
—	WESTMORELAND COAL CO	639,685	$23.93M	3.2%	—	—	COM	960878106
LXU	LSB INDS INC	650,630	$23.23M	3.1%	—	—	COM	502160104
—	NAVISTAR INTL CORP NEW	682,015	$22.45M	3.0%	—	—	COM	63934E108
—	WILLBROS GROUP INC DEL	2,455,709	$20.46M	2.7%	—	—	COM	969203108
FCX	FREEPORT-MCMORAN INC	485,300	$15.85M	2.1%	—	—	Call	35671D857
—	OFFICE DEPOT INC	2,765,364	$14.21M	1.9%	—	—	COM	676220106
WGO	WINNEBAGO INDS INC	521,234	$11.35M	1.5%	—	—	COM	974637100
—	ARCH COAL INC	5,225,098	$11.08M	1.5%	—	—	COM	039380100
BAC	BANK OF AMERICA CORPORATION	645,519	$11.01M	1.5%	—	—	COM	060505104
BWEN	BROADWIND ENERGY INC	1,465,701	$10.98M	1.5%	—	—	COM NEW	11161T207
PEBK	PEOPLES BANCORP N C INC	512,965	$8.698M	1.2%	—	—	COM	710577107
AAL	AMERICAN AIRLS GROUP INC	203,400	$7.217M	1.0%	—	—	COM	02376R102
C	CITIGROUP INC	139,115	$7.209M	1.0%	—	—	COM NEW	172967424
—	BED BATH & BEYOND INC	100,000	$6.583M	0.9%	—	—	Call	075896100
HWBK	HAWTHORN BANCSHARES INC	439,272	$6.04M	0.8%	—	—	COM	420476103
—	STAPLES INC	450,800	$5.455M	0.7%	—	—	COM	855030102
JPM	JPMORGAN CHASE & CO	85,593	$5.156M	0.7%	—	—	COM	46625H100
—	CALUMET SPECIALTY PRODS PTNR	187,460	$5.146M	0.7%	—	—	UT LTD PARTNER	131476103
—	MUTUALFIRST FINL INC	221,786	$4.991M	0.7%	—	—	COM	62845B104
UBOH	UNITED BANCSHARES INC OHIO	325,123	$4.87M	0.7%	—	—	COM	909458101
—	HMN FINL INC	359,324	$4.743M	0.6%	—	—	COM	40424G108
—	CLIFFS NAT RES INC	437,292	$4.539M	0.6%	—	—	COM	18683K101
PBF	PBF ENERGY INC	178,300	$4.279M	0.6%	—	—	CL A	69318G106
—	AMERIANA BANCORP	269,667	$4.113M	0.6%	—	—	COM	023613102
—	BED BATH & BEYOND INC	61,050	$4.019M	0.5%	—	—	COM	075896100
OSG	AMBAC FINL GROUP INC	175,116	$3.87M	0.5%	—	—	COM NEW	023139884
—	FIDELITY SOUTHERN CORP NEW	280,131	$3.838M	0.5%	—	—	COM	316394105
FCX	FREEPORT-MCMORAN INC	108,437	$3.54M	0.5%	—	—	CL B	35671D857
—	UNITED CMNTY FINL CORP OHIO	756,485	$3.54M	0.5%	—	—	COM	909839102
—	TECUMSEH PRODS CO	652,438	$2.806M	0.4%	—	—	CL A	878895200
FITB	FIFTH THIRD BANCORP	134,265	$2.688M	0.4%	—	—	COM	316773100
—	CLIFFS NAT RES INC	250,000	$2.595M	0.3%	—	—	Call	18683K101
—	PETSMART INC	33,500	$2.348M	0.3%	—	—	COM	716768106
SKY	SKYLINE CORP	390,405	$1.612M	0.2%	—	—	COM	830830105
—	MORGAN STANLEY CHINA A SH FD	62,163	$1.509M	0.2%	—	—	COM	617468103
ALNT	ALLIED MOTION TECHNOLOGIES I	98,731	$1.402M	0.2%	—	—	COM	019330109
—	SUMMIT FINANCIAL GROUP INC	131,646	$1.349M	0.2%	—	—	COM	86606G101
GFF	GRIFFON CORP	112,658	$1.283M	0.2%	—	—	COM	398433102
—	POAGE BANKSHARES INC	77,582	$1.164M	0.2%	—	—	COM	730206109
—	UNITED CMNTY BANCORP IND	96,696	$1.156M	0.2%	—	—	COM	90984R101
CZWI	CITIZENS CMNTY BANCORP INC M	120,303	$1.065M	0.1%	—	—	COM	174903104
—	FIRST FED NORTHN MICH BANCOR	185,249	$987K	0.1%	—	—	COM	32021X105
—	STANDARD REGISTER CO	182,610	$937K	0.1%	—	—	COM	853887206
—	FIRST DEFIANCE FINL CORP	33,763	$912K	0.1%	—	—	COM	32006W106
PFBX	PEOPLES FINL CORP MISS	60,752	$804K	0.1%	—	—	COM	71103B102
KRE	SPDR SERIES TRUST	20,000	$757K	0.1%	—	—	S&P REEL BKG	78464A698
—	ALCOA INC	39,153	$630K	0.1%	—	—	COM	013817101
—	MACKINAC FINL CORP	50,334	$569K	0.1%	—	—	COM	554571109
—	FIRST CTZNS BANC CORP	39,392	$393K	0.1%	—	—	COM NO PAR	319459202
—	PREMIER FINL BANCORP INC	14,499	$212K	0.0%	—	—	COM	74050M105
—	OXFORD RESOURCE PARTNERS LP	191,851	$153K	0.0%	—	—	COM UNIT RP LP	691807101