Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INTEGRATED ELECTRICAL SVC	13,353,617	$102M	17.2%	—	—	COM	45811E301
PATK	PATRICK INDS INC	2,188,938	$96.27M	16.1%	—	—	COM	703343103
—	BARNES & NOBLE INC	1,402,588	$32.57M	5.5%	—	—	COM	67774109
—	BANK OF AMERICA CORPORATION	1,489,900	$26.66M	4.5%	—	—	Call	60505104
LXU	LSB INDS INC	716,087	$22.51M	3.8%	—	—	COM	502160104
—	NAVISTAR INTL CORP NEW	610,780	$20.45M	3.4%	—	—	COM	63934E108
—	WILLBROS GROUP INC DEL	2,970,611	$18.63M	3.1%	—	—	COM	969203108
—	WESTMORELAND COAL CO	538,377	$17.88M	3.0%	—	—	COM	960878106
JPM	JPMORGAN CHASE & CO	285,000	$17.84M	3.0%	—	—	Call	46625H100
—	OFFICE DEPOT INC	1,936,707	$16.61M	2.8%	—	—	COM	676220106
—	BANK OF AMERICA CORPORATION	859,999	$15.39M	2.6%	—	—	COM	60505104
—	ANADARKO PETE CORP	170,555	$14.07M	2.4%	—	—	COM	32511107
WGO	WINNEBAGO INDS INC	591,043	$12.86M	2.2%	—	—	COM	974637100
C	CITIGROUP INC	223,475	$12.09M	2.0%	—	—	COM NEW	172967424
JPM	JPMORGAN CHASE & CO	178,648	$11.18M	1.9%	—	—	COM	46625H100
—	HESS CORP	140,170	$10.35M	1.7%	—	—	COM	42809H107
—	MARATHON OIL CORP	346,815	$9.811M	1.6%	—	—	COM	565849106
PEBK	PEOPLES BANCORP N C INC	512,965	$9.228M	1.5%	—	—	COM	710577107
C	CITIGROUP INC	170,000	$9.199M	1.5%	—	—	Call	172967424
PBF	PBF ENERGY INC	297,510	$7.926M	1.3%	—	—	CL A	69318G106
BWEN	BROADWIND ENERGY INC	1,465,701	$7.9M	1.3%	—	—	COM NEW	11161T207
GME	GAMESTOP CORP NEW	227,235	$7.681M	1.3%	—	—	CL A	36467W109
HWBK	HAWTHORN BANCSHARES INC	482,050	$6.869M	1.2%	—	—	COM	420476103
AAL	AMERICAN AIRLS GROUP INC	121,930	$6.539M	1.1%	—	—	COM	02376R102
FCX	FREEPORT-MCMORAN INC	237,592	$5.55M	0.9%	—	—	CL B	35671D857
FCX	FREEPORT-MCMORAN INC	235,300	$5.497M	0.9%	—	—	Call	35671D857
UBOH	UNITED BANCSHARES INC OHIO	325,123	$4.698M	0.8%	—	—	COM	909458101
—	MARKET VECTORS ETF TR	130,000	$4.67M	0.8%	—	—	Call	57060U191
—	BED BATH & BEYOND INC	61,050	$4.65M	0.8%	—	—	COM	75896100
—	HMN FINL INC	373,554	$4.632M	0.8%	—	—	COM	40424G108
—	AMERIANA BANCORP	227,824	$4.215M	0.7%	—	—	COM	23613102
HAL	HALLIBURTON CO	103,390	$4.066M	0.7%	—	—	COM	406216101
—	MUTUALFIRST FINL INC	174,568	$3.82M	0.6%	—	—	COM	62845B104
—	FIDELITY SOUTHERN CORP NEW	220,143	$3.547M	0.6%	—	—	COM	316394105
XLE	SELECT SECTOR SPDR TR	41,000	$3.246M	0.5%	—	—	SBI INT-ENERGY	81369Y506
—	AMBAC FINL GROUP INC	124,288	$3.045M	0.5%	—	—	COM NEW	23139884
—	UNITED CMNTY FINL CORP OHIO	554,346	$2.977M	0.5%	—	—	COM	909839102
PFBX	PEOPLES FINL CORP MISS	226,554	$2.821M	0.5%	—	—	COM	71103B102
—	TECUMSEH PRODS CO	652,438	$2.016M	0.3%	—	—	CL A	878895200
—	SUMMIT FINANCIAL GROUP INC	165,618	$1.971M	0.3%	—	—	COM	86606G101
CZWI	CITIZENS CMNTY BANCORP INC M	183,957	$1.682M	0.3%	—	—	COM	174903104
—	MARKET VECTORS ETF TR	44,500	$1.598M	0.3%	—	—	OIL SVCS ETF	57060U191
SKY	SKYLINE CORP	390,405	$1.582M	0.3%	—	—	COM	830830105
SBFG	SB FINL GROUP INC	167,383	$1.573M	0.3%	—	—	COM	78408D105
PARR	PAR PETE CORP	96,643	$1.57M	0.3%	—	—	COM NEW	69888T207
DAL	DELTA AIR LINES INC DEL	30,000	$1.476M	0.2%	—	—	COM NEW	247361702
—	CALUMET SPECIALTY PRODS PTNR	60,006	$1.345M	0.2%	—	—	UT LTD PARTNER	131476103
—	FIRST FED NORTHN MICH BANCOR	233,759	$1.283M	0.2%	—	—	COM	32021X105
—	POAGE BANKSHARES INC	77,592	$1.154M	0.2%	—	—	COM	730206109
—	FIRST DEFIANCE FINL CORP	33,763	$1.15M	0.2%	—	—	COM	32006W106
—	UNITED CMNTY BANCORP IND	96,696	$1.125M	0.2%	—	—	COM	90984R101
—	ARCH COAL INC	609,508	$1.085M	0.2%	—	—	COM	39380100
FITB	FIFTH THIRD BANCORP	50,750	$1.034M	0.2%	—	—	COM	316773100
KRE	SPDR SERIES TRUST	20,000	$814K	0.1%	—	—	S&P REGL BKG	78464A698
—	FIRST SOUTH BANCORP INC VA	81,294	$647K	0.1%	—	—	COM	33646W100
SHBI	SHORE BANCSHARES INC	67,406	$630K	0.1%	—	—	COM	825107105
—	MACKINAC FINL CORP	50,334	$596K	0.1%	—	—	COM	554571109
—	PREMIER FINL BANCORP INC	34,029	$530K	0.1%	—	—	COM	74050M105
—	STANDARD REGISTER CO	142,812	$466K	0.1%	—	—	COM	853887206
—	FIRST CTZNS BANC CORP	39,392	$405K	0.1%	—	—	COM NO PAR	319459202
—	DAKOTA PLAINS HLDGS INC	175,852	$310K	0.1%	—	—	COM	234255107
CBAN	COLONY BANKCORP INC	15,161	$119K	0.0%	—	—	COM	19623P101