Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PATK	PATRICK INDS INC	2,573,580	$97.92M	16.6%	—	—	COM	703343103
—	INTEGRATED ELECTRICAL SVC	13,353,617	$94.81M	16.0%	—	—	COM	45811E301
—	BARNES & NOBLE INC	1,473,204	$38.24M	6.5%	—	—	COM	067774109
BAC	BANK OF AMERICA CORPORATION	1,603,800	$27.3M	4.6%	—	—	Call	060505104
LXU	LSB INDS INC	635,687	$25.96M	4.4%	—	—	COM	502160104
C	CITIGROUP INC	419,395	$23.17M	3.9%	—	—	COM NEW	172967424
—	OFFICE DEPOT INC	2,443,107	$21.16M	3.6%	—	—	COM	676220106
C	CITIGROUP INC	370,000	$20.44M	3.5%	—	—	Call	172967424
BAC	BANK OF AMERICA CORPORATION	1,191,899	$20.29M	3.4%	—	—	COM	060505104
JPM	JPMORGAN CHASE & CO	275,000	$18.63M	3.2%	—	—	Call	46625H100
JPM	JPMORGAN CHASE & CO	265,278	$17.98M	3.0%	—	—	COM	46625H100
WGO	WINNEBAGO INDS INC	646,543	$15.25M	2.6%	—	—	COM	974637100
—	WESTMORELAND COAL CO	668,783	$13.9M	2.3%	—	—	COM	960878106
—	NAVISTAR INTL CORP NEW	470,535	$10.65M	1.8%	—	—	COM	63934E108
PEBK	PEOPLES BANCORP N C INC	512,965	$9.408M	1.6%	—	—	COM	710577107
—	CREDIT SUISSE NASSAU BRH	4,369,030	$9.306M	1.6%	—	—	VS 3XLNGNATGAS	22542D571
—	STAPLES INC	605,800	$9.275M	1.6%	—	—	COM	855030102
HWBK	HAWTHORN BANCSHARES INC	527,252	$7.55M	1.3%	—	—	COM	420476103
—	MARATHON OIL CORP	271,115	$7.195M	1.2%	—	—	COM	565849106
—	HESS CORP	102,470	$6.853M	1.2%	—	—	COM	42809H107
—	ANADARKO PETE CORP	85,855	$6.702M	1.1%	—	—	COM	032511107
BWEN	BROADWIND ENERGY INC	1,413,090	$5.991M	1.0%	—	—	COM NEW	11161T207
—	CREDIT SUISSE NASSAU BRH	1,600,000	$5.216M	0.9%	—	—	VS 3XLGCRUDE ETN	22542D589
—	WILLBROS GROUP INC DEL	3,985,149	$5.101M	0.9%	—	—	COM	969203108
UBOH	UNITED BANCSHARES INC OHIO	325,123	$5.033M	0.9%	—	—	COM	909458101
AAL	AMERICAN AIRLS GROUP INC	118,670	$4.739M	0.8%	—	—	COM	02376R102
PBF	PBF ENERGY INC	166,074	$4.72M	0.8%	—	—	CL A	69318G106
—	MARKET VECTORS ETF TR	130,000	$4.537M	0.8%	—	—	Call	57060U191
—	HMN FINL INC	384,312	$4.531M	0.8%	—	—	COM	40424G108
FCX	FREEPORT-MCMORAN INC	237,592	$4.424M	0.7%	—	—	CL B	35671D857
—	MARKET VECTORS ETF TR	126,000	$4.397M	0.7%	—	—	OIL SVCS ETF	57060U191
—	AMERIANA BANCORP	193,975	$4.13M	0.7%	—	—	COM	023613102
—	FIDELITY SOUTHERN CORP NEW	174,104	$3.036M	0.5%	—	—	COM	316394105
—	UNITED CMNTY FINL CORP OHIO	530,000	$2.836M	0.5%	—	—	COM	909839102
OSG	AMBAC FINL GROUP INC	168,903	$2.811M	0.5%	—	—	COM NEW	023139884
PFBX	PEOPLES FINL CORP MISS	254,017	$2.654M	0.4%	—	—	COM	71103B102
CZWI	CITIZENS CMNTY BANCORP INC M	248,780	$2.279M	0.4%	—	—	COM	174903104
—	SUMMIT FINANCIAL GROUP INC	193,430	$2.168M	0.4%	—	—	COM	86606G101
SBFG	SB FINL GROUP INC	185,233	$1.962M	0.3%	—	—	COM	78408D105
—	MUTUALFIRST FINL INC	78,154	$1.816M	0.3%	—	—	COM	62845B104
—	FIRST FED NORTHN MICH BANCOR	269,609	$1.723M	0.3%	—	—	COM	32021X105
—	TECUMSEH PRODS CO	554,003	$1.369M	0.2%	—	—	CL A	878895200
—	FIRST SOUTH BANCORP INC VA	173,135	$1.368M	0.2%	—	—	COM	33646W100
—	UNITED CMNTY BANCORP IND	96,696	$1.335M	0.2%	—	—	COM	90984R101
—	FIRST DEFIANCE FINL CORP	32,763	$1.23M	0.2%	—	—	COM	32006W106
SHBI	SHORE BANCSHARES INC	128,890	$1.215M	0.2%	—	—	COM	825107105
—	POAGE BANKSHARES INC	77,592	$1.189M	0.2%	—	—	COM	730206109
SKY	SKYLINE CORP	390,405	$1.148M	0.2%	—	—	COM	830830105
DAL	DELTA AIR LINES INC DEL	23,500	$965K	0.2%	—	—	COM NEW	247361702
FITB	FIFTH THIRD BANCORP	40,750	$848K	0.1%	—	—	COM	316773100
XLE	SELECT SECTOR SPDR TR	11,000	$827K	0.1%	—	—	SBI INT-ENERGY	81369Y506
—	OCEAN SHORE HLDG CO NEW	43,653	$648K	0.1%	—	—	COM	67501R103
—	MACKINAC FINL CORP	50,334	$530K	0.1%	—	—	COM	554571109
—	CITIZENS FIRST CORP	42,326	$529K	0.1%	—	—	COM	17462Q107
—	PREMIER FINL BANCORP INC	34,029	$526K	0.1%	—	—	COM	74050M105
CBAN	COLONY BANKCORP INC	53,908	$461K	0.1%	—	—	COM	19623P101
CIVB	CIVISTA BANCSHARES INC	39,392	$425K	0.1%	—	—	COM NO PAR	178867107
—	COMMUNITY FINL CORP MD	17,306	$372K	0.1%	—	—	COM	20368X101
—	UNITED STATES NATL GAS FUND	12,500	$170K	0.0%	—	—	UNIT PAR $0.001	912318201
FRBA	FIRST BANK WILLIAMSTOWN NJ	19,312	$116K	0.0%	—	—	COM	31931U102
—	DAKOTA PLAINS HLDGS INC	41,500	$49,000	0.0%	—	—	COM	234255107