Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INTEGRATED ELECTRICAL SVC	13,375,142	$103M	21.4%	—	—	COM	45811E301
PATK	PATRICK INDS INC	1,865,499	$73.67M	15.3%	—	—	COM	703343103
BAC	BANK OF AMERICA CORPORATION	1,603,800	$24.99M	5.2%	—	—	Call	060505104
—	BARNES & NOBLE INC	1,707,287	$20.68M	4.3%	—	—	COM	067774109
JPM	JPMORGAN CHASE & CO	325,000	$19.82M	4.1%	—	—	Call	46625H100
BAC	BANK OF AMERICA CORPORATION	1,118,628	$17.43M	3.6%	—	—	COM	060505104
JPM	JPMORGAN CHASE & CO	274,278	$16.72M	3.5%	—	—	COM	46625H100
C	CITIGROUP INC	330,000	$16.37M	3.4%	—	—	Call	172967424
LXU	LSB INDS INC	863,770	$13.23M	2.7%	—	—	COM	502160104
C	CITIGROUP INC	252,670	$12.54M	2.6%	—	—	COM NEW	172967424
—	BARNES & NOBLE ED INC	884,413	$11.24M	2.3%	—	—	COM	06777U101
—	WESTMORELAND COAL CO	773,710	$10.9M	2.3%	—	—	COM	960878106
WGO	WINNEBAGO INDS INC	555,845	$10.64M	2.2%	—	—	COM	974637100
—	OFFICE DEPOT INC	1,561,292	$10.02M	2.1%	—	—	COM	676220106
PEBK	PEOPLES BANCORP N C INC	514,665	$9.007M	1.9%	—	—	COM	710577107
HWBK	HAWTHORN BANCSHARES INC	529,955	$7.403M	1.5%	—	—	COM	420476103
AIG	AMERICAN INTL GROUP INC	127,350	$7.236M	1.5%	—	—	COM NEW	026874784
—	STAPLES INC	610,525	$7.161M	1.5%	—	—	COM	855030102
AAL	AMERICAN AIRLS GROUP INC	183,120	$7.111M	1.5%	—	—	COM	02376R102
UAL	UNITED CONTL HLDGS INC	99,400	$5.274M	1.1%	—	—	COM	910047109
DAL	DELTA AIR LINES INC DEL	115,415	$5.178M	1.1%	—	—	COM NEW	247361702
—	ANADARKO PETE CORP	84,780	$5.12M	1.1%	—	—	COM	032511107
UBOH	UNITED BANCSHARES INC OHIO	323,923	$5.082M	1.1%	—	—	COM	909458101
—	WILLBROS GROUP INC DEL	4,026,940	$5.074M	1.1%	—	—	COM	969203108
—	HESS CORP	101,170	$5.065M	1.0%	—	—	COM	42809H107
—	HMN FINL INC	392,144	$4.514M	0.9%	—	—	COM	40424G108
—	MARKET VECTORS ETF TR	130,000	$3.572M	0.7%	—	—	Call	57060U191
OSG	AMBAC FINL GROUP INC	244,016	$3.531M	0.7%	—	—	COM NEW	023139884
BWEN	BROADWIND ENERGY INC	1,413,090	$2.925M	0.6%	—	—	COM NEW	11161T207
—	UNITED CMNTY FINL CORP OHIO	562,295	$2.811M	0.6%	—	—	COM	909839102
PFBX	PEOPLES FINL CORP MISS	254,017	$2.464M	0.5%	—	—	COM	71103B102
—	SUMMIT FINANCIAL GROUP INC	199,734	$2.351M	0.5%	—	—	COM	86606G101
CZWI	CITIZENS CMNTY BANCORP INC M	260,717	$2.305M	0.5%	—	—	COM	174903104
—	MARATHON OIL CORP	146,956	$2.263M	0.5%	—	—	COM	565849106
—	NAVISTAR INTL CORP NEW	174,600	$2.221M	0.5%	—	—	COM	63934E108
SBFG	SB FINL GROUP INC	187,237	$1.923M	0.4%	—	—	COM	78408D105
—	FIRST FED NORTHN MICH BANCOR	269,609	$1.696M	0.4%	—	—	COM	32021X105
—	OCEAN SHORE HLDG CO NEW	104,786	$1.685M	0.3%	—	—	COM	67501R103
—	FIDELITY SOUTHERN CORP NEW	79,395	$1.678M	0.3%	—	—	COM	316394105
—	UNITED CMNTY BANCORP IND	96,696	$1.446M	0.3%	—	—	COM	90984R101
—	FIRST SOUTH BANCORP INC VA	173,235	$1.369M	0.3%	—	—	COM	33646W100
SHBI	SHORE BANCSHARES INC	128,890	$1.253M	0.3%	—	—	COM	825107105
—	POAGE BANKSHARES INC	77,592	$1.203M	0.2%	—	—	COM	730206109
—	CITIZENS FIRST CORP	90,054	$1.14M	0.2%	—	—	COM	17462Q107
SKY	SKYLINE CORP	390,405	$1.124M	0.2%	—	—	COM	830830105
CBAN	COLONY BANKCORP INC	123,367	$1.098M	0.2%	—	—	COM	19623P101
—	FIRST DEFIANCE FINL CORP	28,763	$1.052M	0.2%	—	—	COM	32006W106
—	AMERIANA BANCORP	42,829	$985K	0.2%	—	—	COM	023613102
XLE	SELECT SECTOR SPDR TR	11,000	$673K	0.1%	—	—	SBI INT-ENERGY	81369Y506
FRBA	FIRST BANK WILLIAMSTOWN NJ	93,869	$583K	0.1%	—	—	COM	31931U102
—	MACKINAC FINL CORP	50,334	$508K	0.1%	—	—	COM	554571109
—	PREMIER FINL BANCORP INC	34,029	$485K	0.1%	—	—	COM	74050M105
—	COMMUNITY FINL CORP MD	20,414	$480K	0.1%	—	—	COM	20368X101
—	CREDIT SUISSE NASSAU BRH	43,250	$459K	0.1%	—	—	NT LKD 32	22542D399
CIVB	CIVISTA BANCSHARES INC	40,824	$414K	0.1%	—	—	COM NO PAR	178867107
KRE	SPDR SERIES TRUST	10,000	$412K	0.1%	—	—	S&P REGL BKG	78464A698
RF	REGIONS FINL CORP NEW	40,000	$360K	0.1%	—	—	COM	7591EP100
—	UNITED STATES NATL GAS FUND	27,500	$319K	0.1%	—	—	UNIT PAR $0.001	912318201
—	CREDIT SUISSE NASSAU BRH	49,867	$317K	0.1%	—	—	NT LKD 32	22542D381
—	MUTUALFIRST FINL INC	12,946	$303K	0.1%	—	—	COM	62845B104
—	ESSA BANCORP INC	19,697	$255K	0.1%	—	—	COM	29667D104
—	CAROLINA TR BK LINCOLNTON NC	25,655	$144K	0.0%	—	—	COM	144200102