Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INTEGRATED ELECTRICAL SVC	13,375,142	$148M	27.1%	—	—	COM	45811E301
PATK	PATRICK INDS INC	1,385,602	$60.27M	11.0%	—	—	COM	703343103
BAC	BANK OF AMERICA CORPORATION	1,853,800	$31.2M	5.7%	—	—	Call	060505104
JPM	JPMORGAN CHASE & CO	400,000	$26.41M	4.8%	—	—	Call	46625H100
C	CITIGROUP INC	350,000	$18.11M	3.3%	—	—	Call	172967424
JPM	JPMORGAN CHASE & CO	255,103	$16.84M	3.1%	—	—	COM	46625H100
C	CITIGROUP INC	315,570	$16.33M	3.0%	—	—	COM NEW	172967424
BAC	BANK OF AMERICA CORPORATION	953,128	$16.04M	2.9%	—	—	COM	060505104
AAL	AMERICAN AIRLS GROUP INC	340,345	$14.41M	2.6%	—	—	COM	02376R102
—	BARNES & NOBLE INC	1,598,580	$13.92M	2.5%	—	—	COM	067774109
DAL	DELTA AIR LINES INC DEL	245,415	$12.44M	2.3%	—	—	COM NEW	247361702
—	WILLBROS GROUP INC DEL	4,165,684	$11.21M	2.0%	—	—	COM	969203108
UAL	UNITED CONTL HLDGS INC	187,500	$10.74M	2.0%	—	—	COM	910047109
PEBK	PEOPLES BANCORP N C INC	514,665	$9.954M	1.8%	—	—	COM	710577107
—	BARNES & NOBLE ED INC	969,923	$9.651M	1.8%	—	—	COM	06777U101
WGO	WINNEBAGO INDS INC	448,002	$8.916M	1.6%	—	—	COM	974637100
LXU	LSB INDS INC	1,178,001	$8.541M	1.6%	—	—	COM	502160104
HWBK	HAWTHORN BANCSHARES INC	530,274	$8.352M	1.5%	—	—	COM	420476103
—	HESS CORP	166,170	$8.056M	1.5%	—	—	COM	42809H107
AIG	AMERICAN INTL GROUP INC	127,350	$7.892M	1.4%	—	—	COM NEW	026874784
—	OFFICE DEPOT INC	1,398,092	$7.885M	1.4%	—	—	COM	676220106
—	ANADARKO PETE CORP	139,780	$6.791M	1.2%	—	—	COM	032511107
—	WESTMORELAND COAL CO	1,135,907	$6.679M	1.2%	—	—	COM	960878106
UBOH	UNITED BANCSHARES INC OHIO	323,923	$5.908M	1.1%	—	—	COM	909458101
OSG	AMBAC FINL GROUP INC	407,116	$5.736M	1.0%	—	—	COM NEW	023139884
—	STAPLES INC	578,925	$5.482M	1.0%	—	—	COM	855030102
—	HMN FINL INC	424,620	$4.904M	0.9%	—	—	COM	40424G108
—	UNITED STATES NATL GAS FUND	527,500	$4.573M	0.8%	—	—	UNIT PAR $0.001	912318201
—	UNITED CMNTY FINL CORP OHIO	602,553	$3.555M	0.7%	—	—	COM	909839102
—	SUMMIT FINANCIAL GROUP INC	257,440	$3.058M	0.6%	—	—	COM	86606G101
CZWI	CITIZENS CMNTY BANCORP INC M	312,693	$2.958M	0.5%	—	—	COM	174903104
BWEN	BROADWIND ENERGY INC	1,155,085	$2.403M	0.4%	—	—	COM NEW	11161T207
PFBX	PEOPLES FINL CORP MISS	254,017	$2.286M	0.4%	—	—	COM	71103B102
SBFG	SB FINL GROUP INC	195,437	$2.177M	0.4%	—	—	COM	78408D105
LPX	LOUISIANA PAC CORP	99,820	$1.798M	0.3%	—	—	COM	546347105
—	OCEAN SHORE HLDG CO NEW	104,786	$1.797M	0.3%	—	—	COM	67501R103
CBAN	COLONY BANKCORP INC	187,226	$1.784M	0.3%	—	—	COM	19623P101
—	FIRST FED NORTHN MICH BANCOR	278,551	$1.677M	0.3%	—	—	COM	32021X105
—	FIRST SOUTH BANCORP INC VA	189,910	$1.624M	0.3%	—	—	COM	33646W100
—	FIDELITY SOUTHERN CORP NEW	66,236	$1.478M	0.3%	—	—	COM	316394105
—	UNITED CMNTY BANCORP IND	96,696	$1.449M	0.3%	—	—	COM	90984R101
SKY	SKYLINE CORP	400,405	$1.424M	0.3%	—	—	COM	830830105
SHBI	SHORE BANCSHARES INC	128,890	$1.402M	0.3%	—	—	COM	825107105
RF	REGIONS FINL CORP NEW	140,000	$1.344M	0.2%	—	—	COM	7591EP100
—	CITIZENS FIRST CORP	97,483	$1.339M	0.2%	—	—	COM	17462Q107
—	POAGE BANKSHARES INC	77,592	$1.327M	0.2%	—	—	COM	730206109
—	FIRST DEFIANCE FINL CORP	28,763	$1.087M	0.2%	—	—	COM	32006W106
XLE	SELECT SECTOR SPDR TR	11,000	$664K	0.1%	—	—	SBI INT-ENERGY	81369Y506
FRBA	FIRST BANK WILLIAMSTOWN NJ	97,670	$646K	0.1%	—	—	COM	31931U102
—	PREMIER FINL BANCORP INC	37,029	$609K	0.1%	—	—	COM	74050M105
SMBK	SMARTFINANCIAL	37,741	$607K	0.1%	—	—	COM NEW	83190L208
—	MACKINAC FINL CORP	51,693	$594K	0.1%	—	—	COM	554571109
CIVB	CIVISTA BANCSHARES INC	44,354	$569K	0.1%	—	—	COM NO PAR	178867107
—	COMMUNITY FINL CORP MD	21,211	$445K	0.1%	—	—	COM	20368X101
—	AMERIANA BANCORP	15,934	$365K	0.1%	—	—	COM	023613102
—	ESSA BANCORP INC	24,802	$339K	0.1%	—	—	COM	29667D104
—	GLOBAL POWER EQUIPMENT GRP I	71,036	$247K	0.0%	—	—	COM PAR $0.01	37941P306
—	CAROLINA TR BK LINCOLNTON NC	33,629	$209K	0.0%	—	—	COM	144200102
—	CREDIT SUISSE NASSAU BRH	49,867	$122K	0.0%	—	—	VEL SH 3X LG NAT	22542D381