SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Rankin Norman John

(Last)

(First)

(Middle)

300 PHILLIPI ROAD

(Street)

COLUMBUS

43228

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
05/25/2006

3. Issuer Name and Ticker or Trading Symbol
BIG LOTS INC [ BLI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Senior Vice President

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	24,200	D
Common Stock	1,439	I	By 401(k) Plan⁽¹⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Purchase Option	01/16/1998⁽²⁾	02/20/2007	Common Stock	4,072	$24.5477	D
Stock Purchase Option	01/16/1998⁽²⁾	02/20/2007	Common Stock	19,350	$24.5477	D
Stock Purchase Option	02/24/2003⁽²⁾	02/24/2008	Common Stock	10,000	$37.75	D
Stock Purchase Option	10/13/2003⁽²⁾	10/13/2008	Common Stock	10,000	$16.375	D
Stock Purchase Option	02/01/2004⁽²⁾	02/01/2009	Common Stock	25,000	$17.3125	D
Stock Purchase Option	03/13/2005⁽²⁾	03/13/2010	Common Stock	10,000	$11.25	D
Stock Purchase Option	11/15/2005⁽²⁾	03/05/2011	Common Stock	30,000	$11.74	D
Stock Purchase Option	11/15/2005⁽²⁾	12/17/2011	Common Stock	50,000	$9.86	D
Stock Purchase Option	11/15/2005⁽²⁾	02/24/2013	Common Stock	30,000	$10.85	D
Stock Purchase Option	11/15/2005⁽²⁾	02/23/2014	Common Stock	100,000	$15.05	D
Stock Purchase Option	⁽³⁾	02/24/2013	Common Stock	10,800	$12.66	D
Phantom Stock	⁽⁴⁾	⁽⁵⁾	Common Stock	2,124⁽⁶⁾	⁽⁷⁾	D

Explanation of Responses:

1. Common stock held under the Big Lots Savings Plan ("401(k) Plan"). This information is based on a 401(k) Plan report dated May 10, 2006.

2. The date upon which the option became fully exercisable.

3. The option is exercisable in four equal annual installments beginning on February 24, 2007.

4. Immediately.

5. Not applicable.

6. The reported phantom stock is held under the Big Lots Supplemental Savings Plan. This information is based on a plan statement dated May 10, 2006.

7. One-for-one.

Remarks:

	Charles W. Haubiel II, attorney in fact for Norman John Rankin	05/31/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.