Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	KAPSTONE PAPER & PACKAGING CORP	505,377	$20.31M	13.5%	$40.18	—	COM	48562P103
—	CHASE CORP	440,362	$9.847M	6.6%	$22.36	—	COM	16150R104
—	GLOBAL POWER EQUIP GP I	462,909	$7.42M	4.9%	$16.03	—	COM PAR $0.01	37941P306
—	BELO CORP	432,500	$6.034M	4.0%	$13.95	—	COM SER A	080555105
USLM	US LIME & MINERAL	108,182	$5.642M	3.8%	$9.83	0.0%	COM	911922102
—	AH BELO CORP	767,968	$5.268M	3.5%	$6.86	—	COM CL A	001282102
—	GLOBECOMM SYSTEMS INC	410,103	$5.168M	3.4%	$12.60	—	COM	37956X103
SSP	SCRIPPS EW CO OHIO	325,264	$5.067M	3.4%	$9.20	0.0%	CL A NEW	811054402
—	PMFG INC	706,524	$4.882M	3.3%	$6.91	—	COM	69345P103
FSTR	FOSTER LB CO	106,132	$4.582M	3.1%	$42.68	0.0%	COM	350060109
—	JOURNAL COMMUNIC INC	587,077	$4.397M	2.9%	$7.49	—	CL A	481130102
CAC	CAMDEN NATIONAL CORP	116,036	$4.086M	2.7%	$15.06	0.0%	COM	133034108
—	APCO OIL & GAS INTL	343,773	$3.919M	2.6%	$11.40	—	SHS	G0471F109
DORM	DORMAN PRODUCTS INC	78,760	$3.589M	2.4%	$41.59	0.0%	COM	258278100
—	ASTRONICS CORP	86,331	$3.527M	2.3%	$40.85	—	COM	046433109
GLDD	GREAT LAKES DREDGE & DOCK CO	433,607	$3.378M	2.2%	$7.58	0.0%	COM	390607109
INFU	INFUSYSTEM HLDGS INC	1,868,962	$2.747M	1.8%	$1.53	0.0%	COM	45685K102
TRNS	TRANSCAT INC	397,803	$2.705M	1.8%	$6.62	0.0%	COM	893529107
ATRO	ASTRONICS CORP	58,308	$2.382M	1.6%	$14.02	0.0%	COM	046433108
ESCA	ESCALADE INC	386,937	$2.345M	1.6%	$3.71	0.0%	COM	296056104
—	DAWSON GEOPHYSICAL CO	59,458	$2.194M	1.5%	$36.90	—	COM	239359102
VIRC	VIRCO MANUFACTURING CO	876,323	$2.042M	1.4%	$2.13	0.0%	COM	927651109
EML	EASTERN CO	127,596	$2.041M	1.4%	$11.89	0.0%	COM	276317104
—	ATRION CORP	8,342	$1.819M	1.2%	$218.05	—	COM	049904105
—	ONVIA INC	402,553	$1.816M	1.2%	$4.51	—	COM NEW	68338T403
DLX	DELUXE CORP	44,800	$1.552M	1.0%	$23.94	0.0%	COM	248019101
PRA	PROASSURANCE CORP	28,358	$1.479M	1.0%	$49.77	0.0%	COM	74267C106
—	MALVERN BANCORP INC	120,000	$1.436M	1.0%	$11.97	—	SHS	561409103
—	CHARTER FINL CORP MD	139,658	$1.408M	0.9%	$10.08	—	COM	16122W108
—	MOD-PAC CORP	169,866	$1.4M	0.9%	$8.24	—	COM	607495108
—	TF FINANCIAL CORP	54,937	$1.346M	0.9%	$24.50	—	COM	872391107
ASML	ASML HOLDING N V	16,761	$1.326M	0.9%	$79.11	—	NY REG SHS	N07059210
—	CENTURY BANCORP INC MASS	36,113	$1.259M	0.8%	$34.86	—	CL A NON VTG	156432106
—	PATHFINDER BANCORP INC	92,494	$1.156M	0.8%	$12.50	—	COM	70320A103
—	LIN TV CORP	73,570	$1.125M	0.7%	$15.29	—	CL A	532774106
AP	AMPCO PITTSBURGH CORP	58,900	$1.105M	0.7%	$15.68	0.0%	COM	032037103
—	WPX ENERGY INC	57,800	$1.094M	0.7%	$18.93	—	COM	98212B103
—	CIMATRON LTD	168,774	$1.015M	0.7%	$6.01	—	ORD	M23798107
NWBI	NORTHWEST BANCSHARES	73,625	$994K	0.7%	$5.92	0.0%	COM	667340103
—	TECHE HOLDING CO	22,300	$992K	0.7%	$44.48	—	COM	878330109
—	RAND LOGISTICS INC	173,770	$888K	0.6%	$5.11	—	COM	752182105
—	UNIVERSAL STAINLESS & ALLOY	29,700	$874K	0.6%	$29.43	—	COM	913837100
—	ECOLOGY & ENVRNMT INC	70,874	$737K	0.5%	$10.40	—	CL A	278878103
AGX	ARGAN INC	43,961	$686K	0.5%	$11.86	0.0%	COM	04010E109
—	OBA FINANCIAL SVCS INC	35,400	$648K	0.4%	$18.31	—	COM	67424G101
—	JACKSONVILLE BANCORP INC MD	31,145	$594K	0.4%	$19.07	—	COM	46924R106
—	CITIZENS & NORTHERN CORP	26,500	$508K	0.3%	$19.17	—	COM	17922106
—	ALLIANCE FIBER OPTIC PRODS I	24,860	$497K	0.3%	$19.99	—	COM NEW	018680306
KIM	KIMCO RLTY CORP	22,500	$482K	0.3%	$12.61	0.0%	COM	49446R109
PEBO	PEOPLES BANCORP INC	22,882	$480K	0.3%	$18.63	0.0%	COM	709789101
—	MUTUALFIRST FINL INC	30,926	$430K	0.3%	$13.90	—	COM	62845B104
CBU	COMMUNITY BANK SYS INC	13,938	$430K	0.3%	$19.67	0.0%	COM	203607106
NWFL	NORWOOD FINANCIAL CORP	14,737	$427K	0.3%	$19.52	0.0%	COM	669549107
—	PROV & WOR RAILRD CO	27,000	$410K	0.3%	$15.19	—	COM	743737108
DGICB	DONEGAL GROUP INC	21,506	$380K	0.3%	$13.65	0.0%	CL B	257701300
—	MATERIAL SCIENCES CORP	37,684	$378K	0.3%	$10.03	—	COM	576674105
—	BCSB BANCORP INC	16,106	$377K	0.3%	$23.41	—	COM	055367106
DGICA	DONEGAL GROUP INC	25,143	$351K	0.2%	$8.77	0.0%	CL A	257701201
—	EMCLAIRE FINANCIAL CORP	15,359	$350K	0.2%	$22.79	—	COM	290828102
OFED	OCONEE FED FINL CORP	22,902	$338K	0.2%	$15.36	0.0%	COM	675607105
CZNC	CITIZENS & NORTHERN CORP	16,400	$315K	0.2%	$10.24	0.0%	COM	172922106
EBMT	EAGLE BANCORP MONT INC	25,598	$271K	0.2%	$7.64	0.0%	COM	26942G100
—	MER TELEMANAGEMENT SOLUTIONS	153,842	$236K	0.2%	$1.53	—	SHS	M69676126
—	INVESTORS BANCORP INC	111,115	$234K	0.2%	$2.11	—	COM	46146P102
—	PEOPLES UNITED FINL INC	14,518	$216K	0.1%	$14.88	—	COM	712704105
—	BENEFICIAL MUTUAL BANCORP IN	24,916	$209K	0.1%	$8.39	—	COM	08173R104
SGC	SUPERIOR UNIF GRP INC	19,300	$207K	0.1%	$5.73	0.0%	COM	868358102
—	ROMA FINANCIAL CORP	11,200	$203K	0.1%	$18.13	—	COM	77581P109
—	CFS BANCORP INC	18,400	$197K	0.1%	$10.71	—	COM	12525D102
—	MAM SOFTWARE GROUP INC	41,113	$195K	0.1%	$4.74	—	COM NEW	55277Q201
KOSS	KOSS CORP	40,480	$192K	0.1%	$4.63	0.0%	COM	500692108
SIF	SIFCO INDUSTRIES INC	12,000	$192K	0.1%	$16.19	0.0%	COM	826546103
—	MOLYCORP INC DEL	31,134	$191K	0.1%	$6.13	—	COM	608753109
—	CMS BANCORP INC	19,775	$180K	0.1%	$9.10	—	COM	12600U102
—	LAKE SHORE BANCORP INC	15,501	$171K	0.1%	$11.03	—	COM	510700107
—	SUSQUEHANNA BANCSHARES INC P	11,808	$152K	0.1%	$12.87	—	COM	869099101
ASRV	AMERISERV FINANC INC	52,200	$145K	0.1%	$2.19	0.0%	COM	03074A102
—	PRUDENTIAL BANCORP INC PA	13,539	$133K	0.1%	$9.82	—	COM	744319104
—	BREEZE EASTERN CORP	13,000	$114K	0.1%	$8.77	—	COM	106764103
—	ASML HOLDING N V	1,176	$93,000	0.1%	$79.08	—	NY REG SHS	N07059211
AEHR	AEHR TEST SYSTEMS	58,702	$75,000	0.0%	$1.20	0.0%	COM	00760J108
—	PSB HOLDINGS INC	13,542	$74,000	0.0%	$5.46	—	COM	69360W108
—	TIGER MEDIA INC	29,800	$28,000	0.0%	$0.94	—	SHS	G88685105
—	GIGA TRONICS INC	13,069	$20,000	0.0%	$1.53	—	COM	375175106
—	TIGER MEDIA INC	25,000	$4,000	0.0%	$0.16	—	W EXP 12/26/201	G88685121