Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	KAPSTONE PAPER & PACKAGING CORP	388,009	$16.61M	10.3%	$40.18	—	COM	48562P103
—	CHASE CORP	421,947	$12.4M	7.7%	$22.36	—	COM	16150R104
—	GLOBAL POWER EQUIP GP I	462,909	$9.304M	5.8%	$16.03	—	COM PAR $0.01	37941P306
USLM	US LIME & MINERAL	108,182	$6.335M	3.9%	$9.83	+18.6%	COM	911922102
—	AH BELO CORP	767,968	$6.029M	3.7%	$6.86	—	COM CL A	001282102
SSP	SCRIPPS EW CO OHIO	325,264	$5.968M	3.7%	$9.20	+17.7%	CL A NEW	811054402
—	APCO OIL & GAS INTL	403,773	$5.754M	3.6%	$11.82	—	SHS	G0471F109
—	GLOBECOMM SYSTEMS INC	406,103	$5.69M	3.5%	$12.60	—	COM	37956X103
—	BELO CORP	409,100	$5.605M	3.5%	$13.95	—	COM SER A	080555105
—	PMFG INC	737,423	$5.442M	3.4%	$6.93	—	COM	69345P103
—	JOURNAL COMMUNIC INC	587,077	$5.019M	3.1%	$7.49	—	CL A	481130102
FSTR	FOSTER LB CO	106,132	$4.846M	3.0%	$42.68	+2.4%	COM	350060109
CAC	CAMDEN NATIONAL CORP	115,836	$4.721M	2.9%	$15.06	+11.7%	COM	133034108
—	ASTRONICS CORP	84,931	$4.222M	2.6%	$40.85	—	COM	046433109
GLDD	GREAT LAKES DREDGE & DOCK CO	455,227	$3.383M	2.1%	$7.58	-1.9%	COM	390607109
ESCA	ESCALADE INC	386,937	$3.32M	2.1%	$3.71	+21.1%	COM	296056104
TRNS	TRANSCAT INC	405,091	$3.224M	2.0%	$6.64	+16.7%	COM	893529107
DORM	DORMAN PRODUCTS INC	58,083	$2.874M	1.8%	$41.59	+17.8%	COM	258278100
ATRO	ASTRONICS CORP	56,308	$2.799M	1.7%	$14.02	+34.1%	COM	046433108
INFU	INFUSYSTEM HLDGS INC	1,868,962	$2.392M	1.5%	$1.53	-3.7%	COM	45685K102
—	ATRION CORP	8,342	$2.136M	1.3%	$218.05	—	COM	049904105
EML	EASTERN CO	127,596	$2.063M	1.3%	$11.89	+6.5%	COM	276317104
—	DAWSON GEOPHYSICAL CO	59,458	$1.928M	1.2%	$36.90	—	COM	239359102
—	ONVIA INC	402,553	$1.92M	1.2%	$4.51	—	COM NEW	68338T403
VIRC	VIRCO MANUFACTURING CO	920,160	$1.886M	1.2%	$2.13	+7.0%	COM	927651109
DLX	DELUXE CORP	44,800	$1.867M	1.2%	$23.94	+6.6%	COM	248019101
—	TF FINANCIAL CORP	68,513	$1.853M	1.1%	$25.01	—	COM	872391107
ASML	ASML HOLDING N V	16,761	$1.656M	1.0%	$79.11	—	NY REG SHS	N07059210
—	MOD-PAC CORP	169,866	$1.571M	1.0%	$8.24	—	COM	607495108
—	MALVERN BANCORP INC	120,000	$1.529M	0.9%	$11.97	—	SHS	561409103
—	MATERIAL SCIENCES CORP	163,361	$1.529M	0.9%	$9.51	—	COM	576674105
—	CHARTER FINL CORP MD	139,658	$1.506M	0.9%	$10.08	—	COM	16122W108
—	RAND LOGISTICS INC	305,540	$1.482M	0.9%	$5.00	—	COM	752182105
PRA	PROASSURANCE CORP	28,358	$1.278M	0.8%	$49.77	+0.6%	COM	74267C106
—	CENTURY BANCORP INC MASS	36,113	$1.19M	0.7%	$34.86	—	CL A NON VTG	156432106
—	PATHFINDER BANCORP INC	92,494	$1.189M	0.7%	$12.50	—	COM	70320A103
—	WPX ENERGY INC	57,800	$1.113M	0.7%	$18.93	—	COM	98212B103
AP	AMPCO PITTSBURGH CORP	58,900	$1.055M	0.7%	$15.68	+3.2%	COM	032037103
—	TECHE HOLDING CO	22,300	$1.018M	0.6%	$44.48	—	COM	878330109
—	CIMATRON LTD	168,774	$974K	0.6%	$6.01	—	ORD	M23798107
NWBI	NORTHWEST BANCSHARES	73,625	$972K	0.6%	$5.92	+11.5%	COM	667340103
—	UNIVERSAL STAINLESS & ALLOY	29,700	$956K	0.6%	$29.43	—	COM	913837100
AGX	ARGAN INC	41,961	$922K	0.6%	$11.86	+7.0%	COM	04010E109
—	ECOLOGY & ENVRNMT INC	70,874	$788K	0.5%	$10.40	—	CL A	278878103
—	OBA FINANCIAL SVCS INC	35,400	$666K	0.4%	$18.31	—	COM	67424G101
—	JACKSONVILLE BANCORP INC MD	31,145	$612K	0.4%	$19.07	—	COM	46924R106
—	PROV & WOR RAILRD CO	27,000	$543K	0.3%	$15.19	—	COM	743737108
—	ROMA FINANCIAL CORP	29,169	$542K	0.3%	$18.41	—	COM	77581P109
—	CITIZENS & NORTHERN CORP	26,500	$529K	0.3%	$19.17	—	COM	17922106
CBU	COMMUNITY BANK SYS INC	13,938	$476K	0.3%	$19.67	+15.8%	COM	203607106
—	MUTUALFIRST FINL INC	30,926	$474K	0.3%	$13.90	—	COM	62845B104
KIM	KIMCO RLTY CORP	22,500	$454K	0.3%	$12.61	-5.9%	COM	49446R109
NWFL	NORWOOD FINANCIAL CORP	14,737	$415K	0.3%	$19.52	-1.1%	COM	669549107
—	BCSB BANCORP INC	16,106	$391K	0.2%	$23.41	—	COM	055367106
DGICB	DONEGAL GROUP INC	21,506	$389K	0.2%	$13.65	-7.1%	CL B	257701300
OFED	OCONEE FED FINL CORP	22,902	$378K	0.2%	$15.36	+7.1%	COM	675607105
—	LIN MEDIA LLC	18,570	$377K	0.2%	$20.30	—	CL A COM	532771102
—	EMCLAIRE FINANCIAL CORP	15,359	$370K	0.2%	$22.79	—	COM	290828102
DGICA	DONEGAL GROUP INC	25,143	$352K	0.2%	$8.77	-3.8%	CL A	257701201
—	LAKE SHORE BANCORP INC	28,709	$327K	0.2%	$11.20	—	COM	510700107
CZNC	CITIZENS & NORTHERN CORP	16,400	$327K	0.2%	$10.24	+4.3%	COM	172922106
—	MER TELEMANAGEMENT SOLUTIONS	177,183	$298K	0.2%	$1.55	—	SHS	M69676126
—	BENEFICIAL MUTUAL BANCORP IN	27,486	$274K	0.2%	$8.54	—	COM	08173R104
EBMT	EAGLE BANCORP MONT INC	25,598	$274K	0.2%	$7.64	+3.8%	COM	26942G100
—	INVESTORS BANCORP INC	11,115	$243K	0.2%	$2.11	—	COM	46146P102
SGC	SUPERIOR UNIF GRP INC	19,300	$241K	0.1%	$5.73	+3.6%	COM	868358102
KOSS	KOSS CORP	44,494	$227K	0.1%	$4.66	+6.7%	COM	500692108
SIF	SIFCO INDUSTRIES INC	12,000	$219K	0.1%	$16.19	+14.0%	COM	826546103
—	PEOPLES UNITED FINL INC	14,518	$209K	0.1%	$14.88	—	COM	712704105
—	MOLYCORP INC DEL	31,134	$204K	0.1%	$6.13	—	COM	608753109
—	CFS BANCORP INC	18,400	$204K	0.1%	$10.71	—	COM	12525D102
ASRV	AMERISERV FINANC INC	52,200	$165K	0.1%	$2.19	+1.7%	COM	03074A102
—	MAM SOFTWARE GROUP INC	41,113	$164K	0.1%	$4.74	—	COM	55277Q201
—	CMS BANCORP INC	19,775	$162K	0.1%	$9.10	—	COM	12600U102
AEHR	AEHR TEST SYSTEMS	58,702	$137K	0.1%	$1.20	+40.3%	COM	00760J108
—	BREEZE EASTERN CORP	13,000	$127K	0.1%	$8.77	—	COM	106764103
—	ASML HOLDING N V	1,176	$116K	0.1%	$79.08	—	NY REG SHS	N07059211
—	PSB HOLDINGS INC	14,642	$91,000	0.1%	$5.52	—	COM	69360W108
—	SUSQUEHANNA BANCSHARES INC P	4,000	$50,000	0.0%	$12.87	—	COM	869099101
—	TIGER MEDIA INC	29,800	$38,000	0.0%	$0.94	—	SHS	G88685105
—	GIGA TRONICS INC	13,069	$16,000	0.0%	$1.53	—	COM	375175106
—	TIGER MEDIA INC	25,000	$3,000	0.0%	$0.16	—	W EXP 12/26/201	G88685121