Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CHASE CORP	412,096	$16.79M	11.1%	$22.36	—	COM	16150R104
—	KAPSTONE PAPER & PACKAGING CORP	559,249	$12.63M	8.4%	$34.87	—	COM	48562P103
SSP	SCRIPPS E W CO OHIO	617,031	$11.72M	7.8%	$11.98	+28.2%	CL A NEW	811054402
USLM	US LIME & MINERAL	127,262	$6.999M	4.6%	$10.03	+2.0%	COM	911922102
EML	EASTERN CO	367,274	$6.802M	4.5%	$12.34	+13.9%	COM	276317104
INFU	INFUSYSTEM HLDGS INC	2,087,064	$6.303M	4.2%	$1.66	+72.1%	COM	45685K102
NVGS	NAVIGATOR HOLDINGS LTD	381,534	$5.211M	3.4%	$32.24	-59.1%	SHS	Y62132108
CAC	CAMDEN NATIONAL CORP	115,836	$5.104M	3.4%	$15.06	+32.0%	COM	133034108
ESCA	ESCALADE INC	347,222	$4.601M	3.0%	$3.71	+151.9%	COM	296056104
—	COMPUTER TASK GROUP INC	671,487	$4.398M	2.9%	$7.95	—	COM	205477102
—	AH BELO CORP	807,790	$4.039M	2.7%	$6.80	—	COM CL A	001282102
TRNS	TRANSCAT INC	413,754	$3.972M	2.6%	$6.66	+43.1%	COM	893529107
VIRC	VIRCO MANUFACTURING CO	1,044,448	$3.426M	2.3%	$2.17	+56.8%	COM	927651109
GLDD	GREAT LAKES DREDGE & DOCK CO	793,477	$3.142M	2.1%	$6.83	-35.2%	COM	390607109
—	UNIVERSAL STAINLESS & ALLOY	309,370	$2.867M	1.9%	$11.41	—	COM	913837100
—	RAND LOGISTICS INC	1,760,843	$2.817M	1.9%	$3.13	—	COM	752182105
SGA	SAGA COMMUNICATIONS INC	62,997	$2.4M	1.6%	$37.83	+8.8%	CL A NEW	786598300
DLX	DELUXE CORP	43,300	$2.362M	1.6%	$23.94	+60.4%	COM	248019101
DORM	DORMAN PRODUCTS INC	45,640	$2.167M	1.4%	$41.59	+17.2%	COM	258278100
—	MALVERN BANCORP INC	120,000	$2.107M	1.4%	$11.97	—	COM	561409103
PBHC	PATHFINDER BANCORP INC	159,374	$2.048M	1.4%	$7.84	+22.5%	COM	70319R109
—	CHARTER FINL CORP MD	139,658	$1.838M	1.2%	$10.08	—	COM	16122W108
—	ATRION CORP	4,698	$1.788M	1.2%	$218.05	—	COM	049904105
—	ONVIA INC	454,053	$1.634M	1.1%	$4.41	—	COM NEW	68338T403
CECO	CECO ENVIRONMENTAL CORP	211,211	$1.622M	1.1%	$8.73	-9.0%	COM	125141101
—	GLOBAL POWER EQUIP GP I	462,909	$1.611M	1.1%	$16.03	—	COM PAR $0.01	37941P306
—	CENTURY BANCORP INC MASS	36,113	$1.559M	1.0%	$34.86	—	CL A NON VTG	156432106
—	NATIONAL PENN BANCSHARES INC	120,490	$1.485M	1.0%	$10.54	—	COM	637138108
FSTR	FOSTER L B CO	106,132	$1.45M	1.0%	$42.68	-68.4%	COM	350060109
—	CHEMICAL FINANCIAL	41,735	$1.428M	0.9%	$33.04	—	COM	163731102
—	IBERIABANK CORP	25,912	$1.425M	0.9%	$69.16	—	COM	450828108
PRA	PROASSURANCE CORP	28,358	$1.376M	0.9%	$49.77	+3.2%	COM	74267C106
—	JOURNAL MEDIA GROUP INC	113,686	$1.367M	0.9%	$8.80	—	CL A	48114A109
ATRO	ASTRONICS CORP	33,489	$1.361M	0.9%	$24.72	+13.3%	COM	046433108
FNB	FNB CORP	96,546	$1.287M	0.9%	$7.96	+16.0%	COM	302520101
DWSN	DAWSON GEOPHYSICAL CO NEW	370,665	$1.275M	0.8%	$4.44	-30.0%	COM	239360100
—	INVESTORS BANCORP INC NEW	92,701	$1.153M	0.8%	$10.13	—	COM	46146L101
ASML	ASML HOLDING N V	12,363	$1.097M	0.7%	$80.39	—	NY REG SHS	N07059210
—	JOURNAL MEDIA GROUP INC	82,082	$987K	0.7%	$8.28	—	CL A	48114A102
NWBI	NORTHWEST BANCSHARES INC MD	73,625	$986K	0.7%	$5.92	+29.7%	COM	667340103
—	STATE AUTO FINANCIAL CORP	44,458	$912K	0.6%	$21.91	—	COM	855707105
CZNC	CITIZENS & NORTHERN CORP	42,900	$901K	0.6%	$10.60	+14.5%	COM	172922106
—	JACKSONVILLE BANCORP INC MD	31,145	$779K	0.5%	$19.07	—	COM	46924R106
—	ECOLOGY & ENVRNMT INC	75,674	$772K	0.5%	$10.39	—	CL A	278878103
—	MUTUALFIRST FINL INC	30,926	$759K	0.5%	$13.90	—	COM	62845B104
CBU	COMMUNITY BANK SYS INC	16,772	$670K	0.4%	$21.43	+40.4%	COM	203607106
HBNC	HORIZON BANCORP INDIANA	19,879	$556K	0.4%	$10.93	+8.5%	COM	440407104
AP	AMPCO-PITTSBURGH CORP	42,200	$433K	0.3%	$15.69	-31.5%	COM	032037103
OFED	OCONEE FED FINL CORP	22,902	$430K	0.3%	$15.36	+22.5%	COM	675607105
NWFL	NORWOOD FINANCIAL CORP	14,737	$417K	0.3%	$19.52	-2.3%	COM	669549107
ASRV	AMERISERV FINANC INC	128,000	$409K	0.3%	$2.21	+10.5%	COM	03074A102
—	BENEFICIAL BANCORP INC	30,231	$403K	0.3%	$11.28	—	COM	08171T102
—	VILLAGE BANK & TRUST FIN CO	21,037	$400K	0.3%	$19.68	—	COM	92705T200
—	LAKE SHORE BANCORP INC	29,669	$399K	0.3%	$11.22	—	COM	510700107
DGICA	DONEGAL GROUP INC	28,162	$395K	0.3%	$8.88	+2.7%	CL A	257701201
SIF	SIFCO INDUSTRIES INC	40,203	$382K	0.3%	$14.69	-19.3%	COM	826546103
—	PROV & WOR RAILRD CO	27,000	$372K	0.2%	$15.19	—	COM	743737108
—	EMCLAIRE FINANCIAL CORP	15,359	$369K	0.2%	$22.79	—	COM	290828102
DGICB	DONEGAL GROUP INC	21,506	$347K	0.2%	$13.65	-11.5%	CL B	257701300
EBMT	EAGLE BANCORP MONT INC	25,598	$317K	0.2%	$7.64	+17.3%	COM	26942G100
FRME	FIRST MERCHANTS CORP	11,960	$304K	0.2%	$15.38	+27.6%	COM	320817109
TG	TREDEGAR CORP	19,377	$264K	0.2%	$10.18	-20.0%	COM	894650100
—	PSB HOLDINGS INC	25,897	$263K	0.2%	$5.99	—	COM	69360W108
—	BREEZE EASTERN CORP	13,000	$257K	0.2%	$8.77	—	COM	106764103
KOSS	KOSS CORP	116,346	$227K	0.2%	$2.88	-26.2%	COM	500692108
—	MER TELEMANAGEMENT SOLUTIONS	222,625	$182K	0.1%	$1.50	—	SHS	M69676126
WSBF	WATERSTONE FINANCIAL INC MD	12,829	$181K	0.1%	$10.47	+30.5%	COM	94188P101
ACNT	SYNALLOY CP DEL	19,100	$131K	0.1%	$7.92	0.0%	COM	871565107
AEHR	AEHR TEST SYSTEMS	58,702	$111K	0.1%	$1.20	+69.5%	COM	00760J108
ICCC	IMMUCELL CORP	14,559	$108K	0.1%	$8.16	-13.3%	COM	452525306
—	MAM SOFTWARE GROUP INC	10,330	$72,000	0.0%	$4.74	—	COM NEW	55277Q201
—	COMMAND SECURITY CORP	30,550	$70,000	0.0%	$1.82	—	COM	20050L100
—	COMMUNITY BANK SYS INC	27	$1,000	0.0%	$37.04	—	COM	203607107