Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CHASE CORP	396,296	$20.84M	14.1%	$22.36	—	COM	16150R104
SSP	SCRIPPS E W CO OHIO	617,031	$9.62M	6.5%	$11.98	+10.3%	CL A NEW	811054402
—	KAPSTONE PAPER & PACKAGING CORP	559,249	$7.745M	5.3%	$34.87	—	COM	48562P103
USLM	US LIME & MINERAL	127,262	$7.637M	5.2%	$10.03	+7.9%	COM	911922102
INFU	INFUSYSTEM HLDGS INC	2,087,064	$7.346M	5.0%	$1.66	+89.7%	COM	45685K102
NVGS	NAVIGATOR HOLDINGS LTD	381,534	$6.162M	4.2%	$32.24	-56.3%	SHS	Y62132108
EML	EASTERN CO	367,641	$6.037M	4.1%	$12.34	+9.1%	COM	276317104
—	COMPUTER TASK GROUP INC	980,387	$5.009M	3.4%	$7.06	—	COM	205477102
CAC	CAMDEN NATIONAL CORP	115,836	$4.865M	3.3%	$15.06	+25.7%	COM	133034108
TRNS	TRANSCAT INC	413,754	$4.195M	2.8%	$6.66	+43.9%	COM	893529107
ESCA	ESCALADE INC	347,222	$4.086M	2.8%	$3.71	+123.1%	COM	296056104
—	AH BELO CORP	821,890	$3.953M	2.7%	$6.77	—	COM CL A	001282102
—	UNIVERSAL STAINLESS & ALLOY	375,220	$3.823M	2.6%	$11.19	—	COM	913837100
GLDD	GREAT LAKES DREDGE & DOCK CO	825,197	$3.672M	2.5%	$6.71	-46.6%	COM	390607109
VIRC	VIRCO MANUFACTURING CO	1,044,448	$3.217M	2.2%	$2.17	+47.9%	COM	927651109
DLX	DELUXE CORP	43,300	$2.706M	1.8%	$23.94	+55.8%	COM	248019101
SGA	SAGA COMMUNICATIONS INC	62,997	$2.524M	1.7%	$37.83	+3.6%	CL A NEW	786598300
DORM	DORMAN PRODUCTS INC	45,640	$2.482M	1.7%	$41.59	+14.2%	COM	258278100
—	MALVERN BANCORP INC	120,000	$1.922M	1.3%	$11.97	—	COM	561409103
FSTR	FOSTER L B CO	106,132	$1.92M	1.3%	$42.68	-69.1%	COM	350060109
—	CHARTER FINL CORP MD	139,658	$1.838M	1.2%	$10.08	—	COM	16122W108
PBHC	PATHFINDER BANCORP INC	159,374	$1.756M	1.2%	$7.84	+25.5%	COM	70319R109
—	RAND LOGISTICS INC	1,816,669	$1.747M	1.2%	$3.06	—	COM	752182105
DWSN	DAWSON GEOPHYSICAL CO NEW	370,665	$1.694M	1.1%	$4.44	-34.5%	COM	239360100
—	ONVIA INC	454,053	$1.589M	1.1%	$4.41	—	COM NEW	68338T403
—	CHEMICAL FINANCIAL	41,735	$1.49M	1.0%	$33.04	—	COM	163731102
—	ATRION CORP	3,656	$1.437M	1.0%	$218.05	—	COM	049904105
PRA	PROASSURANCE CORP	28,358	$1.435M	1.0%	$49.77	-0.8%	COM	74267C106
—	CENTURY BANCORP INC MASS	36,113	$1.405M	1.0%	$34.86	—	CL A NON VTG	156432106
—	IBERIABANK CORP	25,912	$1.328M	0.9%	$69.16	—	COM	450828108
CECO	CECO ENVIRONMENTAL CORP	211,211	$1.311M	0.9%	$8.73	-26.4%	COM	125141101
—	JOURNAL MEDIA GROUP INC	108,368	$1.296M	0.9%	$8.80	—	CL A	48114A109
ATRO	ASTRONICS CORP	33,489	$1.277M	0.9%	$24.72	-0.1%	COM	046433108
FNB	FNB CORP	96,546	$1.256M	0.9%	$7.96	+6.6%	COM	302520101
ASML	ASML HOLDING N V	12,363	$1.241M	0.8%	$80.39	—	NY REG SHS	N07059210
—	INVESTORS BANCORP INC NEW	92,701	$1.078M	0.7%	$10.13	—	COM	46146L101
—	NATIONAL PENN BANCSHARES INC	95,490	$1.017M	0.7%	$10.54	—	COM	637138108
NWBI	NORTHWEST BANCSHARES INC MD	73,625	$995K	0.7%	$5.92	+23.8%	COM	667340103
—	JOURNAL MEDIA GROUP INC	78,235	$936K	0.6%	$8.28	—	CL A	48114A102
CZNC	CITIZENS & NORTHERN CORP	42,900	$853K	0.6%	$10.60	+14.5%	COM	172922106
—	STATE AUTO FINANCIAL CORP	37,552	$827K	0.6%	$21.91	—	COM	855707105
—	JACKSONVILLE BANCORP INC MD	31,145	$794K	0.5%	$19.07	—	COM	46924R106
—	ECOLOGY & ENVRNMT INC	78,274	$786K	0.5%	$10.37	—	CL A	278878103
—	MUTUALFIRST FINL INC	30,926	$780K	0.5%	$13.90	—	COM	62845B104
CBU	COMMUNITY BANK SYS INC	16,772	$641K	0.4%	$21.43	+30.1%	COM	203607106
HBNC	HORIZON BANCORP INDIANA	19,879	$491K	0.3%	$10.93	+1.4%	COM	440407104
OFED	OCONEE FED FINL CORP	22,902	$424K	0.3%	$15.36	+25.4%	COM	675607105
—	BENEFICIAL BANCORP INC	30,231	$414K	0.3%	$11.28	—	COM	08171T102
DGICA	DONEGAL GROUP INC	28,162	$402K	0.3%	$8.88	+5.5%	CL A	257701201
NWFL	NORWOOD FINANCIAL CORP	14,737	$402K	0.3%	$19.52	-6.4%	COM	669549107
—	VILLAGE BANK & TRUST FIN CO	21,037	$398K	0.3%	$19.68	—	COM	92705T200
—	LAKE SHORE BANCORP INC	29,669	$394K	0.3%	$11.22	—	COM	510700107
—	PROV & WOR RAILRD CO	27,000	$389K	0.3%	$15.19	—	COM	743737108
ASRV	AMERISERV FINANC INC	128,000	$382K	0.3%	$2.21	+4.9%	COM	03074A102
—	EMCLAIRE FINANCIAL CORP	15,359	$363K	0.2%	$22.79	—	COM	290828102
SIF	SIFCO INDUSTRIES INC	38,818	$360K	0.2%	$14.69	-42.1%	COM	826546103
EBMT	EAGLE BANCORP MONT INC	25,598	$311K	0.2%	$7.64	+18.4%	COM	26942G100
FRME	FIRST MERCHANTS CORP	11,960	$282K	0.2%	$15.38	+11.1%	COM	320817109
ACNT	SYNALLOY CP DEL	35,300	$279K	0.2%	$7.70	-3.3%	COM	871565107
—	PB BANCORP INC	30,793	$258K	0.2%	$8.38	—	COM	70454T100
KOSS	KOSS CORP	117,986	$248K	0.2%	$2.87	-29.6%	COM	500692108
DGICB	DONEGAL GROUP INC	21,506	$246K	0.2%	$13.65	-28.9%	CL B	257701300
—	MER TELEMANAGEMENT SOLUTIONS	222,625	$225K	0.2%	$1.50	—	SHS	M69676126
AEHR	AEHR TEST SYSTEMS	77,402	$162K	0.1%	$1.22	+5.6%	COM	00760J108
CIX	COMPX INTERNATIONAL	11,800	$124K	0.1%	$6.47	0.0%	CL A	20563P101
ICCC	IMMUCELL CORP	14,559	$100K	0.1%	$8.16	-18.3%	COM	452525306
—	COMMAND SECURITY CORP	30,550	$70,000	0.0%	$1.82	—	COM	20050L100
—	MAM SOFTWARE GROUP INC	10,330	$54,000	0.0%	$4.74	—	COM NEW	55277Q201
—	COMMUNITY BANK SYS INC	27	$1,000	0.0%	$37.04	—	COM	203607107