Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CHASE CORP	253,912	$27.09M	15.0%	$22.36	—	COM	16150R104
USLM	US LIME & MINERAL	146,779	$11.47M	6.4%	$10.18	+54.2%	COM	911922102
—	KAPSTONE PAPER & PACKAGING CORP	555,649	$11.46M	6.4%	$34.87	—	COM	48562P103
SSP	SCRIPPS E W CO OHIO	608,907	$10.84M	6.0%	$11.98	+22.7%	CL A NEW	811054402
EML	EASTERN CO	357,001	$10.67M	5.9%	$12.34	+93.8%	COM	276317104
CAC	CAMDEN NATIONAL CORP	160,658	$6.888M	3.8%	$18.90	+62.3%	COM	133034108
—	COMPUTER TASK GROUP INC	1,057,140	$5.899M	3.3%	$6.86	—	COM	205477102
VIRC	VIRCO MANUFACTURING CO	1,043,108	$5.529M	3.1%	$2.17	+104.3%	COM	927651109
ESCA	ESCALADE INC	424,798	$5.522M	3.1%	$4.38	+102.4%	COM	296056104
—	AH BELO CORP	897,493	$4.936M	2.7%	$6.79	—	COM CL A	001282102
TRNS	TRANSCAT INC	408,754	$4.926M	2.7%	$6.66	+80.8%	COM	893529107
GLDD	GREAT LAKES DREDGE & DOCK CO	1,109,384	$4.715M	2.6%	$6.04	-27.9%	COM	390607109
—	UNIVERSAL STAINLESS & ALLOY	388,059	$4.676M	2.6%	$11.17	—	COM	913837100
INFU	INFUSYSTEM HLDGS INC	2,056,064	$3.598M	2.0%	$1.66	+8.3%	COM	45685K102
NVGS	NAVIGATOR HOLDINGS LTD	380,034	$3.154M	1.7%	$32.24	-70.2%	SHS	Y62132108
DLX	DELUXE CORP	43,300	$2.997M	1.7%	$23.94	+99.3%	COM	248019101
SGA	SAGA COMMUNICATIONS INC	62,997	$2.882M	1.6%	$37.83	+31.4%	CL A NEW	786598300
NODK	NI HOLDINGS INC	154,900	$2.766M	1.5%	$15.17	+10.0%	COM	65342T106
KURA	KURA ONCOLOGY INC	289,721	$2.68M	1.5%	$3.11	+192.6%	COM	50127T109
—	CHARTER FINL CORP MD	139,658	$2.509M	1.4%	$10.08	—	COM	16122W108
PBHC	PATHFINDER BANCORP INC	159,374	$2.44M	1.4%	$7.84	+61.2%	COM	70319R109
—	MALVERN BANCORP INC	97,789	$2.342M	1.3%	$11.97	—	COM	561409103
FSTR	FOSTER L B CO	102,232	$2.183M	1.2%	$42.68	-60.3%	COM	350060109
—	CENTURY BANCORP INC MASS	33,613	$2.133M	1.2%	$34.86	—	CL A NON VTG	156432106
DORM	DORMAN PRODUCTS INC	24,970	$2.066M	1.1%	$41.59	+96.3%	COM	258278100
—	ONVIA INC	455,450	$1.958M	1.1%	$4.41	—	COM NEW	68338T403
CECO	CECO ENVIRONMENTAL CORP	197,660	$1.811M	1.0%	$8.73	+13.6%	COM	125141101
PRA	PROASSURANCE CORP	28,358	$1.724M	1.0%	$49.77	+20.6%	COM	74267C106
DWSN	DAWSON GEOPHYSICAL CO NEW	378,825	$1.481M	0.8%	$4.42	-15.6%	COM	239360100
FNB	FNB CORP	96,548	$1.368M	0.8%	$7.96	+26.0%	COM	302520101
—	IBERIABANK CORP	16,412	$1.337M	0.7%	$69.16	—	COM	450828108
—	INVESTORS BANCORP INC NEW	92,701	$1.238M	0.7%	$10.13	—	COM	46146L101
ASML	ASML HOLDING N V	9,459	$1.232M	0.7%	$80.39	—	NY REG SHS	N07059210
NWBI	NORTHWEST BANCSHARES INC MD	73,625	$1.148M	0.6%	$5.92	+63.2%	COM	667340103
—	MUTUALFIRST FINL INC	30,926	$1.098M	0.6%	$13.90	—	COM	62845B104
ATRO	ASTRONICS CORP	33,489	$1.019M	0.6%	$24.72	+5.7%	COM	046433108
—	CSS INDUSTRIES INC	38,338	$1.003M	0.6%	$25.99	—	COM	125906107
CZNC	CITIZENS & NORTHERN CORP	42,900	$996K	0.6%	$10.60	+40.0%	COM	172922106
—	ECOLOGY & ENVRNMT INC	78,274	$979K	0.5%	$10.37	—	CL A	278878103
ACNT	SYNALLOY CP DEL	84,755	$941K	0.5%	$7.63	+53.7%	COM	871565107
CBU	COMMUNITY BANK SYS INC	16,772	$935K	0.5%	$21.43	+101.5%	COM	203607106
—	JACKSONVILLE BANCORP INC MD	31,145	$923K	0.5%	$19.07	—	COM	46924R106
—	STATE AUTO FINANCIAL CORP	33,863	$870K	0.5%	$22.01	—	COM	855707105
HBNC	HORIZON BANCORP INDIANA	29,816	$785K	0.4%	$12.29	+41.3%	COM	440407104
—	BB&T CORP	16,170	$734K	0.4%	$35.63	—	COM	054937107
—	RAND LOGISTICS INC	1,794,669	$682K	0.4%	$3.06	—	COM	752182105
—	VILLAGE BANK & TRUST FIN CO	21,037	$667K	0.4%	$19.68	—	COM	92705T200
OFED	OCONEE FED FINL CORP	22,902	$630K	0.3%	$15.36	+75.0%	COM	675607105
—	SAEXPLORATION HOLDINGS INC	191,685	$616K	0.3%	$7.27	—	COM NEW	78636X204
ASRV	AMERISERV FINANC INC	128,000	$525K	0.3%	$2.21	+38.6%	COM	03074A102
—	ICC HOLDINGS INC	30,000	$519K	0.3%	$15.82	—	COM	44931Q104
—	CHEMICAL FINANCIAL	10,425	$504K	0.3%	$33.04	—	COM	163731102
FRME	FIRST MERCHANTS CORP	11,960	$480K	0.3%	$15.38	+101.0%	COM	320817109
—	LAKE SHORE BANCORP INC	29,669	$466K	0.3%	$11.22	—	COM	510700107
EBMT	EAGLE BANCORP MONT INC	25,598	$463K	0.3%	$7.64	+92.4%	COM	26942G100
NWFL	NORWOOD FINANCIAL CORP	10,792	$455K	0.3%	$19.52	+35.2%	COM	669549107
—	BENEFICIAL BANCORP INC	30,231	$452K	0.3%	$11.28	—	COM	08171T102
DGICA	DONEGAL GROUP INC	28,162	$447K	0.2%	$8.88	+26.2%	CL A	257701201
—	EMCLAIRE FINANCIAL CORP	15,359	$429K	0.2%	$22.79	—	COM	290828102
—	ENTERCOM COMMUNICATIONS	36,946	$381K	0.2%	$10.31	—	COM	293639100
—	HV BANCORP INC	25,890	$375K	0.2%	$14.06	—	COM	40441H105
—	PB BANCORP INC	30,833	$321K	0.2%	$8.38	—	COM	70454T100
DGICB	DONEGAL GROUP INC	21,506	$312K	0.2%	$13.65	-21.3%	CL B	257701300
KOSS	KOSS CORP	169,209	$303K	0.2%	$2.63	-25.8%	COM	500692108
SIF	SIFCO INDUSTRIES INC	35,318	$235K	0.1%	$14.69	-49.5%	COM	826546103
CIX	COMPX INTERNATIONAL	12,709	$193K	0.1%	$6.63	+39.3%	CL A	20563P101
—	FSB BANCORP INC	10,934	$160K	0.1%	$12.53	—	COM	30289C102
—	INOTEK PHARMACEUTICALS CORP	64,759	$120K	0.1%	$1.95	—	COM	45780V102
—	MER TELEMANAGEMENT SOLUTIONS	222,625	$118K	0.1%	$1.50	—	SHS	M69676126
III	INFORMATION SVCS GROUP	27,294	$112K	0.1%	$2.79	+9.2%	COM	45675Y104
ICCC	IMMUCELL CORP	14,559	$103K	0.1%	$8.16	-27.2%	COM	452525306
AEHR	AEHR TEST SYSTEMS	25,313	$94,000	0.1%	$1.22	+245.4%	COM	00760J108
—	MAM SOFTWARE GROUP INC	10,330	$69,000	0.0%	$4.74	—	COM NEW	55277Q201
—	COMMAND SECURITY CORP	19,995	$64,000	0.0%	$1.82	—	COM	20050L100
—	SIERRA ONCOLOGY INC	31,880	$58,000	0.0%	$1.82	—	COM	82640U107
—	COMMUNITY BANK SYS INC	27	$2,000	0.0%	$37.04	—	COM	203607107