Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CHASE CORP	178,671	$20.81M	11.0%	$22.36	—	COM	16150R104
—	KAPSTONE PAPER & PACKAGING CORP	479,590	$16.45M	8.7%	$34.87	—	COM	48562P103
USLM	US LIME & MINERAL	144,979	$10.49M	5.5%	$10.18	+47.7%	COM	911922102
—	UNIVERSAL STAINLESS & ALLOY	384,763	$10.48M	5.5%	$11.17	—	COM	913837100
EML	EASTERN CO	357,001	$10.16M	5.4%	$12.34	+87.8%	COM	276317104
—	COMPUTER TASK GROUP INC	1,094,726	$8.955M	4.7%	$6.78	—	COM	205477102
SSP	SCRIPPS E W CO OHIO	608,907	$7.301M	3.9%	$11.98	-8.5%	CL A NEW	811054402
CAC	CAMDEN NATIONAL CORP	160,658	$7.119M	3.8%	$18.90	+69.3%	COM	133034108
TRNS	TRANSCAT INC	408,754	$6.376M	3.4%	$6.66	+124.9%	COM	893529107
INFU	INFUSYSTEM HLDGS INC	2,126,064	$6.165M	3.3%	$1.69	+39.2%	COM	45685K102
ESCA	ESCALADE INC	424,798	$5.777M	3.0%	$4.38	+113.0%	COM	296056104
GLDD	GREAT LAKES DREDGE & DOCK CO	1,111,333	$5.056M	2.7%	$6.04	-21.5%	COM	390607109
—	ENTERCOM COMMUNICATIONS	521,978	$5.037M	2.7%	$10.34	—	COM	293639100
—	AH BELO CORP	915,437	$4.714M	2.5%	$6.77	—	COM CL A	001282102
NVGS	NAVIGATOR HOLDINGS LTD	380,034	$4.466M	2.4%	$32.24	-65.5%	SHS	Y62132108
VIRC	VIRCO MANUFACTURING CO	1,056,856	$4.333M	2.3%	$2.17	+108.1%	COM	927651109
PBHC	PATHFINDER BANCORP INC	198,639	$3.04M	1.6%	$8.83	+47.1%	COM	70319R109
—	PATRIOT TRANSPORTATION HOLDING INC	156,106	$2.89M	1.5%	$17.33	—	COM	70338W105
—	CHARTER FINL CORP MD	139,673	$2.848M	1.5%	$10.08	—	COM	16122W108
SGA	SAGA COMMUNICATIONS INC	71,509	$2.664M	1.4%	$38.35	+3.2%	CL A NEW	786598300
—	CENTURY BANCORP INC MASS	32,613	$2.576M	1.4%	$34.86	—	CL A NON VTG	156432106
NODK	NI HOLDINGS INC	154,900	$2.562M	1.4%	$15.17	+9.7%	COM	65342T106
DLX	DELUXE CORP	34,300	$2.538M	1.3%	$23.94	+114.4%	COM	248019101
DWSN	DAWSON GEOPHYSICAL CO NEW	378,825	$2.53M	1.3%	$4.42	+13.1%	COM	239360100
FSTR	FOSTER L B CO	102,232	$2.402M	1.3%	$42.68	-39.5%	COM	350060109
KURA	KURA ONCOLOGY INC	103,021	$1.931M	1.0%	$3.11	+525.9%	COM	50127T109
DORM	DORMAN PRODUCTS INC	24,970	$1.654M	0.9%	$41.59	+71.3%	COM	258278100
PRA	PROASSURANCE CORP	28,358	$1.376M	0.7%	$49.77	+4.4%	COM	74267C106
FNB	FNB CORP	96,548	$1.298M	0.7%	$7.96	+30.4%	COM	302520101
—	INVESTORS BANCORP INC NEW	92,701	$1.264M	0.7%	$10.13	—	COM	46146L101
ATRO	ASTRONICS CORP	33,489	$1.247M	0.7%	$24.72	+41.1%	COM	046433108
NWBI	NORTHWEST BANCSHARES INC MD	73,625	$1.216M	0.6%	$5.92	+77.4%	COM	667340103
ACNT	SYNALLOY CP DEL	84,755	$1.212M	0.6%	$7.63	+78.0%	COM	871565107
—	MALVERN BANCORP INC	44,781	$1.164M	0.6%	$11.97	—	COM	561409103
—	MUTUALFIRST FINL INC	30,926	$1.113M	0.6%	$13.90	—	COM	62845B104
—	JACKSONVILLE BANCORP INC MD	31,145	$1.035M	0.5%	$19.07	—	COM	46924R106
CZNC	CITIZENS & NORTHERN CORP	42,900	$988K	0.5%	$10.60	+47.8%	COM	172922106
—	ECOLOGY & ENVRNMT INC	82,367	$956K	0.5%	$10.38	—	CL A	278878103
—	STATE AUTO FINANCIAL CORP	31,663	$903K	0.5%	$22.01	—	COM	855707105
CBU	COMMUNITY BANK SYS INC	16,772	$898K	0.5%	$21.43	+102.1%	COM	203607106
HBNC	HORIZON BANCORP INDIANA	29,816	$894K	0.5%	$12.29	+58.7%	COM	440407104
—	BB&T CORP	16,170	$842K	0.4%	$35.63	—	COM	054937107
—	VILLAGE BANK & TRUST FIN CO	21,044	$679K	0.4%	$19.68	—	COM	92705T200
CECO	CECO ENVIRONMENTAL CORP	150,922	$672K	0.4%	$8.73	-46.4%	COM	125141101
—	CSS INDUSTRIES INC	37,338	$653K	0.3%	$25.99	—	COM	125906107
OFED	OCONEE FED FINL CORP	22,902	$652K	0.3%	$15.36	+88.4%	COM	675607105
SIF	SIFCO INDUSTRIES INC	105,035	$579K	0.3%	$9.07	-33.6%	COM	826546103
—	CHEMICAL FINANCIAL	10,425	$570K	0.3%	$33.04	—	COM	163731102
EBMT	EAGLE BANCORP MONT INC	25,598	$531K	0.3%	$7.64	+111.8%	COM	26942G100
ASRV	AMERISERV FINANC INC	128,000	$512K	0.3%	$2.21	+42.4%	COM	03074A102
—	LAKE SHORE BANCORP INC	29,669	$500K	0.3%	$11.22	—	COM	510700107
FRME	FIRST MERCHANTS CORP	11,960	$499K	0.3%	$15.38	+115.9%	COM	320817109
—	EMCLAIRE FINANCIAL CORP	15,359	$477K	0.3%	$22.79	—	COM	290828102
—	BENEFICIAL BANCORP INC	30,231	$470K	0.2%	$11.28	—	COM	08171T102
NWFL	NORWOOD FINANCIAL CORP	15,811	$470K	0.2%	$22.47	+37.1%	COM	669549107
KOSS	KOSS CORP	260,269	$463K	0.2%	$2.28	-11.3%	COM	500692108
—	ICC HOLDINGS INC	30,000	$451K	0.2%	$15.82	—	COM	44931Q104
DGICA	DONEGAL GROUP INC	28,162	$445K	0.2%	$8.88	+30.3%	CL A	257701201
LGL	LGL GROUP INC	72,960	$407K	0.2%	$2.15	-2.8%	COM	50186A108
—	HV BANCORP INC	25,890	$367K	0.2%	$14.06	—	COM	40441H105
ASML	ASML HOLDING N V	1,807	$358K	0.2%	$80.39	—	NY REG SHS	N07059210
—	PB BANCORP INC	30,833	$322K	0.2%	$8.38	—	COM	70454T100
DGICB	DONEGAL GROUP INC	21,506	$301K	0.2%	$13.65	-23.1%	CL B	257701300
—	CONTINENTAL MATERIALS CORP	14,577	$287K	0.2%	$19.13	—	COM PAR $0.25	211615307
—	FSB BANCORP INC	11,040	$187K	0.1%	$12.53	—	COM	30289C102
—	SAEXPLORATION HOLDINGS INC	142,485	$187K	0.1%	$7.27	—	COM NEW	78636X204
CIX	COMPX INTERNATIONAL	12,709	$176K	0.1%	$6.63	+34.3%	CL A	20563P101
—	RAND CAPITAL CORP	44,495	$119K	0.1%	$2.67	—	COM	752185108
III	INFORMATION SVCS GROUP	27,294	$114K	0.1%	$2.79	+27.8%	COM	45675Y104
ICCC	IMMUCELL CORP	14,559	$102K	0.1%	$8.16	-10.3%	COM	452525306
—	MAM SOFTWARE GROUP INC	10,330	$81,000	0.0%	$4.74	—	COM NEW	55277Q201
—	MER TELEMANAGEMENT SOLUTIONS	41,356	$72,000	0.0%	$2.16	—	SHS	M69676209
—	COMMAND SECURITY CORP	19,995	$62,000	0.0%	$1.82	—	COM	20050L100
—	VOLT INFORMATION SCIENCES	20,300	$61,000	0.0%	$3.00	—	COM	928703107
AEHR	AEHR TEST SYSTEMS	25,313	$57,000	0.0%	$1.22	+107.4%	COM	00760J108
—	VILLAGE BANK & TRUST FIN CO	900	$29,000	0.0%	$32.22	—	COM	92705T201
—	COMMUNITY BANK SYS INC	27	$1,000	0.0%	$37.04	—	COM	203607107