Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	CHASE CORP	178,671	$20.95M	10.7%	$117.25	$22.36	—	COM	16150R104
—	KAPSTONE PAPER & PACKAGING CORP	479,590	$16.55M	8.5%	$34.50	$34.87	—	COM	48562P103
USLM	US LIME & MINERAL	144,979	$11.76M	6.0%	$81.08 *	$10.18	+53.9%	COM	911922102
EML	EASTERN CO	357,001	$9.996M	5.1%	$28.00 *	$12.34	+105.7%	COM	276317104
—	UNIVERSAL STAINLESS & ALLOY	381,563	$9.024M	4.6%	$23.65	$11.17	—	COM	913837100
SSP	SCRIPPS E W CO OHIO	628,907	$8.421M	4.3%	$13.39 *	$11.89	-21.3%	CL A NEW	811054402
—	COMPUTER TASK GROUP INC	1,073,395	$8.287M	4.2%	$7.72	$6.78	—	COM	205477102
TRNS	TRANSCAT INC	408,754	$7.644M	3.9%	$18.70 *	$6.66	+165.1%	COM	893529107
INFU	INFUSYSTEM HLDGS INC	2,127,064	$7.551M	3.9%	$3.55 *	$1.69	+74.8%	COM	45685K102
CAC	CAMDEN NATIONAL CORP	160,658	$7.344M	3.8%	$45.71 *	$18.90	+77.9%	COM	133034108
ESCA	ESCALADE INC	424,798	$5.968M	3.1%	$14.05 *	$4.38	+131.2%	COM	296056104
GLDD	GREAT LAKES DREDGE & DOCK CO	1,111,333	$5.835M	3.0%	$5.25 *	$6.04	-18.5%	COM	390607109
NVGS	NAVIGATOR HOLDINGS LTD	382,534	$4.839M	2.5%	$12.65 *	$32.24	-65.8%	SHS	Y62132108
VIRC	VIRCO MANUFACTURING CO	1,060,367	$4.719M	2.4%	$4.45	$2.17	+102.6%	COM	927651109
—	AH BELO CORP	920,680	$4.327M	2.2%	$4.70	$6.77	—	COM CL A	001282102
—	ENTERCOM COMMUNICATIONS	563,702	$4.256M	2.2%	$7.55	$10.14	—	COM	293639100
—	CHARTER FINL CORP MD	139,673	$3.374M	1.7%	$24.16	$10.08	—	COM	16122W108
—	PATRIOT TRANSPORTATION HOLDING INC	158,992	$3.339M	1.7%	$21.00	$17.40	—	COM	70338W105
DWSN	DAWSON GEOPHYSICAL CO NEW	397,763	$3.142M	1.6%	$7.90 *	$4.50	+34.0%	COM	239360100
PBHC	PATHFINDER BANCORP INC	200,264	$3.104M	1.6%	$15.50 *	$8.83	+50.5%	COM	70319R109
SGA	SAGA COMMUNICATIONS INC	71,509	$2.753M	1.4%	$38.50	$38.35	+0.2%	CL A NEW	786598300
NODK	NI HOLDINGS INC	154,900	$2.626M	1.3%	$16.95 *	$15.17	+8.7%	COM	65342T106
—	CENTURY BANCORP INC MASS	32,613	$2.475M	1.3%	$75.89	$34.86	—	CL A NON VTG	156432106
FSTR	FOSTER L B CO	102,232	$2.346M	1.2%	$22.95 *	$42.68	-43.8%	COM	350060109
DLX	DELUXE CORP	34,300	$2.271M	1.2%	$66.21 *	$23.94	+104.0%	COM	248019101
KURA	KURA ONCOLOGY INC	103,019	$1.875M	1.0%	$18.20 *	$3.11	+444.6%	COM	50127T109
DORM	DORMAN PRODUCTS INC	24,970	$1.705M	0.9%	$68.28	$41.59	+62.0%	COM	258278100
ACNT	SYNALLOY CP DEL	84,755	$1.683M	0.9%	$19.86 *	$7.63	+134.9%	COM	871565107
FNB	FNB CORP	96,548	$1.295M	0.7%	$13.41 *	$7.96	+24.8%	COM	302520101
NWBI	NORTHWEST BANCSHARES INC MD	73,625	$1.28M	0.7%	$17.39 *	$5.92	+81.7%	COM	667340103
ATRO	ASTRONICS CORP	34,647	$1.245M	0.6%	$35.93 *	$24.93	+24.3%	COM	046433108
—	INVESTORS BANCORP INC NEW	92,701	$1.186M	0.6%	$12.79	$10.13	—	COM	46146L101
—	MUTUALFIRST FINL INC	30,926	$1.166M	0.6%	$37.70	$13.90	—	COM	62845B104
CZNC	CITIZENS & NORTHERN CORP	42,900	$1.107M	0.6%	$25.80 *	$10.60	+58.5%	COM	172922106
—	MALVERN BANCORP INC	44,781	$1.09M	0.6%	$24.34	$11.97	—	COM	561409103
—	ECOLOGY & ENVRNMT INC	82,367	$1.013M	0.5%	$12.30	$10.38	—	CL A	278878103
PRA	PROASSURANCE CORP	28,358	$1.006M	0.5%	$35.47 *	$49.77	-16.0%	COM	74267C106
CBU	COMMUNITY BANK SYS INC	16,772	$991K	0.5%	$59.09 *	$21.43	+117.8%	COM	203607106
SIF	SIFCO INDUSTRIES INC	178,335	$967K	0.5%	$5.42 *	$7.65	-26.5%	COM	826546103
CECO	CECO ENVIRONMENTAL CORP	150,922	$927K	0.5%	$6.14 *	$8.73	-37.1%	COM	125141101
HBNC	HORIZON BANCORP INDIANA	44,724	$925K	0.5%	$20.68	$15.01	+36.2%	COM	440407104
—	BB&T CORP	16,170	$815K	0.4%	$50.40	$35.63	—	COM	054937107
—	VILLAGE BANK & TRUST FIN CO	21,047	$710K	0.4%	$33.73	$19.68	—	COM	92705T200
—	STATE AUTO FINANCIAL CORP	23,173	$693K	0.4%	$29.91	$22.01	—	COM	855707105
OFED	OCONEE FED FINL CORP	22,902	$652K	0.3%	$28.47	$15.36	+88.3%	COM	675607105
—	CSS INDUSTRIES INC	37,338	$631K	0.3%	$16.90	$25.99	—	COM	125906107
KOSS	KOSS CORP	255,869	$581K	0.3%	$2.27 *	$2.28	-7.7%	COM	500692108
—	CHEMICAL FINANCIAL	10,425	$580K	0.3%	$55.64	$33.04	—	COM	163731102
NWFL	NORWOOD FINANCIAL CORP	15,811	$569K	0.3%	$35.99 *	$22.47	+40.4%	COM	669549107
FRME	FIRST MERCHANTS CORP	11,960	$554K	0.3%	$46.32 *	$15.38	+127.4%	COM	320817109
—	EMCLAIRE FINANCIAL CORP	15,359	$527K	0.3%	$34.31	$22.79	—	COM	290828102
ASRV	AMERISERV FINANC INC	128,000	$519K	0.3%	$4.05 *	$2.21	+45.6%	COM	03074A102
—	LAKE SHORE BANCORP INC	29,669	$511K	0.3%	$17.22	$11.22	—	COM	510700107
—	MACKINAC FINANCIAL CORP	30,395	$505K	0.3%	$16.61	$16.61	—	COM	554571109
—	BENEFICIAL BANCORP INC	30,231	$489K	0.3%	$16.18	$11.28	—	COM	08171T102
EBMT	EAGLE BANCORP MONT INC	25,598	$488K	0.2%	$19.06 *	$7.64	+107.9%	COM	26942G100
LGL	LGL GROUP INC	92,447	$478K	0.2%	$5.17 *	$2.13	-4.8%	COM	50186A108
—	ICC HOLDINGS INC	30,000	$471K	0.2%	$15.70	$15.82	—	COM	44931Q104
—	HV BANCORP INC	25,890	$384K	0.2%	$14.83	$14.06	—	COM	40441H105
DGICA	DONEGAL GROUP INC	28,162	$384K	0.2%	$13.64 *	$8.88	+14.5%	CL A	257701201
—	CONTINENTAL MATERIALS CORP	23,615	$381K	0.2%	$16.13	$17.98	—	COM PAR $0.25	211615307
ASML	ASML HOLDING N V	1,807	$358K	0.2%	$198.12	$80.39	—	NY REG SHS	N07059210
—	PB BANCORP INC	30,833	$346K	0.2%	$11.22	$8.38	—	COM	70454T100
DGICB	DONEGAL GROUP INC	21,506	$282K	0.1%	$13.11 *	$13.65	-26.2%	CL B	257701300
—	SAEXPLORATION HOLDINGS INC	140,629	$219K	0.1%	$1.56	$7.27	—	COM NEW	78636X204
—	FSB BANCORP INC	11,040	$193K	0.1%	$17.48	$12.53	—	COM	30289C102
CIX	COMPX INTERNATIONAL	12,709	$168K	0.1%	$13.22 *	$6.63	+33.7%	CL A	20563P101
—	RAND CAPITAL CORP	44,495	$118K	0.1%	$2.65	$2.67	—	COM	752185108
III	INFORMATION SVCS GROUP	27,294	$112K	0.1%	$4.10 *	$2.79	+26.0%	COM	45675Y104
ICCC	IMMUCELL CORP	14,559	$98,000	0.1%	$6.73 *	$8.16	-12.0%	COM	452525306
—	MAM SOFTWARE GROUP INC	10,330	$89,000	0.0%	$8.62	$4.74	—	COM NEW	55277Q201
—	VOLT INFORMATION SCIENCES	20,300	$69,000	0.0%	$3.40	$3.00	—	COM	928703107
AEHR	AEHR TEST SYSTEMS	25,313	$60,000	0.0%	$2.37 *	$1.22	+101.9%	COM	00760J108
—	MER TELEMANAGEMENT SOLUTIONS	41,356	$43,000	0.0%	$1.04	$2.16	—	SHS	M69676209
—	VILLAGE BANK & TRUST FIN CO	900	$30,000	0.0%	$33.33	$32.22	—	COM	92705T201
—	COMMAND SECURITY CORP	12,100	$18,000	0.0%	$1.49	$1.82	—	COM	20050L100
—	COMMUNITY BANK SYS INC	27	$2,000	0.0%	$74.07	$37.04	—	COM	203607107