Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CHASE CORP	169,271	$20.34M	10.4%	$22.36	—	COM	16150R104
—	KAPSTONE PAPER & PACKAGING CORP	419,871	$14.23M	7.3%	$34.87	—	COM	48562P103
USLM	US LIME & MINERAL	144,979	$11.31M	5.8%	$10.18	+53.7%	COM	911922102
SSP	SCRIPPS E W CO OHIO	628,907	$10.38M	5.3%	$11.89	-8.5%	CL A NEW	811054402
EML	EASTERN CO	357,001	$10.07M	5.1%	$12.34	+101.7%	COM	276317104
—	UNIVERSAL STAINLESS & ALLOY	381,563	$9.729M	5.0%	$11.17	—	COM	913837100
TRNS	TRANSCAT INC	395,892	$8.947M	4.6%	$6.66	+241.5%	COM	893529107
CAC	CAMDEN NATIONAL CORP	160,658	$6.959M	3.6%	$18.90	+78.9%	COM	133034108
INFU	INFUSYSTEM HLDGS INC	2,127,064	$6.913M	3.5%	$1.69	+93.6%	COM	45685K102
GLDD	GREAT LAKES DREDGE & DOCK CO	1,111,333	$6.835M	3.5%	$6.04	-7.8%	COM	390607109
—	COMPUTER TASK GROUP INC	1,156,748	$6.039M	3.1%	$6.67	—	COM	205477102
ESCA	ESCALADE INC	424,798	$5.416M	2.8%	$4.38	+123.3%	COM	296056104
VIRC	VIRCO MANUFACTURING CO	1,060,367	$5.143M	2.6%	$2.17	+118.1%	COM	927651109
NVGS	NAVIGATOR HOLDINGS LTD	382,534	$4.628M	2.4%	$32.24	-63.2%	SHS	Y62132108
—	ENTERCOM COMMUNICATIONS	563,702	$4.453M	2.3%	$10.14	—	COM	293639100
—	AH BELO CORP	941,040	$4.329M	2.2%	$6.73	—	COM CL A	001282102
PBHC	PATHFINDER BANCORP INC	213,486	$3.213M	1.6%	$9.09	+43.5%	COM	70319R109
—	PATRIOT TRANSPORTATION HOLDING INC	158,992	$3.061M	1.6%	$17.40	—	COM	70338W105
—	CENTERSTART BANK CORP	103,077	$2.891M	1.5%	$28.05	—	COM	15201P109
SGA	SAGA COMMUNICATIONS INC	78,309	$2.83M	1.4%	$38.24	-2.9%	CL A NEW	786598300
NODK	NI HOLDINGS INC	154,900	$2.603M	1.3%	$15.17	+10.2%	COM	65342T106
DWSN	DAWSON GEOPHYSICAL CO NEW	397,763	$2.454M	1.3%	$4.50	+25.0%	COM	239360100
—	CENTURY BANCORP INC MASS	32,613	$2.346M	1.2%	$34.86	—	CL A NON VTG	156432106
FSTR	FOSTER L B CO	102,232	$2.096M	1.1%	$42.68	-46.3%	COM	350060109
DLX	DELUXE CORP	34,300	$1.953M	1.0%	$23.94	+76.3%	COM	248019101
DORM	DORMAN PRODUCTS INC	24,970	$1.919M	1.0%	$41.59	+83.8%	COM	258278100
ACNT	SYNALLOY CP DEL	82,355	$1.877M	1.0%	$7.63	+185.1%	COM	871565107
KURA	KURA ONCOLOGY INC	88,619	$1.551M	0.8%	$3.11	+516.4%	COM	50127T109
ATRO	ASTRONICS CORP	34,647	$1.507M	0.8%	$24.93	+42.5%	COM	046433108
MPB	MID PENN BANCORP	49,637	$1.44M	0.7%	$24.93	0.0%	COM	59540G107
PRA	PROASSURANCE CORP	28,358	$1.331M	0.7%	$49.77	-11.6%	COM	74267C106
NWBI	NORTHWEST BANCSHARES INC MD	73,625	$1.275M	0.7%	$5.92	+93.7%	COM	667340103
FNB	FNB CORP	96,548	$1.228M	0.6%	$7.96	+24.2%	COM	302520101
CECO	CECO ENVIRONMENTAL CORP	150,922	$1.186M	0.6%	$8.73	-12.8%	COM	125141101
—	INVESTORS BANCORP INC NEW	92,701	$1.137M	0.6%	$10.13	—	COM	46146L101
—	MUTUALFIRST FINANCIAL INC	30,926	$1.136M	0.6%	$13.90	—	COM	62845B104
—	SAEXPLORATION HOLDINGS INC	122,062	$1.121M	0.6%	$7.27	—	COM NEW	78636X204
CZNC	CITIZENS & NORTHERN CORP	42,900	$1.117M	0.6%	$10.60	+74.7%	COM	172922106
—	ECOLOGY & ENVRNMT INC	82,367	$1.096M	0.6%	$10.38	—	CL A	278878103
—	MALVERN BANCORP INC	44,781	$1.073M	0.5%	$11.97	—	COM	561409103
CBU	COMMUNITY BANK SYS INC	16,772	$1.024M	0.5%	$21.43	+139.2%	COM	203607106
SIF	SIFCO INDUSTRIES INC	182,664	$922K	0.5%	$7.59	-31.3%	COM	826546103
HBNC	HORIZON BANCORP INDIANA	44,724	$881K	0.5%	$15.01	+36.8%	COM	440407104
—	BB&T CORP	16,170	$783K	0.4%	$35.63	—	COM	054937107
—	STATE AUTO FINANCIAL CORP	23,173	$707K	0.4%	$22.01	—	COM	855707105
—	VILLAGE BANK & TRUST FIN CO	21,047	$702K	0.4%	$19.68	—	COM	92705T200
KOSS	KOSS CORP	229,869	$639K	0.3%	$2.28	+26.8%	COM	500692108
NWFL	NORWOOD FINANCIAL CORP	15,811	$613K	0.3%	$22.47	+66.8%	COM	669549107
OFED	OCONEE FED FINL CORP	22,902	$608K	0.3%	$15.36	+77.2%	COM	675607105
LGL	LGL GROUP INC	80,879	$574K	0.3%	$2.13	+16.0%	COM	50186A108
—	CHEMICAL FINANCIAL	10,425	$556K	0.3%	$33.04	—	COM	163731102
ASRV	AMERISERV FINANC INC	128,000	$550K	0.3%	$2.21	+53.5%	COM	03074A102
FRME	FIRST MERCHANTS CORP	11,960	$538K	0.3%	$15.38	+142.4%	COM	320817109
—	EMCLAIRE FINANCIAL CORP	15,359	$534K	0.3%	$22.79	—	COM	290828102
—	CSS INDUSTRIES INC	37,338	$531K	0.3%	$25.99	—	COM	125906107
—	BENEFICIAL BANCORP INC	30,231	$510K	0.3%	$11.28	—	COM	08171T102
—	MACKINAC FINANCIAL CORP	30,394	$501K	0.3%	$16.61	—	COM	554571109
—	LAKE SHORE BANCORP INC	29,669	$496K	0.3%	$11.22	—	COM	510700107
EBMT	EAGLE BANCORP MONT INC	25,598	$462K	0.2%	$7.64	+98.4%	COM	26942G100
—	ICC HOLDINGS INC	30,000	$450K	0.2%	$15.82	—	COM	44931Q104
—	CONTINENTAL MATERIALS CORP	25,904	$419K	0.2%	$17.82	—	COM PAR $0.25	211615307
DGICA	DONEGAL GROUP INC	28,162	$400K	0.2%	$8.88	+15.1%	CL A	257701201
—	HV BANCORP INC	25,890	$397K	0.2%	$14.06	—	COM	40441H105
—	PB BANCORP INC	30,833	$362K	0.2%	$8.38	—	COM	70454T100
ASML	ASML HOLDING N V	1,807	$340K	0.2%	$80.39	—	NY REG SHS	N07059210
DGICB	DONEGAL GROUP INC	21,506	$291K	0.1%	$13.65	-27.0%	CL B	257701300
—	NUVERRA ENVIRONMENTAL	25,407	$282K	0.1%	$11.10	—	COM	67091K302
MSVB	MID SOUTHERN BANCORP	21,706	$273K	0.1%	$12.58	—	COM	59548Q107
CIX	COMPX INTERNATIONAL	14,595	$199K	0.1%	$6.88	+24.2%	CL A	20563P101
—	FSB BANCORP INC	11,040	$193K	0.1%	$12.53	—	COM	30289C102
—	MAM SOFTWARE GROUP INC	10,330	$167K	0.1%	$4.74	—	COM NEW	55277Q201
III	INFORMATION SVCS GROUP	27,294	$130K	0.1%	$2.79	+35.0%	COM	45675Y104
ICCC	IMMUCELL CORP	14,559	$121K	0.1%	$8.16	-11.9%	COM	452525306
—	RAND CAPITAL CORP	44,495	$108K	0.1%	$2.67	—	COM	752185108
—	VOLT INFORMATION SCIENCES	20,300	$78,000	0.0%	$3.00	—	COM	928703107
AEHR	AEHR TEST SYSTEMS	25,313	$56,000	0.0%	$1.22	+102.5%	COM	00760J108
—	VILLAGE BANK & TRUST FIN CO	966	$32,000	0.0%	$32.28	—	COM	92705T201
—	FIVE STAR QUALITY CARE	20,000	$17,000	0.0%	$0.85	—	COM	33832D106
—	COMMUNITY BANK SYS INC	27	$2,000	0.0%	$37.04	—	COM	203607107