Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CHASE CORP	169,270	$16.94M	10.8%	$22.36	—	COM	16150R104
USLM	US LIME & MINERAL	144,979	$10.29M	6.6%	$10.18	+46.6%	COM	911922102
SSP	SCRIPPS E W CO OHIO	626,484	$9.849M	6.3%	$11.89	+5.5%	CL A NEW	811054402
EML	EASTERN CO	357,001	$8.615M	5.5%	$12.34	+88.7%	COM	276317104
TRNS	TRANSCAT INC	395,892	$7.352M	4.7%	$6.66	+209.6%	COM	893529107
GLDD	GREAT LAKES DREDGE & DOCK CO	1,111,333	$7.345M	4.7%	$6.04	+7.9%	COM	390607109
INFU	INFUSYSTEM HLDGS INC	2,127,064	$7.317M	4.7%	$1.69	+95.7%	COM	45685K102
—	UNIVERSAL STAINLESS & ALLOY	385,449	$6.156M	3.9%	$11.22	—	COM	913837100
CAC	CAMDEN NATIONAL CORP	159,658	$5.743M	3.7%	$18.90	+59.7%	COM	133034108
—	COMPUTER TASK GROUP INC	1,233,160	$5.031M	3.2%	$6.51	—	COM	205477102
ESCA	ESCALADE INC	424,798	$4.864M	3.1%	$4.38	+99.6%	COM	296056104
VIRC	VIRCO MANUFACTURING CO	1,060,367	$4.241M	2.7%	$2.17	+96.2%	COM	927651109
NVGS	NAVIGATOR HOLDINGS LTD	382,534	$3.595M	2.3%	$32.24	-65.5%	SHS	Y62132108
PBHC	PATHFINDER BANCORP INC	245,570	$3.416M	2.2%	$9.56	+32.7%	COM	70319R109
—	AH BELO CORP	964,669	$3.251M	2.1%	$6.65	—	COM CL A	001282102
—	ENTERCOM COMMUNICATIONS	553,402	$3.16M	2.0%	$10.14	—	COM	293639100
SGA	SAGA COMMUNICATIONS INC	91,807	$3.029M	1.9%	$37.81	-6.7%	CL A NEW	786598300
—	PATRIOT TRANSPORTATION HOLDING INC	158,992	$2.832M	1.8%	$17.40	—	COM	70338W105
NODK	NI HOLDINGS INC	154,900	$2.432M	1.6%	$15.17	+5.0%	COM	65342T106
DORM	DORMAN PRODUCTS INC	24,970	$2.247M	1.4%	$41.59	+92.1%	COM	258278100
—	CENTURY BANCORP INC MASS	32,613	$2.208M	1.4%	$34.86	—	CL A NON VTG	156432106
—	CENTERSTART BANK CORP	103,077	$2.168M	1.4%	$28.05	—	COM	15201P109
FSTR	FOSTER L B CO	102,232	$1.609M	1.0%	$42.68	-56.3%	COM	350060109
ACNT	SYNALLOY CP DEL	82,355	$1.366M	0.9%	$7.63	+133.2%	COM	871565107
DWSN	DAWSON GEOPHYSICAL CO NEW	397,763	$1.332M	0.9%	$4.50	-9.9%	COM	239360100
DLX	DELUXE CORP	34,300	$1.318M	0.8%	$23.94	+40.2%	COM	248019101
NWBI	NORTHWEST BANCSHARES INC MD	73,625	$1.247M	0.8%	$5.92	+83.3%	COM	667340103
KURA	KURA ONCOLOGY INC	88,619	$1.244M	0.8%	$3.11	+326.0%	COM	50127T109
PRA	PROASSURANCE CORP	28,358	$1.15M	0.7%	$49.77	-13.8%	COM	74267C106
MPB	MID PENN BANCORP	49,637	$1.128M	0.7%	$24.93	-18.5%	COM	59540G107
CZNC	CITIZENS & NORTHERN CORP	42,900	$1.128M	0.7%	$10.60	+66.9%	COM	172922106
ATRO	ASTRONICS CORP	34,647	$1.055M	0.7%	$24.93	+26.3%	COM	046433108
CECO	CECO ENVIRONMENTAL CORP	150,229	$1.014M	0.6%	$8.73	-12.4%	COM	125141101
CBU	COMMUNITY BANK SYS INC	16,772	$978K	0.6%	$21.43	+128.0%	COM	203607106
—	INVESTORS BANCORP INC NEW	92,701	$963K	0.6%	$10.13	—	COM	46146L101
FNB	FNB CORP	96,548	$950K	0.6%	$7.96	+9.4%	COM	302520101
—	ECOLOGY & ENVRNMT INC	83,167	$945K	0.6%	$10.38	—	CL A	278878103
—	MALVERN BANCORP INC	44,781	$884K	0.6%	$11.97	—	COM	561409103
—	MUTUALFIRST FINANCIAL INC	30,926	$818K	0.5%	$13.90	—	COM	62845B104
HBNC	HORIZON BANCORP INDIANA	44,724	$706K	0.5%	$15.01	+14.0%	COM	440407104
—	BB&T CORP	16,170	$701K	0.4%	$35.63	—	COM	054937107
SIF	SIFCO INDUSTRIES INC	198,253	$684K	0.4%	$7.36	-37.6%	COM	826546103
—	STATE AUTO FINANCIAL CORP	19,023	$649K	0.4%	$22.01	—	COM	855707105
—	FIVE STAR SENIOR LIVING INC	1,376,077	$622K	0.4%	$0.46	—	COM	33832D106
—	VILLAGE BANK & TRUST FIN CO	21,047	$621K	0.4%	$19.68	—	COM NEW	92705T200
—	RIVERVIEW FINANCIAL CORP	54,213	$591K	0.4%	$10.90	—	COM	76940Q105
OFED	OCONEE FED FINL CORP	22,902	$538K	0.3%	$15.36	+65.4%	COM	675607105
NWFL	NORWOOD FINANCIAL CORP	15,811	$521K	0.3%	$22.47	+58.5%	COM	669549107
CLBK	COLUMBIA FINANCIAL INC	33,794	$517K	0.3%	$15.64	0.0%	COM	197641103
ASRV	AMERISERV FINANC INC	128,000	$516K	0.3%	$2.21	+48.9%	COM	03074A102
LGL	LGL GROUP INC	80,879	$493K	0.3%	$2.13	+15.6%	COM	50186A108
—	EMCLAIRE FINANCIAL CORP	15,359	$463K	0.3%	$22.79	—	COM	290828102
—	LAKE SHORE BANCORP INC	29,669	$439K	0.3%	$11.22	—	COM	510700107
KOSS	KOSS CORP	229,869	$437K	0.3%	$2.28	+1.1%	COM	500692108
—	BENEFICIAL BANCORP INC	30,231	$432K	0.3%	$11.28	—	COM	08171T102
EBMT	EAGLE BANCORP MONT INC	25,598	$411K	0.3%	$7.64	+79.7%	COM	26942G100
FRME	FIRST MERCHANTS CORP	11,960	$409K	0.3%	$15.38	+107.8%	COM	320817109
—	ICC HOLDINGS INC	30,000	$405K	0.3%	$15.82	—	COM	44931Q104
—	MACKINAC FINANCIAL CORP	30,394	$403K	0.3%	$16.61	—	COM	554571109
—	HV BANCORP INC	25,890	$388K	0.2%	$14.06	—	COM	40441H105
—	GP STRATEGIES CORP	30,212	$381K	0.2%	$12.61	—	COM	36225V104
DGICA	DONEGAL GROUP INC	28,162	$381K	0.2%	$8.88	+13.1%	CL A	257701201
—	CHEMICAL FINANCIAL	10,425	$381K	0.2%	$33.04	—	COM	163731102
—	PB BANCORP INC	30,833	$332K	0.2%	$8.38	—	COM	70454T100
DGICB	DONEGAL GROUP INC	25,806	$305K	0.2%	$12.92	-27.9%	CL B	257701300
—	NUVERRA ENVIRONMENTAL	36,106	$296K	0.2%	$10.24	—	COM	67091K302
—	CONTINENTAL MATERIALS CORP	26,670	$289K	0.2%	$17.62	—	COM PAR $0.25	211615307
—	CSS INDUSTRIES INC	31,738	$285K	0.2%	$25.99	—	COM	125906107
ASML	ASML HOLDING N V	1,807	$281K	0.2%	$80.39	—	NY REG SHS	N07059210
MSVB	MID SOUTHERN BANCORP	21,706	$251K	0.2%	$12.58	—	COM	59548Q107
CIX	COMPX INTERNATIONAL	17,048	$232K	0.1%	$7.15	+22.3%	CL A	20563P101
—	FSB BANCORP INC	11,040	$177K	0.1%	$12.53	—	COM	30289C102
—	SAEXPLORATION HOLDINGS INC	74,735	$140K	0.1%	$1.87	—	COM PAR	78636X873
III	INFORMATION SVCS GROUP	27,294	$116K	0.1%	$2.79	+28.0%	COM	45675Y104
ICCC	IMMUCELL CORP	14,559	$100K	0.1%	$8.16	-5.3%	COM	452525306
—	RAND CAPITAL CORP	44,495	$98,000	0.1%	$2.67	—	COM	752185108
—	MAM SOFTWARE GROUP INC	10,330	$82,000	0.1%	$4.74	—	COM NEW	55277Q201
—	SUNLINK HEALTH SYSTEMS INC	47,330	$54,000	0.0%	$1.14	—	COM	86737U102
—	VOLT INFORMATION SCIENCES	20,300	$44,000	0.0%	$3.00	—	COM	928703107
AEHR	AEHR TEST SYSTEMS	25,313	$36,000	0.0%	$1.22	+52.9%	COM	00760J108
—	VILLAGE BANK & TRUST FIN CO	1,107	$33,000	0.0%	$31.97	—	COM NEW	92705T201
—	COMMUNITY BANK SYS INC	27	$2,000	0.0%	$37.04	—	COM	203607107