Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CHASE CORP	162,070	$19.2M	10.2%	$22.36	—	COM	16150R104
INFU	INFUSYSTEM HLDGS INC	2,078,748	$17.73M	9.5%	$1.69	+336.4%	COM	45685K102
USLM	US LIME & MINERAL	134,821	$12.05M	6.4%	$10.28	+70.9%	COM	911922102
GLDD	GREAT LAKES DREDGE & DOCK CO	1,012,350	$11.46M	6.1%	$6.04	+76.8%	COM	390607109
TRNS	TRANSCAT INC	336,417	$10.66M	5.7%	$6.66	+356.8%	COM	893529107
EML	EASTERN CO	336,800	$10.21M	5.4%	$12.34	+100.6%	COM	276317104
SSP	SCRIPPS E W CO OHIO	590,312	$9.251M	4.9%	$11.89	-9.8%	CL A NEW	811054402
—	UNIVERSAL STAINLESS & ALLOY	448,343	$6.622M	3.5%	$11.88	—	COM	913837100
CAC	CAMDEN NATIONAL CORP	142,804	$6.563M	3.5%	$18.90	+81.0%	COM	133034108
—	COMPUTER TASK GROUP INC	1,172,933	$6.076M	3.2%	$6.51	—	COM	205477102
NVGS	NAVIGATOR HOLDINGS LTD	374,951	$5.05M	2.7%	$31.23	-63.3%	SHS	Y62132108
—	PATRIOT TRANSPORTATION HOLDING INC	242,085	$4.716M	2.5%	$17.91	—	COM	70338W105
VIRC	VIRCO MANUFACTURING CO	948,062	$4.029M	2.1%	$2.17	+84.3%	COM	927651109
SGA	SAGA COMMUNICATIONS INC	131,867	$4.009M	2.1%	$35.43	-14.2%	CL A NEW	786598300
ESCA	ESCALADE INC	396,036	$3.862M	2.1%	$4.38	+91.4%	COM	296056104
PBHC	PATHFINDER BANCORP INC	251,255	$3.505M	1.9%	$9.73	+18.6%	COM	70319R109
—	AH BELO CORP	964,669	$2.721M	1.5%	$6.65	—	COM CL A	001282102
—	CENTURY BANCORP INC MASS	28,835	$2.588M	1.4%	$34.86	—	CL A NON VTG	156432106
NODK	NI HOLDINGS INC	148,156	$2.529M	1.3%	$15.17	+13.0%	COM	65342T106
—	ENTERCOM COMMUNICATIONS	493,727	$2.29M	1.2%	$10.14	—	COM	293639100
DORM	DORMAN PRODUCTS INC	24,970	$1.89M	1.0%	$41.59	+81.8%	COM	258278100
—	CENTERSTART BANK CORP	69,886	$1.746M	0.9%	$28.05	—	COM	15201P109
FSTR	FOSTER L B CO	88,101	$1.702M	0.9%	$42.68	-54.4%	COM	350060109
DLX	DELUXE CORP	31,359	$1.565M	0.8%	$23.94	+50.3%	COM	248019101
MPB	MID PENN BANCORP	46,759	$1.322M	0.7%	$24.93	-13.1%	COM	59540G107
—	VERSO CORP	68,300	$1.232M	0.7%	$21.42	—	CL A	92531L207
—	ADAMS RESOURCES & ENERGY INC	31,695	$1.212M	0.6%	$31.84	—	COM NEW	006351308
CZNC	CITIZENS & NORTHERN CORP	42,900	$1.201M	0.6%	$10.60	+76.1%	COM	172922106
FNB	FNB CORP	93,666	$1.19M	0.6%	$7.96	+20.6%	COM	302520101
CECO	CECO ENVIRONMENTAL CORP	148,829	$1.137M	0.6%	$8.73	-14.4%	COM	125141101
—	INVESTORS BANCORP INC NEW	92,701	$1.104M	0.6%	$10.13	—	COM	46146L101
KURA	KURA ONCOLOGY INC	77,422	$1.064M	0.6%	$3.11	+376.4%	COM	50127T109
—	MALVERN BANCORP INC	44,781	$1.034M	0.6%	$11.97	—	COM	561409103
NWBI	NORTHWEST BANCSHARES INC MD	61,482	$1.022M	0.5%	$5.92	+89.2%	COM	667340103
ACNT	SYNALLOY CP DEL	79,332	$1.015M	0.5%	$7.63	+82.1%	COM	871565107
CBU	COMMUNITY BANK SYS INC	14,062	$998K	0.5%	$21.43	+159.3%	COM	203607106
—	GP STRATEGIES CORP	73,683	$975K	0.5%	$12.91	—	COM	36225V104
DWSN	DAWSON GEOPHYSICAL CO NEW	397,763	$954K	0.5%	$4.50	-55.8%	COM	239360100
—	MUTUALFIRST FINANCIAL INC	24,111	$954K	0.5%	$13.90	—	COM	62845B104
ATRO	ASTRONICS CORP	32,352	$904K	0.5%	$24.93	+18.2%	COM	046433108
PRA	PROASSURANCE CORP	24,939	$901K	0.5%	$49.77	-23.0%	COM	74267C106
—	VILLAGE BANK & TRUST FIN CO	23,245	$863K	0.5%	$20.92	—	COM NEW	92705T200
HBNC	HORIZON BANCORP INDIANA	43,462	$825K	0.4%	$15.01	+22.2%	COM	440407104
—	RIVERVIEW FINANCIAL CORP	59,908	$723K	0.4%	$10.86	—	COM	76940Q105
RAIL	FREIGHTCAR AMERICA INC	310,148	$636K	0.3%	$4.74	-36.6%	COM	357023100
NWFL	NORWOOD FINANCIAL CORP	15,238	$581K	0.3%	$22.47	+51.8%	COM	669549107
CLBK	COLUMBIA FINANCIAL INC	33,794	$572K	0.3%	$15.64	+5.5%	COM	197641103
SIF	SIFCO INDUSTRIES INC	192,780	$569K	0.3%	$7.16	-61.1%	COM	826546103
—	FIVE STAR SENIOR LIVING INC	132,369	$539K	0.3%	$0.46	—	COM	33832D106
ASML	ASML HOLDING N V	1,807	$535K	0.3%	$80.39	—	NY REG SHS	N07059210
EBMT	EAGLE BANCORP MONT INC	24,383	$517K	0.3%	$7.64	+112.7%	COM	26942G100
OFED	OCONEE FED FINL CORP	19,813	$515K	0.3%	$15.36	+53.1%	COM	675607105
—	MACKINAC FINANCIAL CORP	28,932	$502K	0.3%	$16.61	—	COM	554571109
FRME	FIRST MERCHANTS CORP	11,960	$497K	0.3%	$15.38	+109.7%	COM	320817109
ASRV	AMERISERV FINANC INC	115,053	$484K	0.3%	$2.21	+50.6%	COM	03074A102
RMBI	RICHMOND MUTUAL BANCORP	30,000	$479K	0.3%	$13.36	+7.7%	COM	76525P100
TFC	TRUIST FINANCIAL CORP	8,488	$478K	0.3%	$40.89	0.0%	COM	89832Q109
—	TCF FINANCIAL CORPORATION	10,079	$472K	0.3%	$38.08	—	COM	872307103
LGL	LGL GROUP INC	30,973	$464K	0.2%	$2.13	+122.0%	COM	50186A108
CIX	COMPX INTERNATIONAL	30,951	$451K	0.2%	$8.35	+15.2%	CL A	20563P101
—	PB BANCORP INC	29,612	$449K	0.2%	$8.38	—	COM	70454T100
—	HV BANCORP INC	25,890	$440K	0.2%	$14.06	—	COM	40441H105
—	LAKE SHORE BANCORP INC	28,674	$439K	0.2%	$11.22	—	COM	510700107
KEQU	KEWAUNEE SCIENTIFIC CORP	32,251	$434K	0.2%	$16.07	-2.6%	COM	492854104
—	GSE SYSTEMS INC	260,941	$431K	0.2%	$1.65	—	COM	36227K106
—	EMCLAIRE FINANCIAL CORP	13,250	$430K	0.2%	$22.79	—	COM	290828102
—	ICC HOLDINGS INC	28,692	$394K	0.2%	$15.82	—	COM	44931Q104
WSFS	WSFS FINANCIAL CORP	8,838	$389K	0.2%	$41.58	+5.1%	COM	929328102
DLHC	DLH HOLDINGS CORP	87,192	$365K	0.2%	$5.69	-26.4%	COM	23335Q100
DGICA	DONEGAL GROUP INC	23,606	$348K	0.2%	$8.88	+24.8%	CL A	257701201
—	FLOTEK INDUSTRIES INC DEL	166,154	$332K	0.2%	$3.17	—	COM	343389102
KOSS	KOSS CORP	208,730	$316K	0.2%	$2.28	-25.2%	COM	500692108
—	STATE AUTO FINANCIAL CORP	10,123	$314K	0.2%	$22.01	—	COM	855707105
MSVB	MID SOUTHERN BANCORP	21,706	$292K	0.2%	$12.58	—	COM	59548Q107
DGICB	DONEGAL GROUP INC	23,660	$285K	0.2%	$12.92	-24.7%	CL B	257701300
—	CONTINENTAL MATERIALS CORP	35,258	$278K	0.1%	$17.63	—	COM PAR $0.25	211615307
—	FSB BANCORP INC	11,040	$189K	0.1%	$12.53	—	COM	30289C102
—	SAEXPLORATION HOLDINGS INC	30,476	$92,000	0.0%	$1.87	—	COM PAR	78636X873
—	STARRETT L S CO	16,100	$92,000	0.0%	$5.71	—	CL A	855668109
ICCC	IMMUCELL CORP	14,559	$75,000	0.0%	$8.16	-36.8%	COM	452525306
—	NUVERRA ENVIRONMENTAL	20,255	$59,000	0.0%	$10.24	—	COM	67091K302
III	INFORMATION SVCS GROUP	19,804	$50,000	0.0%	$2.79	-27.8%	COM	45675Y104
—	SUNLINK HEALTH SYSTEMS INC	46,733	$50,000	0.0%	$1.14	—	COM	86737U102
—	VOLT INFORMATION SCIENCES	18,662	$46,000	0.0%	$3.00	—	COM	928703107
AEHR	AEHR TEST SYSTEMS	18,933	$37,000	0.0%	$1.22	+53.0%	COM	00760J108
—	RAND CAPITAL CORP	12,499	$34,000	0.0%	$2.67	—	COM	752185108