Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
INFU	INFUSYSTEM HLDGS INC	1,719,675	$19.84M	13.4%	$11.54	$1.69	+581.1%	COM	45685K102
—	CHASE CORP	159,570	$16.36M	11.0%	$102.50	$22.36	—	COM	16150R104
USLM	US LIME & MINERAL	131,328	$11.01M	7.4%	$83.84 *	$10.28	+51.8%	COM	911922102
GLDD	GREAT LAKES DREDGE & DOCK CO	1,093,742	$10.13M	6.8%	$9.26 *	$6.28	+39.3%	COM	390607109
TRNS	TRANSCAT INC	333,127	$8.625M	5.8%	$25.89	$6.66	+290.7%	COM	893529107
ESCA	ESCALADE INC	477,593	$6.667M	4.5%	$13.96 *	$4.79	+54.6%	COM	296056104
EML	EASTERN CO	340,913	$6.093M	4.1%	$17.87 *	$12.42	+31.5%	COM	276317104
SSP	SCRIPPS E W CO OHIO	610,172	$5.333M	3.6%	$8.74 *	$11.65	-48.2%	CL A NEW	811054402
CAC	CAMDEN NATIONAL CORP	147,555	$5.097M	3.4%	$34.54 *	$19.20	+29.8%	COM	133034108
—	COMPUTER TASK GROUP INC	1,196,987	$4.848M	3.3%	$4.05	$6.45	—	COM	205477102
SGA	SAGA COMMUNICATIONS INC	145,644	$3.728M	2.5%	$25.60 *	$34.83	-24.4%	CL A NEW	786598300
—	UNIVERSAL STAINLESS & ALLOY	431,616	$3.699M	2.5%	$8.57	$11.88	—	COM	913837100
PBHC	PATHFINDER BANCORP INC	271,183	$2.565M	1.7%	$9.46 *	$9.65	-10.0%	COM	70319R109
VIRC	VIRCO MANUFACTURING CO	921,623	$2.534M	1.7%	$2.75 *	$2.17	+13.7%	COM	927651109
—	PATRIOT TRANSPORTATION HOLDING INC	282,197	$2.37M	1.6%	$8.40	$16.62	—	COM	70338W105
NVGS	NAVIGATOR HOLDINGS LTD	367,602	$2.364M	1.6%	$6.43 *	$31.23	-80.6%	SHS	Y62132108
—	GP STRATEGIES CORP	264,318	$2.268M	1.5%	$8.58	$9.29	—	COM	36225V104
—	CENTURY BANCORP INC MASS	28,204	$2.189M	1.5%	$77.61	$34.86	—	CL A NON VTG	156432106
NODK	NI HOLDINGS INC	147,028	$2.17M	1.5%	$14.76 *	$15.17	-10.5%	COM	65342T106
DORM	DORMAN PRODUCTS INC	24,970	$1.674M	1.1%	$67.04 *	$41.59	+54.7%	COM	258278100
SIF	SIFCO INDUSTRIES INC	406,052	$1.624M	1.1%	$4.00 *	$5.11	-35.9%	COM	826546103
—	AH BELO CORP	796,707	$1.379M	0.9%	$1.73	$6.65	—	COM CL A	001282102
NWBI	NORTHWEST BANCSHARES INC MD	114,575	$1.171M	0.8%	$10.22 *	$6.49	+9.4%	COM	667340103
FSTR	FOSTER L B CO	86,073	$1.091M	0.7%	$12.68	$42.68	-69.9%	COM	350060109
KURA	KURA ONCOLOGY INC	64,812	$1.056M	0.7%	$16.29 *	$3.11	+363.8%	COM	50127T109
CECO	CECO ENVIRONMENTAL CORP	148,829	$979K	0.7%	$6.58 *	$8.73	-38.0%	COM	125141101
KEQU	KEWAUNEE SCIENTIFIC CORP	96,259	$894K	0.6%	$9.29	$12.64	-26.7%	COM	492854104
CZNC	CITIZENS & NORTHERN CORP	42,900	$880K	0.6%	$20.51 *	$10.60	+30.8%	COM	172922106
—	ADAMS RESOURCES & ENERGY INC	31,695	$838K	0.6%	$26.44	$31.84	—	COM NEW	006351308
—	VERSO CORP	68,300	$817K	0.6%	$11.96	$21.42	—	CL A	92531L207
MPB	MID PENN BANCORP	46,278	$815K	0.5%	$17.61 *	$24.93	-37.4%	COM	59540G107
—	SOUTH STATE CORP	16,725	$796K	0.5%	$47.59	$47.59	—	COM	840441109
—	INVESTORS BANCORP INC NEW	92,701	$787K	0.5%	$8.49	$10.13	—	COM	46146L101
CBU	COMMUNITY BANK SYS INC	13,604	$776K	0.5%	$57.04 *	$21.43	+130.8%	COM	203607106
—	MALVERN BANCORP INC	60,010	$767K	0.5%	$12.78	$12.17	—	COM	561409103
DLX	DELUXE CORP	30,438	$717K	0.5%	$23.56 *	$23.94	-23.0%	COM	248019101
FNB	FNB CORP	93,183	$699K	0.5%	$7.50 *	$7.96	-24.1%	COM	302520101
—	VILLAGE BANK & TRUST FIN CO	23,245	$677K	0.5%	$29.12	$20.92	—	COM NEW	92705T200
—	ENTERCOM COMMUNICATIONS	487,586	$673K	0.5%	$1.38	$10.14	—	COM	293639100
DLHC	DLH HOLDINGS CORP	92,688	$672K	0.5%	$7.25 *	$5.72	+9.2%	COM	23335Q100
DWSN	DAWSON GEOPHYSICAL CO NEW	397,763	$572K	0.4%	$1.44 *	$4.50	-74.6%	COM	239360100
CIX	COMPX INTERNATIONAL	39,834	$551K	0.4%	$13.83 *	$8.60	+10.2%	CL A	20563P101
OFED	OCONEE FED FINL CORP	19,296	$483K	0.3%	$25.03 *	$15.36	+36.5%	COM	675607105
ACNT	SYNALLOY CP DEL	63,521	$476K	0.3%	$7.49 *	$7.63	+13.8%	COM	871565107
CLBK	COLUMBIA FINANCIAL INC	33,794	$472K	0.3%	$13.97	$15.64	-10.7%	COM	197641103
HBNC	HORIZON BANCORP INDIANA	43,250	$462K	0.3%	$10.68 *	$15.01	-32.0%	COM	440407104
EBMT	EAGLE BANCORP MONT INC	24,180	$415K	0.3%	$17.16 *	$7.64	+85.5%	COM	26942G100
—	ICC HOLDINGS INC	36,584	$402K	0.3%	$10.99	$14.77	—	COM	44931Q104
RAIL	FREIGHTCAR AMERICA INC	310,148	$385K	0.3%	$1.24	$4.74	-72.9%	COM	357023100
—	MACKINAC FINANCIAL CORP	36,188	$365K	0.2%	$10.09	$15.26	—	COM	554571109
NWFL	NORWOOD FINANCIAL CORP	15,142	$362K	0.2%	$23.91	$22.47	+5.6%	COM	669549107
PRA	PROASSURANCE CORP	24,463	$354K	0.2%	$14.47 *	$49.77	-65.5%	COM	74267C106
—	LAKE SHORE BANCORP INC	28,507	$349K	0.2%	$12.24	$11.22	—	COM	510700107
ASRV	AMERISERV FINANC INC	113,361	$347K	0.2%	$3.06 *	$2.21	+6.7%	COM	03074A102
ATRO	ASTRONICS CORP	31,968	$338K	0.2%	$10.57 *	$24.93	-62.4%	COM	046433108
—	HV BANCORP INC	25,890	$338K	0.2%	$13.06	$14.06	—	COM	40441H105
RMBI	RICHMOND MUTUAL BANCORP	30,000	$337K	0.2%	$11.23 *	$13.36	-20.9%	COM	76525P100
FRME	FIRST MERCHANTS CORP	11,960	$329K	0.2%	$27.51 *	$15.38	+42.4%	COM	320817109
—	FIVE STAR SENIOR LIVING INC	83,415	$326K	0.2%	$3.91	$0.46	—	COM	33832D106
DGICA	DONEGAL GROUP INC	22,845	$323K	0.2%	$14.14 *	$8.88	+24.2%	CL A	257701201
—	RIVERVIEW FINANCIAL CORP	59,515	$320K	0.2%	$5.38	$10.86	—	COM	76940Q105
—	GSE SYSTEMS INC	307,909	$311K	0.2%	$1.01	$1.55	—	COM	36227K106
—	VOLT INFORMATION SCIENCES	223,687	$289K	0.2%	$1.29	$1.19	—	COM	928703107
KOSS	KOSS CORP	216,257	$288K	0.2%	$1.33 *	$2.23	-45.2%	COM	500692108
DGICB	DONEGAL GROUP INC	23,302	$265K	0.2%	$11.37 *	$12.92	-24.4%	CL B	257701300
MSVB	MID SOUTHERN BANCORP	21,706	$263K	0.2%	$12.12	$12.58	—	COM	59548Q107
—	EMCLAIRE FINANCIAL CORP	12,898	$258K	0.2%	$20.00	$22.79	—	COM	290828102
—	STARRETT L S CO	64,024	$217K	0.1%	$3.39	$3.86	—	CL A	855668109
—	FLOTEK INDUSTRIES INC DEL	166,154	$199K	0.1%	$1.20	$3.17	—	COM	343389102
LGL	LGL GROUP INC	16,598	$141K	0.1%	$8.49 *	$2.13	+52.0%	COM	50186A108
—	SUPPORT.COM INC	58,708	$81,000	0.1%	$1.38	$1.20	—	COM NEW	86858W200
ICCC	IMMUCELL CORP	14,559	$69,000	0.0%	$4.74 *	$8.16	-46.6%	COM	452525306
AEHR	AEHR TEST SYSTEMS	18,545	$37,000	0.0%	$2.00 *	$1.22	+41.0%	COM	00760J108
—	NUVERRA ENVIRONMENTAL	15,155	$35,000	0.0%	$2.31	$10.24	—	COM	67091K302
—	SUNLINK HEALTH SYSTEMS INC	38,000	$34,000	0.0%	$0.89	$1.14	—	COM	86737U102
III	INFORMATION SVCS GROUP	11,050	$23,000	0.0%	$2.08 *	$2.79	-34.8%	COM	45675Y104