Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
INFU	INFUSYSTEM HLDGS INC	1,570,460	$20.13M	13.6%	$12.82	$1.69	+670.1%	COM	45685K102
—	CHASE CORP	155,672	$14.85M	10.0%	$95.40	$22.36	—	COM	16150R104
USLM	US LIME & MINERAL	131,328	$11.71M	7.9%	$89.15 *	$10.28	+76.4%	COM	911922102
GLDD	GREAT LAKES DREDGE & DOCK CO	1,058,093	$10.06M	6.8%	$9.51 *	$6.28	+46.0%	COM	390607109
TRNS	TRANSCAT INC	294,465	$8.628M	5.8%	$29.30 *	$6.66	+327.1%	COM	893529107
ESCA	ESCALADE INC	459,483	$8.404M	5.7%	$18.29 *	$4.79	+182.9%	COM	296056104
SSP	SCRIPPS E W CO OHIO	595,421	$6.812M	4.6%	$11.44 *	$11.65	-29.5%	CL A NEW	811054402
EML	EASTERN CO	331,990	$6.358M	4.3%	$19.15 *	$12.42	+39.7%	COM	276317104
—	COMPUTER TASK GROUP INC	1,162,576	$5.778M	3.9%	$4.97	$6.45	—	COM	205477102
CAC	CAMDEN NATIONAL CORP	145,245	$4.389M	3.0%	$30.22 *	$19.20	+34.2%	COM	133034108
SGA	SAGA COMMUNICATIONS INC	145,029	$2.866M	1.9%	$19.76 *	$34.83	-32.9%	CL A NEW	786598300
NVGS	NAVIGATOR HOLDINGS LTD	341,002	$2.85M	1.9%	$8.36 *	$31.23	-74.3%	SHS	Y62132108
—	GP STRATEGIES CORP	286,265	$2.76M	1.9%	$9.64	$9.32	—	COM	36225V104
PBHC	PATHFINDER BANCORP INC	259,293	$2.748M	1.9%	$10.60 *	$9.65	-9.9%	COM	70319R109
—	PATRIOT TRANSPORTATION HOLDING INC	296,416	$2.582M	1.7%	$8.71	$16.24	—	COM	70338W105
—	UNIVERSAL STAINLESS & ALLOY	421,910	$2.316M	1.6%	$5.49	$11.88	—	COM	913837100
NODK	NI HOLDINGS INC	133,468	$2.224M	1.5%	$16.66 *	$15.17	+6.0%	COM	65342T106
DORM	DORMAN PRODUCTS INC	21,070	$1.903M	1.3%	$90.32 *	$41.59	+92.1%	COM	258278100
VIRC	VIRCO MANUFACTURING CO	881,617	$1.895M	1.3%	$2.15 *	$2.17	+6.1%	COM	927651109
—	CENTURY BANCORP INC MASS	27,653	$1.818M	1.2%	$65.74	$34.86	—	CL A NON VTG	156432106
SIF	SIFCO INDUSTRIES INC	443,894	$1.633M	1.1%	$3.68 *	$5.01	-22.0%	COM	826546103
—	AH BELO CORP	790,343	$1.114M	0.8%	$1.41	$6.65	—	COM CL A	001282102
FSTR	FOSTER L B CO	82,559	$1.109M	0.7%	$13.43 *	$42.68	-67.5%	COM	350060109
CECO	CECO ENVIRONMENTAL CORP	148,829	$1.084M	0.7%	$7.28 *	$8.73	-13.5%	COM	125141101
NWBI	NORTHWEST BANCSHARES INC MD	106,324	$977K	0.7%	$9.19 *	$6.49	+7.0%	COM	667340103
DLHC	DLH HOLDINGS CORP	125,148	$907K	0.6%	$7.25 *	$6.42	+31.0%	COM	23335Q100
KEQU	KEWAUNEE SCIENTIFIC CORP	96,259	$861K	0.6%	$8.94 *	$12.64	-24.6%	COM	492854104
ATRO	ASTRONICS CORP	106,510	$823K	0.6%	$7.73 *	$13.87	-34.2%	COM	046433108
KURA	KURA ONCOLOGY INC	26,215	$803K	0.5%	$30.63 *	$3.11	+609.9%	COM	50127T109
—	VILLAGE BANK & TRUST FIN CO	24,745	$767K	0.5%	$31.00	$21.53	—	COM NEW	92705T200
CBU	COMMUNITY BANK SYS INC	13,604	$740K	0.5%	$54.40 *	$21.43	+127.8%	COM	203607106
—	MALVERN BANCORP INC	60,010	$708K	0.5%	$11.80	$12.17	—	COM	561409103
RAIL	FREIGHTCAR AMERICA INC	310,148	$707K	0.5%	$2.28 *	$4.74	-62.7%	COM	357023100
DWSN	DAWSON GEOPHYSICAL CO NEW	397,763	$700K	0.5%	$1.76 *	$4.50	-67.7%	COM	239360100
MPB	MID PENN BANCORP	40,488	$699K	0.5%	$17.26 *	$24.93	-35.9%	COM	59540G107
CZNC	CITIZENS & NORTHERN CORP	42,900	$696K	0.5%	$16.22 *	$10.60	+23.9%	COM	172922106
—	INVESTORS BANCORP INC NEW	92,701	$672K	0.5%	$7.25	$10.13	—	COM	46146L101
DLX	DELUXE CORP	24,645	$634K	0.4%	$25.73 *	$23.94	-19.8%	COM	248019101
—	ADAMS RESOURCES & ENERGY INC	31,695	$631K	0.4%	$19.91	$31.84	—	COM NEW	006351308
FNB	FNB CORP	87,081	$591K	0.4%	$6.79 *	$7.96	-25.0%	COM	302520101
CIX	COMPX INTERNATIONAL	39,088	$584K	0.4%	$14.94 *	$8.60	+8.4%	CL A	20563P101
—	VERSO CORP	68,300	$539K	0.4%	$7.89	$21.42	—	CL A	92531L207
—	ENTERCOM COMMUNICATIONS	336,184	$538K	0.4%	$1.60	$10.14	—	COM	293639100
—	GSE SYSTEMS INC	499,085	$519K	0.3%	$1.04	$1.35	—	COM	36227K106
CLBK	COLUMBIA FINANCIAL INC	33,794	$472K	0.3%	$13.97 *	$15.64	-24.3%	COM	197641103
KOSS	KOSS CORP	210,553	$450K	0.3%	$2.14 *	$2.23	-10.5%	COM	500692108
HBNC	HORIZON BANCORP INDIANA	40,706	$411K	0.3%	$10.10 *	$15.01	-30.9%	COM	440407104
—	ICC HOLDINGS INC	33,798	$395K	0.3%	$11.69	$14.77	—	COM	44931Q104
EBMT	EAGLE BANCORP MONT INC	21,740	$380K	0.3%	$17.48 *	$7.64	+85.0%	COM	26942G100
—	RIVERVIEW FINANCIAL CORP	55,075	$372K	0.3%	$6.75	$10.86	—	COM	76940Q105
—	STATE AUTO FINL CORP	26,500	$363K	0.2%	$13.70	$13.70	—	COM	855707105
—	LAKE SHORE BANCORP INC	26,297	$353K	0.2%	$13.42	$11.22	—	COM	510700107
—	HV BANCORP INC	25,890	$347K	0.2%	$13.40	$14.06	—	COM	40441H105
PRA	PROASSURANCE CORP	22,065	$345K	0.2%	$15.64 *	$49.77	-70.1%	COM	74267C106
NWFL	NORWOOD FINANCIAL CORP	13,985	$337K	0.2%	$24.10 *	$22.47	+14.9%	COM	669549107
OFED	OCONEE FED FINL CORP	14,994	$325K	0.2%	$21.68 *	$15.36	+64.2%	COM	675607105
RMBI	RICHMOND MUTUAL BANCORP	30,000	$317K	0.2%	$10.57 *	$13.36	-16.1%	COM	76525P100
ACNT	SYNALLOY CP DEL	56,841	$314K	0.2%	$5.52 *	$7.63	-11.2%	COM	871565107
—	MACKINAC FINANCIAL CORP	32,962	$313K	0.2%	$9.50	$15.26	—	COM	554571109
—	VOLT INFORMATION SCIENCES	220,682	$312K	0.2%	$1.41	$1.19	—	COM	928703107
—	SOUTH STATE CORP	6,399	$308K	0.2%	$48.13	$47.59	—	COM	840441109
MSVB	MID SOUTHERN BANCORP	21,706	$280K	0.2%	$12.90	$12.58	—	COM	59548Q107
FRME	FIRST MERCHANTS CORP	11,960	$277K	0.2%	$23.16 *	$15.38	+34.3%	COM	320817109
ASRV	AMERISERV FINANC INC	94,727	$266K	0.2%	$2.81 *	$2.21	+5.2%	COM	03074A102
DGICA	DONEGAL GROUP INC	15,718	$221K	0.1%	$14.06 *	$8.88	+25.3%	CL A	257701201
DGICB	DONEGAL GROUP INC	18,989	$216K	0.1%	$11.38 *	$12.92	-26.7%	CL B	257701300
—	EMCLAIRE FINANCIAL CORP	8,666	$216K	0.1%	$24.92	$22.79	—	COM	290828102
—	STARRETT L S CO	64,024	$188K	0.1%	$2.94	$3.86	—	CL A	855668109
LGL	LGL GROUP INC	13,673	$122K	0.1%	$8.92 *	$2.13	+53.0%	COM	50186A108
—	FLOTEK INDUSTRIES INC DEL	42,025	$114K	0.1%	$2.71	$3.17	—	COM	343389102
—	SUPPORT.COM INC	61,226	$109K	0.1%	$1.78	$1.22	—	COM NEW	86858W200
ICCC	IMMUCELL CORP	14,559	$79,000	0.1%	$5.43 *	$8.16	-32.1%	COM	452525306
—	FIVE STAR SENIOR LIVING INC	14,417	$73,000	0.0%	$5.06	$5.06	—	COM NEW	33832D205
—	SUNLINK HEALTH SYSTEMS INC	35,200	$33,000	0.0%	$0.94	$1.14	—	COM	86737U102
III	INFORMATION SVCS GROUP	12,955	$27,000	0.0%	$2.08 *	$2.65	-32.1%	COM	45675Y104
AEHR	AEHR TEST SYSTEMS	17,401	$24,000	0.0%	$1.38 *	$1.22	+51.8%	COM	00760J108