Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
INFU	INFUSYSTEM HLDGS INC	891,682	$18.16M	9.9%	$20.36 *	$1.69	+1010.3%	COM	45685K102
—	CHASE CORP	126,454	$14.72M	8.1%	$116.39	$22.36	—	COM	16150R104
GLDD	GREAT LAKES DREDGE & DOCK CO	985,540	$14.38M	7.9%	$14.59	$6.28	+132.2%	COM	390607109
—	COMPUTER TASK GROUP INC	1,164,101	$11.12M	6.1%	$9.55	$6.45	—	COM	205477102
SSP	SCRIPPS E W CO OHIO	523,407	$10.1M	5.5%	$19.29 *	$11.58	+19.5%	CL A NEW	811054402
EML	EASTERN CO	321,289	$8.62M	4.7%	$26.83 *	$12.42	+86.4%	COM	276317104
ESCA	ESCALADE INC	368,055	$7.689M	4.2%	$20.89 *	$4.79	+268.8%	COM	296056104
—	WILLIAMS INDUSTRIAL SERVICES GROUP INC	2,039,044	$7.117M	3.9%	$3.49	$3.49	—	COM	96951A104
ATRO	ASTRONICS CORP	336,787	$6.063M	3.3%	$18.00 *	$11.09	+39.9%	COM	046433108
—	GP STRATEGIES CORP	311,638	$5.438M	3.0%	$17.45	$9.53	—	COM	36225V104
USLM	US LIME & MINERAL	39,681	$5.228M	2.9%	$131.75 *	$10.28	+162.7%	COM	911922102
—	UNIVERSAL STAINLESS & ALLOY	483,029	$4.913M	2.7%	$10.17	$11.44	—	COM	913837100
SIF	SIFCO INDUSTRIES INC	388,646	$4.873M	2.7%	$12.54 *	$5.00	+104.2%	COM	826546103
CAC	CAMDEN NATIONAL CORP	94,213	$4.509M	2.5%	$47.86 *	$19.20	+77.0%	COM	133034108
SGA	SAGA COMMUNICATIONS INC	168,547	$3.683M	2.0%	$21.85	$33.03	-32.8%	CL A NEW	786598300
PBHC	PATHFINDER BANCORP INC	254,045	$3.621M	2.0%	$14.25 *	$9.65	+24.7%	COM	70319R109
TRNS	TRANSCAT INC	67,159	$3.311M	1.8%	$49.30 *	$6.66	+543.4%	COM	893529107
—	PATRIOT TRANSPORTATION HOLDING INC	293,070	$3.227M	1.8%	$11.01	$16.24	—	COM	70338W105
NVGS	NAVIGATOR HOLDINGS LTD	325,212	$2.894M	1.6%	$8.90 *	$31.23	-68.6%	SHS	Y62132108
RAIL	FREIGHTCAR AMERICA INC	431,800	$2.845M	1.6%	$6.59 *	$3.94	-8.3%	COM	357023100
VIRC	VIRCO MANUFACTURING CO	859,446	$2.664M	1.5%	$3.10	$2.17	+44.3%	COM	927651109
NODK	NI HOLDINGS INC	129,900	$2.394M	1.3%	$18.43 *	$15.17	+17.9%	COM	65342T106
DORM	DORMAN PRODUCTS INC	18,590	$1.908M	1.0%	$102.64 *	$41.59	+139.8%	COM	258278100
THRY	THRYV HOLDINGS INC	75,300	$1.761M	1.0%	$23.39 *	$10.59	+91.0%	COM NEW	886029206
—	CENTURY BANCORP INC MASS	17,650	$1.644M	0.9%	$93.14	$34.86	—	CL A NON VTG	156432106
KEQU	KEWAUNEE SCIENTIFIC CORP	123,832	$1.527M	0.8%	$12.33	$12.17	+2.5%	COM	492854104
DLHC	DLH HOLDINGS CORP	152,178	$1.505M	0.8%	$9.89 *	$7.00	+49.7%	COM	23335Q100
—	AH BELO CORP	648,998	$1.356M	0.7%	$2.09	$6.65	—	COM CL A	001282102
—	INVESTORS BANCORP INC NEW	84,711	$1.244M	0.7%	$14.69	$10.13	—	COM	46146L101
CECO	CECO ENVIRONMENTAL CORP	148,829	$1.179M	0.6%	$7.92	$8.73	-9.5%	COM	125141101
—	STATE AUTO FINL CORP	58,219	$1.143M	0.6%	$19.63	$15.90	—	COM	855707105
MPB	MID PENN BANCORP	38,951	$1.044M	0.6%	$26.80 *	$24.93	-15.3%	COM	59540G107
CZNC	CITIZENS & NORTHERN CORP	42,900	$1.02M	0.6%	$23.78 *	$10.60	+56.7%	COM	172922106
—	VERSO CORP	68,300	$997K	0.5%	$14.60	$21.42	—	CL A	92531L207
FSTR	FOSTER L B CO	55,263	$990K	0.5%	$17.91 *	$42.68	-60.8%	COM	350060109
—	MALVERN BANCORP INC	53,206	$990K	0.5%	$18.61	$12.17	—	COM	561409103
—	VILLAGE BANK & TRUST FIN CO	24,745	$968K	0.5%	$39.12	$21.53	—	COM NEW	92705T200
—	ENTERCOM COMMUNICATIONS	168,900	$887K	0.5%	$5.25	$10.14	—	COM	293639100
FNB	FNB CORP	69,690	$885K	0.5%	$12.70 *	$7.96	+21.6%	COM	302520101
DWSN	DAWSON GEOPHYSICAL CO NEW	362,014	$884K	0.5%	$2.44 *	$4.50	-47.1%	COM	239360100
—	GSE SYSTEMS INC	497,059	$845K	0.5%	$1.70	$1.35	—	COM	36227K106
—	VOLT INFORMATION SCIENCES	209,265	$827K	0.5%	$3.95	$1.19	—	COM	928703107
CIX	COMPX INTERNATIONAL	38,902	$700K	0.4%	$17.99 *	$8.60	+15.8%	CL A	20563P101
HBNC	HORIZON BANCORP INDIANA	35,052	$651K	0.4%	$18.57 *	$15.01	+18.5%	COM	440407104
CLBK	COLUMBIA FINANCIAL INC	33,794	$591K	0.3%	$17.49 *	$15.64	+6.1%	COM	197641103
DLX	DELUXE CORP	13,900	$583K	0.3%	$41.94 *	$23.94	+19.7%	COM	248019101
NWBI	NORTHWEST BANCSHARES INC MD	38,000	$549K	0.3%	$14.45 *	$6.49	+57.6%	COM	667340103
EBMT	EAGLE BANCORP MONT INC	21,098	$513K	0.3%	$24.32 *	$7.64	+149.8%	COM	26942G100
CBU	COMMUNITY BANK SYS INC	6,618	$508K	0.3%	$76.76 *	$21.43	+187.8%	COM	203607106
—	HV BANCORP INC	25,890	$503K	0.3%	$19.43	$14.06	—	COM	40441H105
ACNT	SYNALLOY CP DEL	55,850	$493K	0.3%	$8.83	$7.63	+15.3%	COM	871565107
—	ICC HOLDINGS INC	33,368	$491K	0.3%	$14.71	$14.77	—	COM	44931Q104
PRA	PROASSURANCE CORP	17,234	$461K	0.3%	$26.75 *	$49.77	-53.5%	COM	74267C106
FRME	FIRST MERCHANTS CORP	9,875	$460K	0.3%	$46.58 *	$15.38	+135.7%	COM	320817109
—	MACKINAC FINANCIAL CORP	32,332	$453K	0.2%	$14.01	$15.26	—	COM	554571109
—	SOUTH STATE CORP	5,661	$445K	0.2%	$78.61	$47.59	—	COM	840441109
—	ADAMS RESOURCES & ENERGY INC	14,813	$415K	0.2%	$28.02	$31.84	—	COM NEW	006351308
RMBI	RICHMOND MUTUAL BANCORP	30,000	$407K	0.2%	$13.57	$13.36	+0.9%	COM	76525P100
—	STARRETT L S CO	59,437	$384K	0.2%	$6.46	$3.86	—	CL A	855668109
—	RIVERVIEW FINANCIAL CORP	35,769	$374K	0.2%	$10.46	$10.86	—	COM	76940Q105
NWFL	NORWOOD FINANCIAL CORP	13,681	$359K	0.2%	$26.24	$22.47	+16.0%	COM	669549107
MSVB	MID SOUTHERN BANCORP	21,706	$330K	0.2%	$15.20	$12.58	—	COM	59548Q107
OFED	OCONEE FED FINL CORP	11,451	$299K	0.2%	$26.11 *	$15.36	+61.0%	COM	675607105
—	LAKE SHORE BANCORP INC	19,700	$294K	0.2%	$14.92	$11.22	—	COM	510700107
ASRV	AMERISERV FINANC INC	61,200	$248K	0.1%	$4.05 *	$2.21	+40.7%	COM	03074A102
DGICB	DONEGAL GROUP INC	17,856	$241K	0.1%	$13.50 *	$12.92	-19.1%	CL B	257701300
—	EMCLAIRE FINANCIAL CORP	7,554	$208K	0.1%	$27.54	$22.79	—	COM	290828102
DGICA	DONEGAL GROUP INC	11,281	$168K	0.1%	$14.89 *	$8.88	+28.6%	CL A	257701201
—	ATLANTIC POWER CORP	53,013	$153K	0.1%	$2.89	$2.10	—	COM NEW	04878Q863
LGL	LGL GROUP INC	12,901	$142K	0.1%	$11.01 *	$2.13	+104.2%	COM	50186A108
ICCC	IMMUCELL CORP	11,958	$113K	0.1%	$9.45	$8.16	+15.0%	COM	452525306