Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
INFU	INFUSYSTEM HLDGS INC	846,351	$17.6M	9.3%	$20.79 *	$1.69	+1098.6%	COM	45685K102
GLDD	GREAT LAKES DREDGE & DOCK CO	982,540	$14.35M	7.6%	$14.61	$6.28	+135.3%	COM	390607109
—	CHASE CORP	120,653	$12.38M	6.5%	$102.61	$22.36	—	COM	16150R104
—	COMPUTER TASK GROUP INC	1,164,101	$11.07M	5.8%	$9.51	$6.45	—	COM	205477102
—	WILLIAMS INDUSTRIAL SERVICES GROUP INC	1,848,450	$10.7M	5.7%	$5.79	$3.49	—	COM	96951A104
SSP	SCRIPPS E W CO OHIO	523,407	$10.67M	5.6%	$20.39 *	$11.58	+36.1%	CL A NEW	811054402
EML	EASTERN CO	326,937	$9.913M	5.2%	$30.32 *	$12.67	+114.5%	COM	276317104
ESCA	ESCALADE INC	368,055	$8.432M	4.5%	$22.91 *	$4.79	+293.4%	COM	296056104
—	UNIVERSAL STAINLESS & ALLOY	691,253	$6.947M	3.7%	$10.05	$11.02	—	COM	913837100
ATRO	ASTRONICS CORP	336,787	$5.897M	3.1%	$17.51	$11.09	+56.9%	COM	046433108
USLM	US LIME & MINERAL	39,681	$5.496M	2.9%	$138.50 *	$10.28	+173.7%	COM	911922102
—	GP STRATEGIES CORP	344,723	$5.419M	2.9%	$15.72	$10.12	—	COM	36225V104
CAC	CAMDEN NATIONAL CORP	94,213	$4.499M	2.4%	$47.75 *	$19.20	+102.4%	COM	133034108
SGA	SAGA COMMUNICATIONS INC	187,909	$4.059M	2.1%	$21.60	$31.90	-31.0%	CL A NEW	786598300
PBHC	PATHFINDER BANCORP INC	254,045	$4.014M	2.1%	$15.80 *	$9.65	+38.8%	COM	70319R109
SIF	SIFCO INDUSTRIES INC	385,708	$3.884M	2.1%	$10.07 *	$5.00	+135.8%	COM	826546103
NVGS	NAVIGATOR HOLDINGS LTD	330,212	$3.616M	1.9%	$10.95 *	$30.91	-66.9%	SHS	Y62132108
—	PATRIOT TRANSPORTATION HOLDING INC	293,070	$3.297M	1.7%	$11.25	$16.24	—	COM	70338W105
VIRC	VIRCO MANUFACTURING CO	859,446	$2.931M	1.5%	$3.41 *	$2.17	+50.8%	COM	927651109
RAIL	FREIGHTCAR AMERICA INC	487,410	$2.885M	1.5%	$5.92 *	$4.19	+45.3%	COM	357023100
TRNS	TRANSCAT INC	47,052	$2.651M	1.4%	$56.34 *	$6.66	+681.6%	COM	893529107
NODK	NI HOLDINGS INC	129,900	$2.47M	1.3%	$19.01	$15.17	+27.0%	COM	65342T106
THRY	THRYV HOLDINGS INC	59,703	$2.137M	1.1%	$35.79 *	$10.59	+166.7%	COM NEW	886029206
KEQU	KEWAUNEE SCIENTIFIC CORP	138,392	$1.988M	1.1%	$14.36 *	$12.19	+0.9%	COM	492854104
—	CENTURY BANCORP INC MASS	17,034	$1.941M	1.0%	$113.95	$34.86	—	CL A NON VTG	156432106
DLHC	DLH HOLDINGS CORP	152,178	$1.776M	0.9%	$11.67 *	$7.00	+58.0%	COM	23335Q100
DORM	DORMAN PRODUCTS INC	17,090	$1.772M	0.9%	$103.69	$41.59	+146.5%	COM	258278100
—	VERSO CORP	68,300	$1.209M	0.6%	$17.70	$21.42	—	CL A	92531L207
—	INVESTORS BANCORP INC NEW	84,711	$1.208M	0.6%	$14.26	$10.13	—	COM	46146L101
—	DALLASNEWS CORPORATION	162,248	$1.087M	0.6%	$6.70	$6.70	—	COM SER A	235050101
CECO	CECO ENVIRONMENTAL CORP	148,829	$1.066M	0.6%	$7.16 *	$8.73	-11.4%	COM	125141101
MPB	MID PENN BANCORP	38,951	$1.065M	0.6%	$27.34 *	$24.93	-5.9%	COM	59540G107
CZNC	CITIZENS & NORTHERN CORP	42,900	$1.051M	0.6%	$24.50 *	$10.60	+79.9%	COM	172922106
FSTR	FOSTER L B CO	55,263	$1.027M	0.5%	$18.58 *	$42.68	-58.9%	COM	350060109
—	STATE AUTO FINL CORP	58,219	$997K	0.5%	$17.12	$15.90	—	COM	855707105
—	MALVERN BANCORP INC	53,206	$977K	0.5%	$18.36	$12.17	—	COM	561409103
—	VOLT INFORMATION SCIENCES	209,265	$958K	0.5%	$4.58	$1.19	—	COM	928703107
DWSN	DAWSON GEOPHYSICAL CO NEW	362,014	$945K	0.5%	$2.61 *	$4.50	-53.2%	COM	239360100
—	VILLAGE BANK & TRUST FIN CO	19,745	$933K	0.5%	$47.25	$21.53	—	COM NEW	92705T200
—	GSE SYSTEMS INC	528,318	$930K	0.5%	$1.76	$1.38	—	COM	36227K106
FNB	FNB CORP	69,690	$859K	0.5%	$12.33 *	$7.96	+37.9%	COM	302520101
—	AUDACY INC	165,900	$715K	0.4%	$4.31	$4.31	—	CL A	05070N103
DLX	DELUXE CORP	13,900	$664K	0.4%	$47.77 *	$23.94	+43.9%	COM	248019101
CIX	COMPX INTERNATIONAL	29,847	$620K	0.3%	$20.77 *	$8.60	+76.1%	CL A	20563P101
HBNC	HORIZON BANCORP INDIANA	35,052	$611K	0.3%	$17.43 *	$15.01	+21.5%	COM	440407104
CLBK	COLUMBIA FINANCIAL INC	33,794	$582K	0.3%	$17.22 *	$15.64	+12.6%	COM	197641103
ACNT	SYNALLOY CP DEL	55,850	$558K	0.3%	$9.99	$7.63	+29.6%	COM	871565107
—	STARRETT L S CO	59,437	$555K	0.3%	$9.34	$3.86	—	CL A	855668109
—	ICC HOLDINGS INC	33,367	$523K	0.3%	$15.67	$14.77	—	COM	44931Q104
NWBI	NORTHWEST BANCSHARES INC MD	38,000	$518K	0.3%	$13.63 *	$6.49	+60.4%	COM	667340103
—	HV BANCORP INC	25,890	$503K	0.3%	$19.43	$14.06	—	COM	40441H105
CBU	COMMUNITY BANK SYS INC	6,618	$501K	0.3%	$75.70 *	$21.43	+217.3%	COM	203607106
—	MACKINAC FINANCIAL CORP	25,283	$500K	0.3%	$19.78	$15.26	—	COM	554571109
EBMT	EAGLE BANCORP MONT INC	21,098	$486K	0.3%	$23.04 *	$7.64	+163.9%	COM	26942G100
—	SOUTH STATE CORP	5,661	$463K	0.2%	$81.79	$47.59	—	COM	840441109
RMBI	RICHMOND MUTUAL BANCORP	30,000	$447K	0.2%	$14.90 *	$13.36	+5.7%	COM	76525P100
FRME	FIRST MERCHANTS CORP	9,875	$411K	0.2%	$41.62 *	$15.38	+151.1%	COM	320817109
PRA	PROASSURANCE CORP	17,234	$392K	0.2%	$22.75 *	$49.77	-49.4%	COM	74267C106
—	ADAMS RESOURCES & ENERGY INC	14,006	$388K	0.2%	$27.70	$31.84	—	COM NEW	006351308
—	RIVERVIEW FINANCIAL CORP	31,622	$359K	0.2%	$11.35	$10.86	—	COM	76940Q105
NWFL	NORWOOD FINANCIAL CORP	13,681	$356K	0.2%	$26.02	$22.47	+13.7%	COM	669549107
MSVB	MID SOUTHERN BANCORP	21,706	$345K	0.2%	$15.89	$12.58	—	COM	59548Q107
—	LAKE SHORE BANCORP INC	19,700	$294K	0.2%	$14.92	$11.22	—	COM	510700107
OFED	OCONEE FED FINL CORP	11,451	$268K	0.1%	$23.40 *	$15.36	+60.9%	COM	675607105
ASRV	AMERISERV FINANC INC	61,200	$241K	0.1%	$3.94 *	$2.21	+54.2%	COM	03074A102
DGICB	DONEGAL GROUP INC	17,856	$237K	0.1%	$13.27 *	$12.92	-7.0%	CL B	257701300
—	EMCLAIRE FINANCIAL CORP	7,554	$214K	0.1%	$28.33	$22.79	—	COM	290828102
DGICA	DONEGAL GROUP INC	11,281	$164K	0.1%	$14.54 *	$8.88	+38.8%	CL A	257701201
LGL	LGL GROUP INC	12,901	$134K	0.1%	$10.39 *	$2.13	+94.3%	COM	50186A108
ICCC	IMMUCELL CORP	11,958	$113K	0.1%	$9.45 *	$8.16	+19.6%	COM	452525306