The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AEHR TEST SYSTEMS COM 00760J108 23 18,100 SH   OTR   0 18,100 0
AEHR TEST SYSTEMS COM 00760J108 52 40,602 SH   SOLE   40,602 0 0
AH BELO CORP COM CL A 001282102 2,180 317,788 SH   OTR   0 317,788 0
AH BELO CORP COM CL A 001282102 3,088 450,180 SH   SOLE   450,180 0 0
ALLIANCE FIBER OPTIC PRODS I COM NEW 018680306 409 20,460 SH   OTR   0 20,460 0
ALLIANCE FIBER OPTIC PRODS I COM NEW 018680306 88 4,400 SH   SOLE   4,400 0 0
AMERISERV FINANC INC COM 03074A102 106 38,000 SH   OTR   0 38,000 0
AMERISERV FINANC INC COM 03074A102 39 14,200 SH   SOLE   14,200 0 0
AMPCO PITTSBURGH CORP COM 032037103 664 35,400 SH   OTR   0 35,400 0
AMPCO PITTSBURGH CORP COM 032037103 441 23,500 SH   SOLE   23,500 0 0
APCO OIL & GAS INTL SHS G0471F109 1,484 130,215 SH   OTR   0 130,215 0
APCO OIL & GAS INTL SHS G0471F109 2,435 213,558 SH   SOLE   213,558 0 0
ARGAN INC COM 04010E109 280 17,943 SH   OTR   0 17,943 0
ARGAN INC COM 04010E109 406 26,018 SH   SOLE   26,018 0 0
ASML HOLDING N V NY REG SHS N07059210 1,326 16,761 SH   OTR   0 16,761 0
ASML HOLDING N V NY REG SHS N07059211 93 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 2,382 58,308 SH   OTR   0 58,308 0
ASTRONICS CORP COM 046433109 3,527 86,331 SH   SOLE   86,331 0 0
ATRION CORP COM 049904105 403 1,850 SH   OTR   0 1,850 0
ATRION CORP COM 049904105 1,416 6,492 SH   SOLE   6,492 0 0
BCSB BANCORP INC COM 055367106 87 3,710 SH   OTR   0 3,710 0
BCSB BANCORP INC COM 055367106 290 12,396 SH   SOLE   12,396 0 0
BELO CORP COM SER A 080555105 2,542 182,200 SH   OTR   0 182,200 0
BELO CORP COM SER A 080555105 3,492 250,300 SH   SOLE   250,300 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 209 24,916 SH   SOLE   24,916 0 0
BREEZE EASTERN CORP COM 106764103 114 13,000 SH   OTR   0 13,000 0
CAMDEN NATIONAL CORP COM 133034108 2,671 75,851 SH   OTR   0 75,851 0
CAMDEN NATIONAL CORP COM 133034108 1,415 40,185 SH   SOLE   40,185 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 922 26,450 SH   OTR   0 26,450 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 337 9,663 SH   SOLE   9,663 0 0
CFS BANCORP INC COM 12525D102 93 8,700 SH   OTR   0 8,700 0
CFS BANCORP INC COM 12525D102 104 9,700 SH   SOLE   9,700 0 0
CHASE CORP COM 16150R104 5,590 249,988 SH   OTR   0 249,988 0
CHASE CORP COM 16150R104 4,257 190,374 SH   SOLE   190,374 0 0
CHARTER FINL CORP MD COM 16122W108 514 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 894 88,669 SH   SOLE   88,669 0 0
CIMATRON LTD ORD M23798107 293 48,718 SH   OTR   0 48,718 0
CIMATRON LTD ORD M23798107 722 120,056 SH   SOLE   120,056 0 0
CITIZENS & NORTHERN CORP COM 172922106 315 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 17922106 508 26,500 SH   SOLE   26,500 0 0
CMS BANCORP INC COM 12600U102 71 7,800 SH   OTR   0 7,800 0
CMS BANCORP INC COM 12600U102 109 11,975 SH   SOLE   11,975 0 0
COMMUNITY BANK SYS INC COM 203607106 430 13,938 SH   OTR   0 13,938 0
DAWSON GEOPHYSICAL CO COM 239359102 1,183 32,071 SH   OTR   0 32,071 0
DAWSON GEOPHYSICAL CO COM 239359102 1,011 27,387 SH   SOLE   27,387 0 0
DELUXE CORP COM 248019101 1,247 36,000 SH   OTR   0 36,000 0
DELUXE CORP COM 248019101 305 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 202 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 178 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 333 23,882 SH   OTR   0 23,882 0
DONEGAL GROUP INC CL A 257701201 18 1,261 SH   SOLE   1,261 0 0
DORMAN PRODUCTS INC COM 258278100 2,382 52,280 SH   OTR   0 52,280 0
DORMAN PRODUCTS INC COM 258278100 1,207 26,480 SH   SOLE   26,480 0 0
EAGLE BANCORP MONT INC COM 26942G100 89 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 182 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 1,024 64,029 SH   OTR   0 64,029 0
EASTERN CO COM 276317104 1,017 63,567 SH   SOLE   63,567 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 288 27,704 SH   OTR   0 27,704 0
ECOLOGY & ENVRNMT INC CL A 278878103 449 43,170 SH   SOLE   43,170 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 292 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 58 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 1,213 200,179 SH   OTR   0 200,179 0
ESCALADE INC COM 296056104 1,132 186,758 SH   SOLE   186,758 0 0
FOSTER LB CO COM 350060109 3,654 84,643 SH   OTR   0 84,643 0
FOSTER LB CO COM 350060109 928 21,489 SH   SOLE   21,489 0 0
GIGA TRONICS INC COM 375175106 20 13,069 SH   SOLE   13,069 0 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 2,774 173,047 SH   OTR   0 173,047 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 4,646 289,862 SH   SOLE   289,862 0 0
GLOBECOMM SYSTEMS INC COM 37956X103 2,664 211,400 SH   OTR   0 211,400 0
GLOBECOMM SYSTEMS INC COM 37956X103 2,504 198,703 SH   SOLE   198,703 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,599 205,300 SH   OTR   0 205,300 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,779 228,307 SH   SOLE   228,307 0 0
INFUSYSTEM HLDGS INC COM 45685K102 1,076 732,200 SH   OTR   0 732,200 0
INFUSYSTEM HLDGS INC COM 45685K102 1,671 1,136,762 SH   SOLE   1,136,762 0 0
INVESTORS BANCORP INC COM 46146P102 234 111,115 SH   SOLE   11,115 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 223 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 371 19,442 SH   SOLE   19,442 0 0
JOURNAL COMMUNIC INC CL A 481130102 1,928 257,440 SH   OTR   0 257,440 0
JOURNAL COMMUNIC INC CL A 481130102 2,469 329,637 SH   SOLE   329,637 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 7,980 198,599 SH   OTR   0 198,599 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 12,326 306,778 SH   SOLE   306,778 0 0
KIMCO RLTY CORP COM 49446R109 482 22,500 SH   OTR   0 22,500 0
KOSS CORP COM 500692108 108 22,800 SH   OTR   0 22,800 0
KOSS CORP COM 500692108 84 17,680 SH   SOLE   17,680 0 0
LAKE SHORE BANCORP INC COM 510700107 53 4,800 SH   OTR   0 4,800 0
LAKE SHORE BANCORP INC COM 510700107 118 10,701 SH   SOLE   10,701 0 0
LIN TV CORP CL A 532774106 15 1,000 SH   OTR   0 1,000 0
LIN TV CORP CL A 532774106 1,110 72,570 SH   SOLE   72,570 0 0
MALVERN BANCORP INC SHS 561409103 1,436 120,000 SH   SOLE   120,000 0 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 195 41,113 SH   SOLE   41,113 0 0
MATERIAL SCIENCES CORP COM 576674105 250 24,924 SH   SOLE   24,924 0 0
MATERIAL SCIENCES CORP COM 576674105 128 12,760 SH   OTR   0 12,760 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 56 36,651 SH   OTR   0 36,651 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 180 117,191 SH   SOLE   117,191 0 0
MOD-PAC CORP COM 607495108 606 73,526 SH   OTR   0 73,526 0
MOD-PAC CORP COM 607495108 794 96,340 SH   SOLE   96,340 0 0
MOLYCORP INC DEL COM 608753109 96 15,593 SH   OTR   0 15,593 0
MOLYCORP INC DEL COM 608753109 95 15,541 SH   SOLE   15,541 0 0
MUTUALFIRST FINL INC COM 62845B104 351 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINL INC COM 62845B104 79 5,666 SH   SOLE   5,666 0 0
NORTHWEST BANCSHARES COM 667340103 608 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES COM 667340103 386 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 173 5,973 SH   OTR   0 5,973 0
NORWOOD FINANCIAL CORP COM 669549107 254 8,764 SH   SOLE   8,764 0 0
OBA FINANCIAL SVCS INC COM 67424G101 187 10,200 SH   OTR   0 10,200 0
OBA FINANCIAL SVCS INC COM 67424G101 461 25,200 SH   SOLE   25,200 0 0
OCONEE FED FINL CORP COM 675607105 169 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 169 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 619 137,200 SH   OTR   0 137,200 0
ONVIA INC COM NEW 68338T403 1,197 265,353 SH   SOLE   265,353 0 0
PATHFINDER BANCORP INC COM 70320A103 385 30,815 SH   OTR   0 30,815 0
PATHFINDER BANCORP INC COM 70320A103 771 61,679 SH   SOLE   61,679 0 0
PEOPLES BANCORP INC COM 709789101 156 7,449 SH   OTR   0 7,449 0
PEOPLES BANCORP INC COM 709789101 324 15,433 SH   SOLE   15,433 0 0
PEOPLES UNITED FINL INC COM 712704105 216 14,518 SH   SOLE   14,518 0 0
PMFG INC COM 69345P103 2,224 321,825 SH   OTR   0 321,825 0
PMFG INC COM 69345P103 2,658 384,699 SH   SOLE   384,699 0 0
PROASSURANCE CORP COM 74267C106 1,004 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 475 9,114 SH   SOLE   9,114 0 0
PROV & WOR RAILRD CO COM 743737108 387 25,500 SH   OTR   0 25,500 0
PROV & WOR RAILRD CO COM 743737108 23 1,500 SH   SOLE   1,500 0 0
PRUDENTIAL BANCORP INC PA COM 744319104 57 5,768 SH   OTR   0 5,768 0
PRUDENTIAL BANCORP INC PA COM 744319104 76 7,771 SH   SOLE   7,771 0 0
PSB HOLDINGS INC COM 69360W108 25 4,552 SH   OTR   0 4,552 0
PSB HOLDINGS INC COM 69360W108 49 8,990 SH   SOLE   8,990 0 0
RAND LOGISTICS INC COM 752182105 306 59,957 SH   OTR   0 59,957 0
RAND LOGISTICS INC COM 752182105 582 113,813 SH   SOLE   113,813 0 0
ROMA FINANCIAL CORP COM 77581P109 203 11,200 SH   OTR   0 11,200 0
SCRIPPS EW CO OHIO CL A NEW 811054402 1,996 128,133 SH   OTR   0 128,133 0
SCRIPPS EW CO OHIO CL A NEW 811054402 3,071 197,131 SH   SOLE   197,131 0 0
SIFCO INDUSTRIES INC COM 826546103 64 4,000 SH   OTR   0 4,000 0
SIFCO INDUSTRIES INC COM 826546103 128 8,000 SH   SOLE   8,000 0 0
SUPERIOR UNIF GRP INC COM 868358102 168 15,700 SH   OTR   0 15,700 0
SUPERIOR UNIF GRP INC COM 868358102 39 3,600 SH   SOLE   3,600 0 0
SUSQUEHANNA BANCSHARES INC P COM 869099101 152 11,808 SH   OTR   0 11,808 0
TECHE HOLDING CO COM 878330109 614 13,800 SH   OTR   0 13,800 0
TECHE HOLDING CO COM 878330109 378 8,500 SH   SOLE   8,500 0 0
TF FINANCIAL CORP COM 872391107 903 36,855 SH   OTR   0 36,855 0
TF FINANCIAL CORP COM 872391107 443 18,082 SH   SOLE   18,082 0 0
TIGER MEDIA INC SHS G88685105 23 24,600 SH   OTR   0 24,600 0
TIGER MEDIA INC SHS G88685105 5 5,200 SH   SOLE   5,200 0 0
TIGER MEDIA INC W EXP 12/26/201 G88685121 4 25,000 SH   OTR   0 25,000 0
TRANSCAT INC COM 893529107 1,013 148,906 SH   OTR   0 148,906 0
TRANSCAT INC COM 893529107 1,692 248,897 SH   SOLE   248,897 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 821 27,900 SH   OTR   0 27,900 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 53 1,800 SH   SOLE   1,800 0 0
US LIME & MINERAL COM 911922102 3,067 58,809 SH   OTR   0 58,809 0
US LIME & MINERAL COM 911922102 2,575 49,373 SH   SOLE   49,373 0 0
VIRCO MANUFACTURING CO COM 927651109 875 375,383 SH   OTR   0 375,383 0
VIRCO MANUFACTURING CO COM 927651109 1,167 500,940 SH   SOLE   500,940 0 0
WPX ENERGY INC COM 98212B103 384 20,300 SH   OTR   0 20,300 0
WPX ENERGY INC COM 98212B103 710 37,500 SH   SOLE   37,500 0 0