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 39 18,100 SH   OTR   0 18,100 0
AEHR TEST SYSTEMS COM 00760J108 87 40,602 SH   SOLE   40,602 0 0
AH BELO CORP COM CL A 001282102 1,861 332,304 SH   OTR   0 332,304 0
AH BELO CORP COM CL A 001282102 2,663 475,486 SH   SOLE   475,486 0 0
AMERISERV FINANC INC COM 03074A102 195 58,700 SH   OTR   0 58,700 0
AMERISERV FINANC INC COM 03074A102 201 60,300 SH   SOLE   60,300 0 0
AMPCO-PITTSBURGH CORP COM 032037103 535 35,400 SH   OTR   0 35,400 0
AMPCO-PITTSBURGH CORP COM 032037103 372 24,571 SH   SOLE   24,571 0 0
ASML HOLDING N V NY REG SHS N07059210 1,717 16,488 SH   OTR   0 16,488 0
ASML HOLDING N V NY REG SHS N07059210 122 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 958 13,508 SH   OTR   0 13,508 0
ASTRONICS CORP COM 046433108 1,416 19,981 SH   SOLE   19,981 0 0
ATRION CORP COM 049904105 587 1,500 SH   OTR   0 1,500 0
ATRION CORP COM 049904105 2,004 5,125 SH   SOLE   5,125 0 0
BENEFICIAL BANCORP INC COM 08171T102 35 2,826 SH   OTR   0 2,826 0
BENEFICIAL BANCORP INC COM 08171T102 342 27,405 SH   SOLE   27,405 0 0
BREEZE EASTERN CORP COM 106764103 150 13,000 SH   OTR   0 13,000 0
CAMDEN NATIONAL CORP COM 133034108 2,928 75,651 SH   OTR   0 75,651 0
CAMDEN NATIONAL CORP COM 133034108 1,555 40,185 SH   SOLE   40,185 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,067 26,450 SH   OTR   0 26,450 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 390 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 9,083 228,505 SH   OTR   0 228,505 0
CHASE CORP COM 16150R104 7,298 183,591 SH   SOLE   183,591 0 0
CHARTER FINL CORP MD COM 16122W108 632 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 1,099 88,669 SH   SOLE   88,669 0 0
CHEMICAL FINANCIAL COM 163731102 487 14,730 SH   OTR   0 14,730 0
CHEMICAL FINANCIAL COM 163731102 892 27,005 SH   SOLE   27,005 0 0
CITIZENS & NORTHERN CORP COM 172922106 337 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 544 26,500 SH   SOLE   26,500 0 0
COMMAND SECURITY CORP COM 20050L100 8 4,100 SH   OTR   0 4,100 0
COMMAND SECURITY CORP COM 20050L100 54 26,450 SH   SOLE   26,450 0 0
COMMUNITY BANK SYS INC COM 203607106 526 13,938 SH   OTR   0 13,938 0
COMPUTER TASK GROUP INC COM 205477102 1,625 210,770 SH   OTR   0 210,770 0
COMPUTER TASK GROUP INC COM 205477102 3,078 399,283 SH   SOLE   399,283 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 645 137,289 SH   OTR   0 137,289 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 899 191,373 SH   SOLE   191,373 0 0
DELUXE CORP COM 248019101 2,139 34,500 SH   OTR   0 34,500 0
DELUXE CORP COM 248019101 546 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 209 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 184 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 377 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 51 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 1,442 30,260 SH   OTR   0 30,260 0
DORMAN PRODUCTS INC COM 258278100 757 15,880 SH   SOLE   15,880 0 0
EAGLE BANCORP MONT INC COM 26942G100 91 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 186 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 2,754 149,429 SH   OTR   0 149,429 0
EASTERN CO COM 276317104 4,098 222,345 SH   SOLE   222,345 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 302 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 60 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 3,298 179,252 SH   OTR   0 179,252 0
ESCALADE INC COM 296056104 3,115 169,270 SH   SOLE   169,270 0 0
FNB CORP COM 302520101 371 25,881 SH   OTR   0 25,881 0
FNB CORP COM 302520101 1,012 70,665 SH   SOLE   70,665 0 0
FIRST MERCHANTS CORP COM 320817109 140 5,655 SH   OTR   0 5,655 0
FIRST MERCHANTS CORP COM 320817109 156 6,305 SH   SOLE   6,305 0 0
FOSTER L B CO COM 350060109 2,925 84,643 SH   OTR   0 84,643 0
FOSTER L B CO COM 350060109 743 21,489 SH   SOLE   21,489 0 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 1,343 173,047 SH   OTR   0 173,047 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 2,249 289,862 SH   SOLE   289,862 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,703 285,200 SH   OTR   0 285,200 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,348 393,227 SH   SOLE   393,227 0 0
IBERIABANK CORP COM 450828108 1,094 16,035 SH   OTR   0 16,035 0
IBERIABANK CORP COM 450828108 674 9,877 SH   SOLE   9,877 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,566 804,352 SH   OTR   0 804,352 0
INFUSYSTEM HLDGS INC COM 45685K102 4,092 1,282,712 SH   SOLE   1,282,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 304 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 836 67,990 SH   SOLE   67,990 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 270 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 449 19,442 SH   SOLE   19,442 0 0
JOURNAL MEDIA GROUP INC CL A 48114A102 680 82,082 SH   OTR   0 82,082 0
JOURNAL MEDIA GROUP INC CL A 48114A109 942 113,686 SH   SOLE   113,686 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 5,022 217,199 SH   OTR   0 217,199 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 7,908 342,050 SH   SOLE   342,050 0 0
KOSS CORP COM 500692108 88 38,100 SH   OTR   0 38,100 0
KOSS CORP COM 500692108 158 68,455 SH   SOLE   68,455 0 0
LAKE SHORE BANCORP INC COM 510700107 125 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 270 20,269 SH   SOLE   20,269 0 0
MALVERN BANCORP INC COM 561409103 1,781 120,000 SH   SOLE   120,000 0 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 220 41,113 SH   SOLE   41,113 0 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 100 36,651 SH   OTR   0 36,651 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 510 185,974 SH   SOLE   185,974 0 0
MUTUALFIRST FINL INC COM 62845B104 586 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINL INC COM 62845B104 131 5,666 SH   SOLE   5,666 0 0
NATIONAL PENN BANCSHARES INC COM 637138108 851 75,488 SH   OTR   0 75,488 0
NATIONAL PENN BANCSHARES INC COM 637138108 608 53,948 SH   SOLE   53,948 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,826 96,322 SH   OTR   0 96,322 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 3,330 175,637 SH   SOLE   175,637 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 577 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 367 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 175 5,973 SH   OTR   0 5,973 0
NORWOOD FINANCIAL CORP COM 669549107 256 8,764 SH   SOLE   8,764 0 0
OCONEE FED FINL CORP COM 675607105 207 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 207 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 549 137,200 SH   OTR   0 137,200 0
ONVIA INC COM NEW 68338T403 1,061 265,353 SH   SOLE   265,353 0 0
PATHFINDER BANCORP INC COM 70319R109 608 53,318 SH   OTR   0 53,318 0
PATHFINDER BANCORP INC COM 70319R109 1,175 103,033 SH   SOLE   103,033 0 0
PDI INC COM 69329V100 13 9,323 SH   OTR   0 9,323 0
PDI INC COM 69329V100 18 12,872 SH   SOLE   12,872 0 0
PMFG INC COM 69345P103 2,253 350,324 SH   OTR   0 350,324 0
PMFG INC COM 69345P103 2,936 456,666 SH   SOLE   456,666 0 0
PROASSURANCE CORP COM 74267C106 889 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 421 9,114 SH   SOLE   9,114 0 0
PROV & WOR RAILRD CO COM 743737108 440 25,500 SH   OTR   0 25,500 0
PROV & WOR RAILRD CO COM 743737108 26 1,500 SH   SOLE   1,500 0 0
PSB HOLDINGS INC COM 69360W108 81 10,152 SH   OTR   0 10,152 0
PSB HOLDINGS INC COM 69360W108 126 15,745 SH   SOLE   15,745 0 0
RAND LOGISTICS INC COM 752182105 1,124 346,813 SH   OTR   0 346,813 0
RAND LOGISTICS INC COM 752182105 2,107 650,402 SH   SOLE   650,402 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 391 10,319 SH   OTR   0 10,319 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 761 20,106 SH   SOLE   20,106 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 5,849 255,980 SH   OTR   0 255,980 0
SCRIPPS E W CO OHIO CL A NEW 811054402 8,250 361,051 SH   SOLE   361,051 0 0
SIFCO INDUSTRIES INC COM 826546103 85 5,700 SH   OTR   0 5,700 0
SIFCO INDUSTRIES INC COM 826546103 170 11,388 SH   SOLE   11,388 0 0
STATE AUTO FINANCIAL CORP COM 855707105 463 19,330 SH   OTR   0 19,330 0
STATE AUTO FINANCIAL CORP COM 855707105 852 35,608 SH   SOLE   35,608 0 0
TRANSCAT INC COM 893529107 1,447 153,794 SH   OTR   0 153,794 0
TRANSCAT INC COM 893529107 2,446 259,960 SH   SOLE   259,960 0 0
TRANSENTERIX INC COM 89366M201 55 18,343 SH   SOLE   18,343 0 0
TREDEGAR CORP COM 894650100 159 7,177 SH   OTR   0 7,177 0
TREDEGAR CORP COM 894650100 270 12,200 SH   SOLE   12,200 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 548 27,900 SH   OTR   0 27,900 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 35 1,800 SH   SOLE   1,800 0 0
US LIME & MINERAL COM 911922102 3,418 58,809 SH   OTR   0 58,809 0
US LIME & MINERAL COM 911922102 3,242 55,781 SH   SOLE   55,781 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200 414 21,037 SH   SOLE   21,037 0 0
VIRCO MANUFACTURING CO COM 927651109 1,250 440,133 SH   OTR   0 440,133 0
VIRCO MANUFACTURING CO COM 927651109 1,697 597,581 SH   SOLE   597,581 0 0
WATERSTONE FINANCIAL INC MD COM 94188P101 211 16,000 SH   SOLE   16,000 0 0
WPX ENERGY INC COM 98212B103 249 20,300 SH   OTR   0 20,300 0
WPX ENERGY INC COM 98212B103 461 37,500 SH   SOLE   37,500 0 0