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 3,781 319,102 SH   OTR   0 319,102 0
AH BELO CORP COM CL A 001282102 5,335 450,182 SH   SOLE   450,182 0 0
AMERISERV FINANC INC COM 03074A102 132 38,000 SH   OTR   0 38,000 0
AMERISERV FINANC INC COM 03074A102 49 14,200 SH   SOLE   14,200 0 0
AMPCO PITTSBURGH CORP COM 032037103 812 35,400 SH   OTR   0 35,400 0
AMPCO PITTSBURGH CORP COM 032037103 564 24,571 SH   SOLE   24,571 0 0
APCO OIL & GAS INTL SHS G0471F109 2,324 162,031 SH   OTR   0 162,031 0
APCO OIL & GAS INTL SHS G0471F109 3,936 274,494 SH   SOLE   274,494 0 0
ASML HOLDING N V NY REG SHS N07059210 1,563 16,761 SH   OTR   0 16,761 0
ASML HOLDING N V NY REG SHS N07059211 110 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 761 13,508 SH   OTR   0 13,508 0
ASTRONICS CORP COM 046433109 1,126 19,981 SH   SOLE   19,981 0 0
ATRION CORP COM 049904105 602 1,850 SH   OTR   0 1,850 0
ATRION CORP COM 049904105 2,112 6,492 SH   SOLE   6,492 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 35 2,570 SH   OTR   0 2,570 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 338 24,916 SH   SOLE   24,916 0 0
BREEZE EASTERN CORP COM 106764103 166 13,000 SH   OTR   0 13,000 0
CAMDEN NATIONAL CORP COM 133034108 2,921 75,651 SH   OTR   0 75,651 0
CAMDEN NATIONAL CORP COM 133034108 1,552 40,185 SH   SOLE   40,185 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 921 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
CHASE CORP COM 16150R104 7,979 233,705 SH   OTR   0 233,705 0
CHASE CORP COM 16150R104 6,289 184,200 SH   SOLE   184,200 0 0
CHARTER FINL CORP MD COM 16122W108 565 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 983 88,669 SH   SOLE   88,669 0 0
CIMATRON LTD ORD M23798107 301 48,718 SH   OTR   0 48,718 0
CIMATRON LTD ORD M23798107 742 120,056 SH   SOLE   120,056 0 0
CITIZENS & NORTHERN CORP COM 172922106 318 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 17922106 514 26,500 SH   SOLE   26,500 0 0
CMS BANCORP INC COM 12600U102 82 7,800 SH   OTR   0 7,800 0
CMS BANCORP INC COM 12600U102 125 11,975 SH   SOLE   11,975 0 0
COMMAND SECURITY CORP COM 20050L100 46 25,750 SH   SOLE   25,750 0 0
COMMUNITY BANK SYS INC COM 203607106 505 13,938 SH   OTR   0 13,938 0
DAWSON GEOPHYSICAL CO COM 239359102 918 32,071 SH   OTR   0 32,071 0
DAWSON GEOPHYSICAL CO COM 239359102 784 27,387 SH   SOLE   27,387 0 0
DELUXE CORP COM 248019101 2,109 36,000 SH   OTR   0 36,000 0
DELUXE CORP COM 248019101 516 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 240 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 211 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 364 23,882 SH   OTR   0 23,882 0
DONEGAL GROUP INC CL A 257701201 19 1,261 SH   SOLE   1,261 0 0
DORMAN PRODUCTS INC COM 258278100 1,491 30,260 SH   OTR   0 30,260 0
DORMAN PRODUCTS INC COM 258278100 782 15,880 SH   SOLE   15,880 0 0
EAGLE BANCORP MONT INC COM 26942G100 88 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 181 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 2,282 149,429 SH   OTR   0 149,429 0
EASTERN CO COM 276317104 3,395 222,345 SH   SOLE   222,345 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 279 27,704 SH   OTR   0 27,704 0
ECOLOGY & ENVRNMT INC CL A 278878103 435 43,170 SH   SOLE   43,170 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 337 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 67 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 3,056 189,602 SH   OTR   0 189,602 0
ESCALADE INC COM 296056104 2,867 177,858 SH   SOLE   177,858 0 0
FNB CORP COM 302520101 99 7,715 SH   OTR   0 7,715 0
FNB CORP COM 302520101 331 25,783 SH   SOLE   25,783 0 0
FIRST MERCHANTS CORP COM 320817109 119 5,655 SH   OTR   0 5,655 0
FIRST MERCHANTS CORP COM 320817109 133 6,305 SH   SOLE   6,305 0 0
FOSTER LB CO COM 350060109 4,565 84,643 SH   OTR   0 84,643 0
FOSTER LB CO COM 350060109 1,159 21,489 SH   SOLE   21,489 0 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 2,796 173,047 SH   OTR   0 173,047 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 4,684 289,862 SH   SOLE   289,862 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,742 218,000 SH   OTR   0 218,000 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,055 257,227 SH   SOLE   257,227 0 0
HALLADOR ENERGY COM 40609P105 65 6,845 SH   OTR   0 6,845 0
HALLADOR ENERGY COM 40609P105 119 12,575 SH   SOLE   12,575 0 0
IBERIABANK CORP COM 450828108 683 9,877 SH   OTR   0 9,877 0
IBERIABANK CORP COM 450828108 1,109 16,035 SH   SOLE   16,035 0 0
INFUSYSTEM HLDGS INC COM 45685K102 1,940 732,200 SH   OTR   0 732,200 0
INFUSYSTEM HLDGS INC COM 45685K102 3,012 1,136,762 SH   SOLE   1,136,762 0 0
INVESTORS BANCORP INC COM 46146P102 273 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC COM 46146P102 751 67,990 SH   SOLE   67,990 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 247 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 410 19,442 SH   SOLE   19,442 0 0
JOURNAL COMMUNIC INC CL A 481130102 2,283 257,440 SH   OTR   0 257,440 0
JOURNAL COMMUNIC INC CL A 481130102 2,924 329,637 SH   SOLE   329,637 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 8,562 258,424 SH   OTR   0 258,424 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 13,293 401,250 SH   SOLE   401,250 0 0
KIMCO RLTY CORP COM 49446R109 517 22,500 SH   OTR   0 22,500 0
KOSS CORP COM 500692108 71 22,800 SH   OTR   0 22,800 0
KOSS CORP COM 500692108 67 21,694 SH   SOLE   21,694 0 0
LAKE SHORE BANCORP INC COM 510700107 115 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 248 20,269 SH   SOLE   20,269 0 0
MALVERN BANCORP INC SHS 561409103 1,264 120,000 SH   SOLE   120,000 0 0
MAM SOFTWARE GROUP INC COM 55277Q201 221 41,113 SH   SOLE   41,113 0 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 56 36,651 SH   OTR   0 36,651 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 215 140,532 SH   SOLE   140,532 0 0
MOLYCORP INC DEL COM 608753109 40 15,593 SH   OTR   0 15,593 0
MOLYCORP INC DEL COM 608753109 40 15,541 SH   SOLE   15,541 0 0
MUTUALFIRST FINL INC COM 62845B104 482 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINL INC COM 62845B104 108 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDING LTD COM Y62132108 3,323 113,422 SH   OTR   0 113,422 0
NAVIGATOR HOLDING LTD COM Y62132108 5,384 207,152 SH   SOLE   207,152 0 0
NORTHWEST BANCSHARES COM 667340103 610 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES COM 667340103 388 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 169 5,973 SH   OTR   0 5,973 0
NORWOOD FINANCIAL CORP COM 669549107 245 8,764 SH   SOLE   8,764 0 0
OBA FINANCIAL SVCS INC COM 67424G101 226 10,200 SH   OTR   0 10,200 0
OBA FINANCIAL SVCS INC COM 67424G101 452 25,200 SH   SOLE   25,200 0 0
OCONEE FED FINL CORP COM 675607105 197 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 197 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 632 137,200 SH   OTR   0 137,200 0
ONVIA INC COM NEW 68338T403 1,223 265,353 SH   SOLE   265,353 0 0
PATHFINDER BANCORP INC COM 70320A103 470 32,270 SH   OTR   0 32,270 0
PATHFINDER BANCORP INC COM 70320A103 898 61,718 SH   SOLE   61,718 0 0
PDI INC COM 69329V100 21 4,800 SH   OTR   0 4,800 0
PDI INC COM 69329V100 38 8,572 SH   SOLE   8,572 0 0
PEOPLES UNITED FINL INC COM 712704105 220 14,518 SH   SOLE   14,518 0 0
PMFG INC COM 69345P103 1,858 352,524 SH   OTR   0 352,524 0
PMFG INC COM 69345P103 2,412 457,766 SH   SOLE   457,766 0 0
PROASSURANCE CORP COM 74267C106 854 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 405 9,114 SH   SOLE   9,114 0 0
PROV & WOR RAILRD CO COM 743737108 450 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 67 10,152 SH   OTR   0 10,152 0
PSB HOLDINGS INC COM 69360W108 104 15,745 SH   SOLE   15,745 0 0
RAND LOGISTICS INC COM 752182105 617 102,913 SH   OTR   0 102,913 0
RAND LOGISTICS INC COM 752182105 1,216 202,627 SH   SOLE   202,627 0 0
SCRIPPS EW CO OHIO CL A NEW 811054402 2,798 132,233 SH   OTR   0 132,233 0
SCRIPPS EW CO OHIO CL A NEW 811054402 4,330 204,631 SH   SOLE   204,631 0 0
SIFCO INDUSTRIES INC COM 826546103 156 5,000 SH   OTR   0 5,000 0
SIFCO INDUSTRIES INC COM 826546103 305 10,000 SH   SOLE   10,000 0 0
STATE AUTO FINANCIAL CORP COM 855707105 189 8,100 SH   OTR   0 8,100 0
STATE AUTO FINANCIAL CORP COM 855707105 347 14,918 SH   SOLE   14,918 0 0
SUPERIOR UNIF GRP INC COM 868358102 252 15,700 SH   OTR   0 15,700 0
SUPERIOR UNIF GRP INC COM 868358102 58 3,600 SH   SOLE   3,600 0 0
TF FINANCIAL CORP COM 872391107 1,559 36,855 SH   OTR   0 36,855 0
TF FINANCIAL CORP COM 872391107 1,339 31,658 SH   SOLE   31,658 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
TRANSCAT INC COM 893529107 1,561 153,794 SH   OTR   0 153,794 0
TRANSCAT INC COM 893529107 2,639 259,960 SH   SOLE   259,960 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 905 27,900 SH   OTR   0 27,900 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 58 1,800 SH   SOLE   1,800 0 0
US LIME & MINERAL COM 911922102 3,789 58,809 SH   OTR   0 58,809 0
US LIME & MINERAL COM 911922102 3,181 49,373 SH   SOLE   49,373 0 0
VIRCO MANUFACTURING CO COM 927651109 967 420,233 SH   OTR   0 420,233 0
VIRCO MANUFACTURING CO COM 927651109 1,325 576,181 SH   SOLE   576,181 0 0
WATERSTONE FINANCIAL COM 94188P101 1,046 91,698 SH   SOLE   91,698 0 0
WPX ENERGY INC COM 98212B103 485 20,300 SH   OTR   0 20,300 0
WPX ENERGY INC COM 98212B103 897 37,500 SH   SOLE   37,500 0 0