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 52 18,100 SH   OTR   0 18,100 0
AEHR TEST SYSTEMS COM 00760J108 116 40,602 SH   SOLE   40,602 0 0
AH BELO CORP COM CL A 001282102 3,695 319,102 SH   OTR   0 319,102 0
AH BELO CORP COM CL A 001282102 5,213 450,182 SH   SOLE   450,182 0 0
AMERISERV FINANC INC COM 03074A102 145 38,000 SH   OTR   0 38,000 0
AMERISERV FINANC INC COM 03074A102 54 14,200 SH   SOLE   14,200 0 0
AMPCO PITTSBURGH CORP COM 032037103 668 35,400 SH   OTR   0 35,400 0
AMPCO PITTSBURGH CORP COM 032037103 464 24,571 SH   SOLE   24,571 0 0
APCO OIL & GAS INTL SHS G0471F109 2,313 160,731 SH   OTR   0 160,731 0
APCO OIL & GAS INTL SHS G0471F109 3,907 272,107 SH   SOLE   272,107 0 0
ARGAN INC COM 04010E109 239 8,043 SH   OTR   0 8,043 0
ARGAN INC COM 04010E109 330 11,111 SH   SOLE   11,111 0 0
ASML HOLDING N V NY REG SHS N07059210 1,564 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 855 13,508 SH   OTR   0 13,508 0
ASTRONICS CORP COM 046433109 1,265 19,981 SH   SOLE   19,981 0 0
ATRION CORP COM 049904105 562 1,850 SH   OTR   0 1,850 0
ATRION CORP COM 049904105 1,974 6,492 SH   SOLE   6,492 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 34 2,570 SH   OTR   0 2,570 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 329 24,916 SH   SOLE   24,916 0 0
BREEZE EASTERN CORP COM 106764103 128 13,000 SH   OTR   0 13,000 0
CAMDEN NATIONAL CORP COM 133034108 3,099 75,651 SH   OTR   0 75,651 0
CAMDEN NATIONAL CORP COM 133034108 1,646 40,185 SH   SOLE   40,185 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 897 26,450 SH   OTR   0 26,450 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 328 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 7,369 233,705 SH   OTR   0 233,705 0
CHASE CORP COM 16150R104 5,808 184,200 SH   SOLE   184,200 0 0
CHARTER FINL CORP MD COM 16122W108 551 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 959 88,669 SH   SOLE   88,669 0 0
CIMATRON LTD ORD M23798107 351 48,718 SH   OTR   0 48,718 0
CIMATRON LTD ORD M23798107 864 120,056 SH   SOLE   120,056 0 0
CITIZENS & NORTHERN CORP COM 172922106 323 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 17922106 522 26,500 SH   SOLE   26,500 0 0
CMS BANCORP INC COM 12600U102 74 7,800 SH   OTR   0 7,800 0
CMS BANCORP INC COM 12600U102 113 11,975 SH   SOLE   11,975 0 0
COMMAND SECURITY CORP COM 20050L100 45 25,750 SH   SOLE   25,750 0 0
COMMUNITY BANK SYS INC COM 203607106 544 13,938 SH   OTR   0 13,938 0
DAWSON GEOPHYSICAL CO COM 239359102 898 32,071 SH   OTR   0 32,071 0
DAWSON GEOPHYSICAL CO COM 239359102 767 27,387 SH   SOLE   27,387 0 0
DELUXE CORP COM 248019101 1,889 36,000 SH   OTR   0 36,000 0
DELUXE CORP COM 248019101 462 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 287 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 252 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 346 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 1,898 32,160 SH   OTR   0 32,160 0
DORMAN PRODUCTS INC COM 258278100 996 16,880 SH   SOLE   16,880 0 0
EAGLE BANCORP MONT INC COM 26942G100 94 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 192 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 1,044 64,729 SH   OTR   0 64,729 0
EASTERN CO COM 276317104 1,053 65,278 SH   SOLE   65,278 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 265 27,704 SH   OTR   0 27,704 0
ECOLOGY & ENVRNMT INC CL A 278878103 414 43,170 SH   SOLE   43,170 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 321 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 63 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 2,629 196,779 SH   OTR   0 196,779 0
ESCALADE INC COM 296056104 2,450 183,358 SH   SOLE   183,358 0 0
FNB CORP PA COM 302520101 103 7,715 SH   OTR   0 7,715 0
FNB CORP PA COM 302520101 345 25,783 SH   SOLE   25,783 0 0
FIRST MERCHANTS CORP COM 320817109 122 5,655 SH   OTR   0 5,655 0
FIRST MERCHANTS CORP COM 320817109 136 6,305 SH   SOLE   6,305 0 0
FOSTER LB CO COM 350060109 3,966 84,643 SH   OTR   0 84,643 0
FOSTER LB CO COM 350060109 1,007 21,489 SH   SOLE   21,489 0 0
GIGA TRONICS INC COM 375175106 17 13,069 SH   SOLE   13,069 0 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 3,433 173,047 SH   OTR   0 173,047 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 5,751 289,862 SH   SOLE   289,862 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,988 218,000 SH   OTR   0 218,000 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,346 257,227 SH   SOLE   257,227 0 0
HALLADOR ENERGY COM 40609P105 58 6,845 SH   OTR   0 6,845 0
HALLADOR ENERGY COM 40609P105 107 12,575 SH   SOLE   12,575 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,033 732,200 SH   OTR   0 732,200 0
INFUSYSTEM HLDGS INC COM 45685K102 3,156 1,136,762 SH   SOLE   1,136,762 0 0
INVESTORS BANCORP INC COM 46146P102 268 9,691 SH   OTR   0 9,691 0
INVESTORS BANCORP INC COM 46146P102 736 26,663 SH   SOLE   26,663 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 254 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 422 19,442 SH   SOLE   19,442 0 0
JOURNAL COMMUNIC INC CL A 481130102 2,281 257,440 SH   OTR   0 257,440 0
JOURNAL COMMUNIC INC CL A 481130102 2,921 329,637 SH   SOLE   329,637 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 7,661 265,624 SH   OTR   0 265,624 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 11,884 412,074 SH   SOLE   412,074 0 0
KIMCO RLTY CORP COM 49446R109 492 22,500 SH   OTR   0 22,500 0
KOSS CORP COM 500692108 109 22,800 SH   OTR   0 22,800 0
KOSS CORP COM 500692108 103 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 239 19,493 SH   SOLE   19,493 0 0
MALVERN BANCORP INC SHS 561409103 1,229 120,000 SH   SOLE   120,000 0 0
MAM SOFTWARE GROUP INC COM 55277Q201 230 41,113 SH   SOLE   41,113 0 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 73 36,651 SH   OTR   0 36,651 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 361 140,532 SH   SOLE   140,532 0 0
MOLYCORP INC DEL COM 608753109 73 15,593 SH   OTR   0 15,593 0
MOLYCORP INC DEL COM 608753109 73 15,541 SH   SOLE   15,541 0 0
MUTUALFIRST FINL INC COM 62845B104 480 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 3,226 124,122 SH   OTR   0 124,122 0
NAVIGATOR HOLDING LTD COM Y62132108 5,898 226,952 SH   SOLE   226,952 0 0
NORTHWEST BANCSHARES COM 667340103 657 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES COM 667340103 418 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 167 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 183 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 199 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 199 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 722 137,200 SH   OTR   0 137,200 0
ONVIA INC COM NEW 68338T403 1,396 265,353 SH   SOLE   265,353 0 0
PATHFINDER BANCORP INC COM 70320A103 445 30,815 SH   OTR   0 30,815 0
PATHFINDER BANCORP INC COM 70320A103 891 61,679 SH   SOLE   61,679 0 0
PDI INC COM 69329V100 22 4,800 SH   OTR   0 4,800 0
PDI INC COM 69329V100 24 5,277 SH   SOLE   5,277 0 0
PEOPLES UNITED FINL INC COM 712704105 216 14,518 SH   SOLE   14,518 0 0
PMFG INC COM 69345P103 1,997 336,825 SH   OTR   0 336,825 0
PMFG INC COM 69345P103 2,581 435,320 SH   SOLE   435,320 0 0
PROASSURANCE CORP COM 74267C106 857 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 406 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 30 4,552 SH   OTR   0 4,552 0
PSB HOLDINGS INC COM 69360W108 68 10,090 SH   SOLE   10,090 0 0
RAND LOGISTICS INC COM 752182105 713 102,913 SH   OTR   0 102,913 0
RAND LOGISTICS INC COM 752182105 1,404 202,627 SH   SOLE   202,627 0 0
SCRIPPS EW CO OHIO CL A NEW 811054402 2,286 129,033 SH   OTR   0 129,033 0
SCRIPPS EW CO OHIO CL A NEW 811054402 3,523 198,831 SH   SOLE   198,831 0 0
SIFCO INDUSTRIES INC COM 826546103 153 5,000 SH   OTR   0 5,000 0
SIFCO INDUSTRIES INC COM 826546103 305 10,000 SH   SOLE   10,000 0 0
SUPERIOR UNIF GRP INC COM 868358102 230 15,700 SH   OTR   0 15,700 0
SUPERIOR UNIF GRP INC COM 868358102 53 3,600 SH   SOLE   3,600 0 0
TECHE HOLDING CO COM 878330109 1,090 13,800 SH   OTR   0 13,800 0
TECHE HOLDING CO COM 878330109 672 8,500 SH   SOLE   8,500 0 0
TF FINANCIAL CORP COM 872391107 1,100 36,855 SH   OTR   0 36,855 0
TF FINANCIAL CORP COM 872391107 945 31,658 SH   SOLE   31,658 0 0
TIGER MEDIA INC SHS G88685105 33 24,600 SH   OTR   0 24,600 0
TIGER MEDIA INC SHS G88685105 7 5,200 SH   SOLE   5,200 0 0
TRANSCAT INC COM 893529107 1,441 153,794 SH   OTR   0 153,794 0
TRANSCAT INC COM 893529107 2,436 259,960 SH   SOLE   259,960 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 942 27,900 SH   OTR   0 27,900 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 61 1,800 SH   SOLE   1,800 0 0
US LIME & MINERAL COM 911922102 3,311 58,809 SH   OTR   0 58,809 0
US LIME & MINERAL COM 911922102 2,780 49,373 SH   SOLE   49,373 0 0
VIRCO MANUFACTURING CO COM 927651109 1,029 418,233 SH   OTR   0 418,233 0
VIRCO MANUFACTURING CO COM 927651109 1,412 574,138 SH   SOLE   574,138 0 0
WATERSTONE FINL INC MD COM 94188P101 1,475 142,000 SH   SOLE   142,000 0 0
WPX ENERGY INC COM 98212B103 366 20,300 SH   OTR   0 20,300 0
WPX ENERGY INC COM 98212B103 676 37,500 SH   SOLE   37,500 0 0