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 41 8,600 SH   OTR   0 8,600 0
AEHR TEST SYSTEMS COM 00760J108 79 16,713 SH   SOLE   16,713 0 0
AH BELO CORP COM CL A 001282102 2,250 365,904 SH   OTR   0 365,904 0
AH BELO CORP COM CL A 001282102 3,333 541,969 SH   SOLE   541,969 0 0
AMERISERV FINANC INC COM 03074A102 231 61,700 SH   OTR   0 61,700 0
AMERISERV FINANC INC COM 03074A102 249 66,300 SH   SOLE   66,300 0 0
ASML HOLDING N V NY REG SHS N07059210 1,160 8,735 SH   OTR   0 8,735 0
ASML HOLDING N V NY REG SHS N07059210 156 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 428 13,508 SH   OTR   0 13,508 0
ASTRONICS CORP COM 046433108 634 19,981 SH   SOLE   19,981 0 0
BENEFICIAL BANCORP INC COM 08171T102 45 2,826 SH   OTR   0 2,826 0
BENEFICIAL BANCORP INC COM 08171T102 438 27,405 SH   SOLE   27,405 0 0
BB&T CORP COM 054937107 353 7,890 SH   OTR   0 7,890 0
BB&T CORP COM 054937107 370 8,280 SH   SOLE   8,280 0 0
CAMDEN NATIONAL CORP COM 133034108 5,191 117,875 SH   OTR   0 117,875 0
CAMDEN NATIONAL CORP COM 133034108 2,510 56,983 SH   SOLE   56,983 0 0
CECO ENVIRONMENTAL CORP COM 125141101 901 85,794 SH   OTR   0 85,794 0
CECO ENVIRONMENTAL CORP COM 125141101 1,175 111,866 SH   SOLE   111,866 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,595 26,450 SH   OTR   0 26,450 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 583 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 11,880 124,528 SH   OTR   0 124,528 0
CHASE CORP COM 16150R104 14,829 155,438 SH   SOLE   155,438 0 0
CHARTER FINL CORP MD COM 16122W108 1,000 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 1,740 88,669 SH   SOLE   88,669 0 0
CHEMICAL FINANCIAL COM 163731102 83 1,620 SH   OTR   0 1,620 0
CHEMICAL FINANCIAL COM 163731102 450 8,805 SH   SOLE   8,805 0 0
CITIZENS & NORTHERN CORP COM 172922106 380 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 613 26,500 SH   SOLE   26,500 0 0
COMMAND SECURITY CORP COM 20050L100 10 4,100 SH   OTR   0 4,100 0
COMMAND SECURITY CORP COM 20050L100 40 15,895 SH   SOLE   15,895 0 0
COMMUNITY BANK SYS INC COM 203607106 922 16,772 SH   OTR   0 16,772 0
COMMUNITY BANK SYS INC COM 203607107 1 27 SH   SOLE   27 0 0
COMPUTER TASK GROUP INC COM 205477102 2,083 376,623 SH   OTR   0 376,623 0
COMPUTER TASK GROUP INC COM 205477102 3,817 690,317 SH   SOLE   690,317 0 0
COMPX INTERNATIONAL CL A 20563P101 68 4,400 SH   OTR   0 4,400 0
COMPX INTERNATIONAL CL A 20563P101 128 8,309 SH   SOLE   8,309 0 0
CSS INDUSTRIES INC COM 125906107 312 12,041 SH   OTR   0 12,041 0
CSS INDUSTRIES INC COM 125906107 682 26,297 SH   SOLE   26,297 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 817 146,889 SH   OTR   0 146,889 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 1,244 223,776 SH   SOLE   223,776 0 0
DELUXE CORP COM 248019101 2,490 34,500 SH   OTR   0 34,500 0
DELUXE CORP COM 248019101 635 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 177 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 155 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 437 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 58 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 837 10,190 SH   OTR   0 10,190 0
DORMAN PRODUCTS INC COM 258278100 1,214 14,780 SH   SOLE   14,780 0 0
EAGLE BANCORP MONT INC COM 26942G100 167 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 342 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 3,101 144,929 SH   OTR   0 144,929 0
EASTERN CO COM 276317104 4,766 222,712 SH   SOLE   222,712 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 318 31,804 SH   OTR   0 31,804 0
ECOLOGY & ENVRNMT INC CL A 278878103 465 46,470 SH   SOLE   46,470 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 360 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 71 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 2,605 203,490 SH   OTR   0 203,490 0
ESCALADE INC COM 296056104 2,833 221,308 SH   SOLE   221,308 0 0
FNB CORP COM 302520101 385 25,883 SH   OTR   0 25,883 0
FNB CORP COM 302520101 1,051 70,665 SH   SOLE   70,665 0 0
FIRST MERCHANTS CORP COM 320817109 222 5,655 SH   OTR   0 5,655 0
FIRST MERCHANTS CORP COM 320817109 248 6,305 SH   SOLE   6,305 0 0
FOSTER L B CO COM 350060109 1,054 84,643 SH   OTR   0 84,643 0
FOSTER L B CO COM 350060109 268 21,489 SH   SOLE   21,489 0 0
FSB BANCORP INC COM 30289C102 17 1,200 SH   OTR   0 1,200 0
FSB BANCORP INC COM 30289C102 139 9,734 SH   SOLE   9,734 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,706 426,400 SH   OTR   0 426,400 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,738 684,584 SH   SOLE   684,584 0 0
HORIZON BANCORP INDIANA COM 440407104 205 7,825 SH   OTR   0 7,825 0
HORIZON BANCORP INDIANA COM 440407104 576 21,991 SH   SOLE   21,991 0 0
HV BANCORP INC COM 40441H105 364 25,890 SH   SOLE   25,890 0 0
IBERIABANK CORP COM 450828108 1,268 16,035 SH   OTR   0 16,035 0
IBERIABANK CORP COM 450828108 30 377 SH   SOLE   377 0 0
ICC HOLDINGS INC COM 44931Q104 143 9,160 SH   OTR   0 9,160 0
ICC HOLDINGS INC COM 44931Q104 271 17,345 SH   SOLE   17,345 0 0
IMMUCELL CORP COM 452525306 30 5,500 SH   OTR   0 5,500 0
IMMUCELL CORP COM 452525306 49 9,059 SH   SOLE   9,059 0 0
INFORMATION SVCS GROUP COM 45675Y104 41 12,995 SH   OTR   0 12,995 0
INFORMATION SVCS GROUP COM 45675Y104 45 14,299 SH   SOLE   14,299 0 0
INFUSYSTEM HLDGS INC COM 45685K102 1,850 804,352 SH   OTR   0 804,352 0
INFUSYSTEM HLDGS INC COM 45685K102 2,950 1,282,712 SH   SOLE   1,282,712 0 0
INOTEK PHARMACEUTICALS CORP COM 45780V102 43 22,150 SH   OTR   0 22,150 0
INOTEK PHARMACEUTICALS CORP COM 45780V102 83 42,609 SH   SOLE   42,609 0 0
INVESTORS BANCORP INC NEW COM 46146L101 355 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 977 67,990 SH   SOLE   67,990 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 355 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 589 19,442 SH   SOLE   19,442 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 5,017 217,199 SH   OTR   0 217,199 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 7,901 342,050 SH   SOLE   342,050 0 0
KOSS CORP COM 500692108 90 42,100 SH   OTR   0 42,100 0
KOSS CORP COM 500692108 201 94,245 SH   SOLE   94,245 0 0
KURA ONCOLOGY INC COM 50127T109 889 101,600 SH   OTR   0 101,600 0
KURA ONCOLOGY INC COM 50127T109 1,711 195,521 SH   SOLE   195,521 0 0
LAKE SHORE BANCORP INC COM 510700107 146 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 315 20,269 SH   SOLE   20,269 0 0
MALVERN BANCORP INC COM 561409103 2,464 117,000 SH   SOLE   117,000 0 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 68 10,330 SH   SOLE   10,330 0 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 21 36,651 SH   OTR   0 36,651 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 108 185,974 SH   SOLE   185,974 0 0
MUTUALFIRST FINL INC COM 62845B104 788 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINL INC COM 62845B104 177 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,830 133,122 SH   OTR   0 133,122 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 3,416 248,412 SH   SOLE   248,412 0 0
NI HOLDINGS INC COM 65342T106 67 4,500 SH   OTR   0 4,500 0
NI HOLDINGS INC COM 65342T106 1,571 105,500 SH   SOLE   105,500 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 757 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 481 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 215 5,273 SH   OTR   0 5,273 0
NORWOOD FINANCIAL CORP COM 669549107 298 7,319 SH   SOLE   7,319 0 0
OCONEE FED FINL CORP COM 675607105 281 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 281 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 680 154,500 SH   OTR   0 154,500 0
ONVIA INC COM NEW 68338T403 1,324 300,950 SH   SOLE   300,950 0 0
PATHFINDER BANCORP INC COM 70319R109 804 55,437 SH   OTR   0 55,437 0
PATHFINDER BANCORP INC COM 70319R109 1,507 103,937 SH   SOLE   103,937 0 0
PB BANCORP INC COM 70454T100 122 12,086 SH   OTR   0 12,086 0
PB BANCORP INC COM 70454T100 189 18,747 SH   SOLE   18,747 0 0
PROASSURANCE CORP COM 74267C106 1,159 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 549 9,114 SH   SOLE   9,114 0 0
SIERRA ONCOLOGY INC COM 82640U107 58 31,880 SH   SOLE   31,880 0 0
RAND LOGISTICS INC COM 752182105 404 632,026 SH   OTR   0 632,026 0
RAND LOGISTICS INC COM 752182105 744 1,162,643 SH   SOLE   1,162,643 0 0
SAEXPLORATION HOLDINGS INC COM NEW 78636X204 391 66,604 SH   OTR   0 66,604 0
SAEXPLORATION HOLDINGS INC COM NEW 78636X204 706 120,281 SH   SOLE   120,281 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,066 20,872 SH   OTR   0 20,872 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 2,150 42,125 SH   SOLE   42,125 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 6,000 255,980 SH   OTR   0 255,980 0
SCRIPPS E W CO OHIO CL A NEW 811054402 8,463 361,051 SH   SOLE   361,051 0 0
SIFCO INDUSTRIES INC COM 826546103 78 9,616 SH   OTR   0 9,616 0
SIFCO INDUSTRIES INC COM 826546103 208 25,702 SH   SOLE   25,702 0 0
STATE AUTO FINANCIAL CORP COM 855707105 335 12,230 SH   OTR   0 12,230 0
STATE AUTO FINANCIAL CORP COM 855707105 593 21,633 SH   SOLE   21,633 0 0
SYNALLOY CP DEL COM 871565107 344 28,100 SH   OTR   0 28,100 0
SYNALLOY CP DEL COM 871565107 694 56,655 SH   SOLE   56,655 0 0
TRANSCAT INC COM 893529107 1,938 153,794 SH   OTR   0 153,794 0
TRANSCAT INC COM 893529107 3,275 259,960 SH   SOLE   259,960 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,531 148,897 SH   OTR   0 148,897 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 4,068 239,265 SH   SOLE   239,265 0 0
US LIME & MINERAL COM 911922102 5,312 67,999 SH   OTR   0 67,999 0
US LIME & MINERAL COM 911922102 6,248 79,980 SH   SOLE   79,980 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200 574 21,037 SH   SOLE   21,037 0 0
VIRCO MANUFACTURING CO COM 927651109 1,750 442,933 SH   OTR   0 442,933 0
VIRCO MANUFACTURING CO COM 927651109 2,415 611,493 SH   SOLE   611,493 0 0