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 35 8,600 SH   OTR   0 8,600 0
AEHR TEST SYSTEMS COM 00760J108 68 16,713 SH   SOLE   16,713 0 0
AH BELO CORP COM CL A 001282102 1,635 355,524 SH   OTR   0 355,524 0
AH BELO CORP COM CL A 001282102 2,493 541,969 SH   SOLE   541,969 0 0
AMERISERV FINANC INC COM 03074A102 247 61,700 SH   OTR   0 61,700 0
AMERISERV FINANC INC COM 03074A102 265 66,300 SH   SOLE   66,300 0 0
ASML HOLDING N V NY REG SHS N07059210 108 631 SH   OTR   0 631 0
ASML HOLDING N V NY REG SHS N07059210 201 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 402 13,508 SH   OTR   0 13,508 0
ASTRONICS CORP COM 046433108 594 19,981 SH   SOLE   19,981 0 0
BENEFICIAL BANCORP INC COM 08171T102 47 2,826 SH   OTR   0 2,826 0
BENEFICIAL BANCORP INC COM 08171T102 455 27,405 SH   SOLE   27,405 0 0
BB&T CORP COM 054937107 370 7,890 SH   OTR   0 7,890 0
BB&T CORP COM 054937107 389 8,280 SH   SOLE   8,280 0 0
CAMDEN NATIONAL CORP COM 133034108 4,524 103,675 SH   OTR   0 103,675 0
CAMDEN NATIONAL CORP COM 133034108 2,487 56,983 SH   SOLE   56,983 0 0
CECO ENVIRONMENTAL CORP COM 125141101 726 85,794 SH   OTR   0 85,794 0
CECO ENVIRONMENTAL CORP COM 125141101 946 111,866 SH   SOLE   111,866 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,911 23,950 SH   OTR   0 23,950 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 771 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 11,513 103,350 SH   OTR   0 103,350 0
CHASE CORP COM 16150R104 16,148 144,958 SH   SOLE   144,958 0 0
CHARTER FINL CORP MD COM 16122W108 945 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 1,643 88,669 SH   SOLE   88,669 0 0
CHEMICAL FINANCIAL COM 163731102 85 1,620 SH   OTR   0 1,620 0
CHEMICAL FINANCIAL COM 163731102 460 8,805 SH   SOLE   8,805 0 0
CITIZENS & NORTHERN CORP COM 172922106 403 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 651 26,500 SH   SOLE   26,500 0 0
COMMAND SECURITY CORP COM 20050L100 13 4,100 SH   OTR   0 4,100 0
COMMAND SECURITY CORP COM 20050L100 48 15,895 SH   SOLE   15,895 0 0
COMMUNITY BANK SYS INC COM 203607106 927 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 1,966 366,823 SH   OTR   0 366,823 0
COMPUTER TASK GROUP INC COM 205477102 3,729 695,618 SH   SOLE   695,618 0 0
COMPX INTERNATIONAL CL A 20563P101 67 4,400 SH   OTR   0 4,400 0
COMPX INTERNATIONAL CL A 20563P101 127 8,309 SH   SOLE   8,309 0 0
CSS INDUSTRIES INC COM 125906107 347 12,041 SH   OTR   0 12,041 0
CSS INDUSTRIES INC COM 125906107 758 26,297 SH   SOLE   26,297 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 653 144,249 SH   OTR   0 144,249 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 1,063 234,576 SH   SOLE   234,576 0 0
DELUXE CORP COM 248019101 1,860 25,500 SH   OTR   0 25,500 0
DELUXE CORP COM 248019101 642 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 159 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 139 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 401 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 53 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 730 10,190 SH   OTR   0 10,190 0
DORMAN PRODUCTS INC COM 258278100 1,058 14,780 SH   SOLE   14,780 0 0
EAGLE BANCORP MONT INC COM 26942G100 154 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 315 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 4,076 142,016 SH   OTR   0 142,016 0
EASTERN CO COM 276317104 6,170 214,985 SH   SOLE   214,985 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 374 31,804 SH   OTR   0 31,804 0
ECOLOGY & ENVRNMT INC CL A 278878103 546 46,470 SH   SOLE   46,470 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 367 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 73 2,535 SH   SOLE   2,535 0 0
ENTERCOM COMMUNICATIONS COM 293639100 610 53,300 SH   OTR   0 53,300 0
ENTERCOM COMMUNICATIONS COM 293639100 1,140 99,573 SH   SOLE   99,573 0 0
ESCALADE INC COM 296056104 2,767 203,490 SH   OTR   0 203,490 0
ESCALADE INC COM 296056104 3,010 221,308 SH   SOLE   221,308 0 0
FNB CORP COM 302520101 363 25,883 SH   OTR   0 25,883 0
FNB CORP COM 302520101 991 70,665 SH   SOLE   70,665 0 0
FIRST MERCHANTS CORP COM 320817109 243 5,655 SH   OTR   0 5,655 0
FIRST MERCHANTS CORP COM 320817109 271 6,305 SH   SOLE   6,305 0 0
FOSTER L B CO COM 350060109 1,833 80,743 SH   OTR   0 80,743 0
FOSTER L B CO COM 350060109 488 21,489 SH   SOLE   21,489 0 0
FSB BANCORP INC COM 30289C102 19 1,200 SH   OTR   0 1,200 0
FSB BANCORP INC COM 30289C102 153 9,734 SH   SOLE   9,734 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,035 419,600 SH   OTR   0 419,600 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 3,355 691,733 SH   SOLE   691,733 0 0
HORIZON BANCORP INDIANA COM 440407104 228 7,825 SH   OTR   0 7,825 0
HORIZON BANCORP INDIANA COM 440407104 641 21,991 SH   SOLE   21,991 0 0
HV BANCORP INC COM 40441H105 387 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 225 12,655 SH   OTR   0 12,655 0
ICC HOLDINGS INC COM 44931Q104 308 17,345 SH   SOLE   17,345 0 0
IMMUCELL CORP COM 452525306 35 5,500 SH   OTR   0 5,500 0
IMMUCELL CORP COM 452525306 58 9,059 SH   SOLE   9,059 0 0
INFORMATION SVCS GROUP COM 45675Y104 52 12,995 SH   OTR   0 12,995 0
INFORMATION SVCS GROUP COM 45675Y104 57 14,299 SH   SOLE   14,299 0 0
INFUSYSTEM HLDGS INC COM 45685K102 1,585 773,352 SH   OTR   0 773,352 0
INFUSYSTEM HLDGS INC COM 45685K102 2,630 1,282,712 SH   SOLE   1,282,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 337 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 927 67,990 SH   SOLE   67,990 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 357 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 593 19,442 SH   SOLE   19,442 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 4,590 213,599 SH   OTR   0 213,599 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 7,351 342,050 SH   SOLE   342,050 0 0
KOSS CORP COM 500692108 106 70,506 SH   OTR   0 70,506 0
KOSS CORP COM 500692108 256 170,704 SH   SOLE   170,704 0 0
KURA ONCOLOGY INC COM 50127T109 1,188 79,700 SH   OTR   0 79,700 0
KURA ONCOLOGY INC COM 50127T109 2,213 148,521 SH   SOLE   148,521 0 0
LAKE SHORE BANCORP INC COM 510700107 152 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 327 20,269 SH   SOLE   20,269 0 0
MALVERN BANCORP INC COM 561409103 1,949 72,860 SH   SOLE   72,860 0 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 75 10,330 SH   SOLE   10,330 0 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676209 11 5,115 SH   OTR   0 5,115 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676209 126 58,241 SH   SOLE   58,241 0 0
MUTUALFIRST FINL INC COM 62845B104 971 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINL INC COM 62845B104 218 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,461 131,622 SH   OTR   0 131,622 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,757 248,412 SH   SOLE   248,412 0 0
NI HOLDINGS INC COM 65342T106 976 54,500 SH   OTR   0 54,500 0
NI HOLDINGS INC COM 65342T106 1,798 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 777 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 494 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 209 6,859 SH   OTR   0 6,859 0
NORWOOD FINANCIAL CORP COM 669549107 273 8,952 SH   SOLE   8,952 0 0
OCONEE FED FINL CORP COM 675607105 315 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 315 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 688 154,500 SH   OTR   0 154,500 0
ONVIA INC COM NEW 68338T403 1,339 300,950 SH   SOLE   300,950 0 0
PATHFINDER BANCORP INC COM 70319R109 925 61,208 SH   OTR   0 61,208 0
PATHFINDER BANCORP INC COM 70319R109 1,677 110,889 SH   SOLE   110,889 0 0
PB BANCORP INC COM 70454T100 127 12,086 SH   OTR   0 12,086 0
PB BANCORP INC COM 70454T100 197 18,747 SH   SOLE   18,747 0 0
PROASSURANCE CORP COM 74267C106 1,052 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 498 9,114 SH   SOLE   9,114 0 0
SIERRA ONCOLOGY INC COM 82640U107 49 31,880 SH   SOLE   31,880 0 0
RAND LOGISTICS INC COM 752182105 199 632,026 SH   OTR   0 632,026 0
RAND LOGISTICS INC COM 752182105 366 1,162,643 SH   SOLE   1,162,643 0 0
SAEXPLORATION HOLDINGS INC COM NEW 78636X204 149 58,404 SH   OTR   0 58,404 0
SAEXPLORATION HOLDINGS INC COM NEW 78636X204 319 125,081 SH   SOLE   125,081 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,071 23,477 SH   OTR   0 23,477 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 2,190 48,032 SH   SOLE   48,032 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 4,737 247,856 SH   OTR   0 247,856 0
SCRIPPS E W CO OHIO CL A NEW 811054402 6,900 361,051 SH   SOLE   361,051 0 0
SIFCO INDUSTRIES INC COM 826546103 34 6,000 SH   OTR   0 6,000 0
SIFCO INDUSTRIES INC COM 826546103 145 25,374 SH   SOLE   25,374 0 0
STATE AUTO FINANCIAL CORP COM 855707105 321 12,230 SH   OTR   0 12,230 0
STATE AUTO FINANCIAL CORP COM 855707105 567 21,633 SH   SOLE   21,633 0 0
SYNALLOY CP DEL COM 871565107 351 28,100 SH   OTR   0 28,100 0
SYNALLOY CP DEL COM 871565107 708 56,655 SH   SOLE   56,655 0 0
TRANSCAT INC COM 893529107 2,031 148,794 SH   OTR   0 148,794 0
TRANSCAT INC COM 893529107 3,548 259,960 SH   SOLE   259,960 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 3,065 146,997 SH   OTR   0 146,997 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 5,041 241,766 SH   SOLE   241,766 0 0
US LIME & MINERAL COM 911922102 5,605 66,799 SH   OTR   0 66,799 0
US LIME & MINERAL COM 911922102 6,711 79,980 SH   SOLE   79,980 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200 714 21,037 SH   SOLE   21,037 0 0
VIRCO MANUFACTURING CO COM 927651109 2,414 427,275 SH   OTR   0 427,275 0
VIRCO MANUFACTURING CO COM 927651109 3,479 615,833 SH   SOLE   615,833 0 0