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 20 8,600 SH   OTR   0 8,600 0
AEHR TEST SYSTEMS COM 00760J108 40 16,713 SH   SOLE   16,713 0 0
AH BELO CORP COM CL A 001282102 1,700 361,704 SH   OTR   0 361,704 0
AH BELO CORP COM CL A 001282102 2,627 558,976 SH   SOLE   558,976 0 0
AMERISERV FINANC INC COM 03074A102 250 61,700 SH   OTR   0 61,700 0
AMERISERV FINANC INC COM 03074A102 269 66,300 SH   SOLE   66,300 0 0
ASML HOLDING N V NY REG SHS N07059210 125 631 SH   OTR   0 631 0
ASML HOLDING N V NY REG SHS N07059210 233 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 460 12,808 SH   OTR   0 12,808 0
ASTRONICS CORP COM 046433108 785 21,839 SH   SOLE   21,839 0 0
BENEFICIAL BANCORP INC COM 08171T102 46 2,826 SH   OTR   0 2,826 0
BENEFICIAL BANCORP INC COM 08171T102 443 27,405 SH   SOLE   27,405 0 0
BB&T CORP COM 054937107 387 7,682 SH   OTR   0 7,682 0
BB&T CORP COM 054937107 428 8,488 SH   SOLE   8,488 0 0
CAMDEN NATIONAL CORP COM 133034108 4,661 101,971 SH   OTR   0 101,971 0
CAMDEN NATIONAL CORP COM 133034108 2,683 58,687 SH   SOLE   58,687 0 0
CECO ENVIRONMENTAL CORP COM 125141101 231 37,551 SH   OTR   0 37,551 0
CECO ENVIRONMENTAL CORP COM 125141101 696 113,371 SH   SOLE   113,371 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,742 22,950 SH   OTR   0 22,950 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 733 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 5,236 44,658 SH   OTR   0 44,658 0
CHASE CORP COM 16150R104 15,713 134,013 SH   SOLE   134,013 0 0
CHARTER FINL CORP MD COM 16122W108 1,187 49,134 SH   OTR   0 49,134 0
CHARTER FINL CORP MD COM 16122W108 2,187 90,539 SH   SOLE   90,539 0 0
CHEMICAL FINANCIAL COM 163731102 90 1,620 SH   OTR   0 1,620 0
CHEMICAL FINANCIAL COM 163731102 490 8,805 SH   SOLE   8,805 0 0
CITIZENS & NORTHERN CORP COM 172922106 423 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 684 26,500 SH   SOLE   26,500 0 0
COMMAND SECURITY CORP COM 20050L100 6 4,100 SH   OTR   0 4,100 0
COMMAND SECURITY CORP COM 20050L100 12 8,000 SH   SOLE   8,000 0 0
COMMUNITY BANK SYS INC COM 203607106 991 16,772 SH   OTR   0 16,772 0
COMMUNITY BANK SYS INC COM 203607107 2 27 SH   SOLE   27 0 0
COMPUTER TASK GROUP INC COM 205477102 2,521 326,545 SH   OTR   0 326,545 0
COMPUTER TASK GROUP INC COM 205477102 5,766 746,850 SH   SOLE   746,850 0 0
COMPX INTERNATIONAL CL A 20563P101 58 4,400 SH   OTR   0 4,400 0
COMPX INTERNATIONAL CL A 20563P101 110 8,309 SH   SOLE   8,309 0 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 93 5,756 SH   OTR   0 5,756 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 288 17,859 SH   SOLE   17,859 0 0
CSS INDUSTRIES INC COM 125906107 187 11,041 SH   OTR   0 11,041 0
CSS INDUSTRIES INC COM 125906107 444 26,297 SH   SOLE   26,297 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 616 78,014 SH   OTR   0 78,014 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 2,526 319,749 SH   SOLE   319,749 0 0
DELUXE CORP COM 248019101 1,642 24,800 SH   OTR   0 24,800 0
DELUXE CORP COM 248019101 629 9,500 SH   SOLE   9,500 0 0
DONEGAL GROUP INC CL B 257701300 150 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 132 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 339 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 45 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 696 10,190 SH   OTR   0 10,190 0
DORMAN PRODUCTS INC COM 258278100 1,009 14,780 SH   SOLE   14,780 0 0
EAGLE BANCORP MONT INC COM 26942G100 160 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 328 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 3,901 139,316 SH   OTR   0 139,316 0
EASTERN CO COM 276317104 6,095 217,685 SH   SOLE   217,685 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 392 31,854 SH   OTR   0 31,854 0
ECOLOGY & ENVRNMT INC CL A 278878103 621 50,513 SH   SOLE   50,513 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 440 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 87 2,535 SH   SOLE   2,535 0 0
ENTERCOM COMMUNICATIONS COM 293639100 1,297 171,800 SH   OTR   0 171,800 0
ENTERCOM COMMUNICATIONS COM 293639100 2,959 391,902 SH   SOLE   391,902 0 0
ESCALADE INC COM 296056104 2,833 201,634 SH   OTR   0 201,634 0
ESCALADE INC COM 296056104 3,135 223,164 SH   SOLE   223,164 0 0
FNB CORP COM 302520101 300 22,378 SH   OTR   0 22,378 0
FNB CORP COM 302520101 995 74,170 SH   SOLE   74,170 0 0
FIRST MERCHANTS CORP COM 320817109 226 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 328 7,085 SH   SOLE   7,085 0 0
FOSTER L B CO COM 350060109 1,830 79,743 SH   OTR   0 79,743 0
FOSTER L B CO COM 350060109 516 22,489 SH   SOLE   22,489 0 0
FSB BANCORP INC COM 30289C102 23 1,306 SH   OTR   0 1,306 0
FSB BANCORP INC COM 30289C102 170 9,734 SH   SOLE   9,734 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,183 415,800 SH   OTR   0 415,800 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 3,652 695,533 SH   SOLE   695,533 0 0
HORIZON BANCORP INDIANA COM 440407104 243 11,738 SH   OTR   0 11,738 0
HORIZON BANCORP INDIANA COM 440407104 682 32,986 SH   SOLE   32,986 0 0
HV BANCORP INC COM 40441H105 384 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 199 12,655 SH   OTR   0 12,655 0
ICC HOLDINGS INC COM 44931Q104 272 17,345 SH   SOLE   17,345 0 0
IMMUCELL CORP COM 452525306 37 5,500 SH   OTR   0 5,500 0
IMMUCELL CORP COM 452525306 61 9,059 SH   SOLE   9,059 0 0
INFORMATION SVCS GROUP COM 45675Y104 53 12,995 SH   OTR   0 12,995 0
INFORMATION SVCS GROUP COM 45675Y104 59 14,299 SH   SOLE   14,299 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,760 777,352 SH   OTR   0 777,352 0
INFUSYSTEM HLDGS INC COM 45685K102 4,791 1,349,712 SH   SOLE   1,349,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 316 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 870 67,990 SH   SOLE   67,990 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 6,267 181,640 SH   OTR   0 181,640 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 10,279 297,950 SH   SOLE   297,950 0 0
KOSS CORP COM 500692108 146 64,206 SH   OTR   0 64,206 0
KOSS CORP COM 500692108 435 191,663 SH   SOLE   191,663 0 0
KURA ONCOLOGY INC COM 50127T109 766 42,100 SH   OTR   0 42,100 0
KURA ONCOLOGY INC COM 50127T109 1,109 60,919 SH   SOLE   60,919 0 0
LAKE SHORE BANCORP INC COM 510700107 162 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 349 20,269 SH   SOLE   20,269 0 0
LGL GROUP INC COM 50186A108 155 30,014 SH   OTR   0 30,014 0
LGL GROUP INC COM 50186A108 323 62,433 SH   SOLE   62,433 0 0
MALVERN BANCORP INC COM 561409103 1,090 44,781 SH   SOLE   44,781 0 0
MACKINAC FINANCIAL CORP COM 554571109 332 19,972 SH   SOLE   19,972 0 0
MACKINAC FINANCIAL CORP COM 554571109 173 10,423 SH   OTR   0 10,423 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 89 10,330 SH   SOLE   10,330 0 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676209 5 5,115 SH   OTR   0 5,115 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676209 38 36,241 SH   SOLE   36,241 0 0
MUTUALFIRST FINL INC COM 62845B104 952 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINL INC COM 62845B104 214 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,662 131,422 SH   OTR   0 131,422 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 3,177 251,112 SH   SOLE   251,112 0 0
NI HOLDINGS INC COM 65342T106 924 54,500 SH   OTR   0 54,500 0
NI HOLDINGS INC COM 65342T106 1,702 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 782 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 498 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 247 6,859 SH   OTR   0 6,859 0
NORWOOD FINANCIAL CORP COM 669549107 322 8,952 SH   SOLE   8,952 0 0
OCONEE FED FINL CORP COM 675607105 326 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 326 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 1,054 67,995 SH   OTR   0 67,995 0
PATHFINDER BANCORP INC COM 70319R109 2,050 132,269 SH   SOLE   132,269 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1,153 54,912 SH   OTR   0 54,912 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 2,186 104,080 SH   SOLE   104,080 0 0
PB BANCORP INC COM 70454T100 102 9,111 SH   OTR   0 9,111 0
PB BANCORP INC COM 70454T100 244 21,722 SH   SOLE   21,722 0 0
PROASSURANCE CORP COM 74267C106 677 19,084 SH   OTR   0 19,084 0
PROASSURANCE CORP COM 74267C106 329 9,274 SH   SOLE   9,274 0 0
RAND CAPITAL CORP COM 752185108 55 20,625 SH   OTR   0 20,625 0
RAND CAPITAL CORP COM 752185108 63 23,870 SH   SOLE   23,870 0 0
SAEXPLORATION HOLDINGS INC COM NEW 78636X204 85 54,727 SH   OTR   0 54,727 0
SAEXPLORATION HOLDINGS INC COM NEW 78636X204 134 85,902 SH   SOLE   85,902 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 881 22,877 SH   OTR   0 22,877 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,872 48,632 SH   SOLE   48,632 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 3,328 248,525 SH   OTR   0 248,525 0
SCRIPPS E W CO OHIO CL A NEW 811054402 5,093 380,382 SH   SOLE   380,382 0 0
SIFCO INDUSTRIES INC COM 826546103 267 49,258 SH   OTR   0 49,258 0
SIFCO INDUSTRIES INC COM 826546103 700 129,077 SH   SOLE   129,077 0 0
STATE AUTO FINANCIAL CORP COM 855707105 252 8,430 SH   OTR   0 8,430 0
STATE AUTO FINANCIAL CORP COM 855707105 441 14,743 SH   SOLE   14,743 0 0
SYNALLOY CP DEL COM 871565107 558 28,100 SH   OTR   0 28,100 0
SYNALLOY CP DEL COM 871565107 1,125 56,655 SH   SOLE   56,655 0 0
TRANSCAT INC COM 893529107 2,736 146,294 SH   OTR   0 146,294 0
TRANSCAT INC COM 893529107 4,908 262,460 SH   SOLE   262,460 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 3,356 141,897 SH   OTR   0 141,897 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 5,668 239,666 SH   SOLE   239,666 0 0
US LIME & MINERAL COM 911922102 5,286 65,199 SH   OTR   0 65,199 0
US LIME & MINERAL COM 911922102 6,469 79,780 SH   SOLE   79,780 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200 710 21,047 SH   SOLE   21,047 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T201 30 900 SH   OTR   0 900 0
VIRCO MANUFACTURING CO COM 927651109 1,876 421,499 SH   OTR   0 421,499 0
VIRCO MANUFACTURING CO COM 927651109 2,843 638,868 SH   SOLE   638,868 0 0
VOLT INFORMATION SCIENCES COM 928703107 24 7,000 SH   OTR   0 7,000 0
VOLT INFORMATION SCIENCES COM 928703107 45 13,300 SH   SOLE   13,300 0 0