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 19 8,600 SH   OTR   0 8,600 0
AEHR TEST SYSTEMS COM 00760J108 37 16,713 SH   SOLE   16,713 0 0
AH BELO CORP COM CL A 001282102 1,679 364,964 SH   OTR   0 364,964 0
AH BELO CORP COM CL A 001282102 2,650 576,076 SH   SOLE   576,076 0 0
AMERISERV FINANC INC COM 03074A102 265 61,700 SH   OTR   0 61,700 0
AMERISERV FINANC INC COM 03074A102 285 66,300 SH   SOLE   66,300 0 0
ASML HOLDING N V NY REG SHS N07059210 119 631 SH   OTR   0 631 0
ASML HOLDING N V NY REG SHS N07059210 221 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 557 12,808 SH   OTR   0 12,808 0
ASTRONICS CORP COM 046433108 950 21,839 SH   SOLE   21,839 0 0
BENEFICIAL BANCORP INC COM 08171T102 48 2,826 SH   OTR   0 2,826 0
BENEFICIAL BANCORP INC COM 08171T102 462 27,405 SH   SOLE   27,405 0 0
BB&T CORP COM 054937107 372 7,682 SH   OTR   0 7,682 0
BB&T CORP COM 054937107 411 8,488 SH   SOLE   8,488 0 0
CAMDEN NATIONAL CORP COM 133034108 4,417 101,971 SH   OTR   0 101,971 0
CAMDEN NATIONAL CORP COM 133034108 2,542 58,687 SH   SOLE   58,687 0 0
CECO ENVIRONMENTAL CORP COM 125141101 295 37,551 SH   OTR   0 37,551 0
CECO ENVIRONMENTAL CORP COM 125141101 891 113,371 SH   SOLE   113,371 0 0
CENTERSTART BANK CORP COM 15201P109 1,017 36,260 SH   OTR   0 36,260 0
CENTERSTART BANK CORP COM 15201P109 1,874 66,817 SH   SOLE   66,817 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,651 22,950 SH   OTR   0 22,950 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 695 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 5,113 42,558 SH   OTR   0 42,558 0
CHASE CORP COM 16150R104 15,225 126,713 SH   SOLE   126,713 0 0
CHEMICAL FINANCIAL COM 163731102 86 1,620 SH   OTR   0 1,620 0
CHEMICAL FINANCIAL COM 163731102 470 8,805 SH   SOLE   8,805 0 0
CITIZENS & NORTHERN CORP COM 172922106 427 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 690 26,500 SH   SOLE   26,500 0 0
COMMUNITY BANK SYS INC COM 203607106 1,024 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 1,830 350,509 SH   OTR   0 350,509 0
COMPUTER TASK GROUP INC COM 205477102 4,209 806,239 SH   SOLE   806,239 0 0
COMPX INTERNATIONAL CL A 20563P101 60 4,400 SH   OTR   0 4,400 0
COMPX INTERNATIONAL CL A 20563P101 139 10,195 SH   SOLE   10,195 0 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 101 6,257 SH   OTR   0 6,257 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 318 19,647 SH   SOLE   19,647 0 0
CSS INDUSTRIES INC COM 125906107 157 11,041 SH   OTR   0 11,041 0
CSS INDUSTRIES INC COM 125906107 374 26,297 SH   SOLE   26,297 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 481 78,014 SH   OTR   0 78,014 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 1,973 319,749 SH   SOLE   319,749 0 0
DELUXE CORP COM 248019101 1,412 24,800 SH   OTR   0 24,800 0
DELUXE CORP COM 248019101 541 9,500 SH   SOLE   9,500 0 0
DONEGAL GROUP INC CL B 257701300 155 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 136 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 353 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 47 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 783 10,190 SH   OTR   0 10,190 0
DORMAN PRODUCTS INC COM 258278100 1,136 14,780 SH   SOLE   14,780 0 0
EAGLE BANCORP MONT INC COM 26942G100 152 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 310 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 3,929 139,316 SH   OTR   0 139,316 0
EASTERN CO COM 276317104 6,139 217,685 SH   SOLE   217,685 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 424 31,854 SH   OTR   0 31,854 0
ECOLOGY & ENVRNMT INC CL A 278878103 672 50,513 SH   SOLE   50,513 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 446 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 88 2,535 SH   SOLE   2,535 0 0
ENTERCOM COMMUNICATIONS COM 293639100 1,357 171,800 SH   OTR   0 171,800 0
ENTERCOM COMMUNICATIONS COM 293639100 3,096 391,902 SH   SOLE   391,902 0 0
ESCALADE INC COM 296056104 2,571 201,634 SH   OTR   0 201,634 0
ESCALADE INC COM 296056104 2,845 223,164 SH   SOLE   223,164 0 0
FIVE STAR QUALITY CARE COM 33832D106 17 20,000 SH   SOLE   20,000 0 0
FNB CORP COM 302520101 285 22,378 SH   OTR   0 22,378 0
FNB CORP COM 302520101 943 74,170 SH   SOLE   74,170 0 0
FIRST MERCHANTS CORP COM 320817109 219 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 319 7,085 SH   SOLE   7,085 0 0
FOSTER L B CO COM 350060109 1,635 79,743 SH   OTR   0 79,743 0
FOSTER L B CO COM 350060109 461 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 2,557 415,800 SH   OTR   0 415,800 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 4,278 695,533 SH   SOLE   695,533 0 0
HORIZON BANCORP INDIANA COM 440407104 231 11,738 SH   OTR   0 11,738 0
HORIZON BANCORP INDIANA COM 440407104 650 32,986 SH   SOLE   32,986 0 0
HV BANCORP INC COM 40441H105 397 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 190 12,655 SH   OTR   0 12,655 0
ICC HOLDINGS INC COM 44931Q104 260 17,345 SH   SOLE   17,345 0 0
IMMUCELL CORP COM 452525306 46 5,500 SH   OTR   0 5,500 0
IMMUCELL CORP COM 452525306 75 9,059 SH   SOLE   9,059 0 0
INFORMATION SVCS GROUP COM 45675Y104 62 12,995 SH   OTR   0 12,995 0
INFORMATION SVCS GROUP COM 45675Y104 68 14,299 SH   SOLE   14,299 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,526 777,352 SH   OTR   0 777,352 0
INFUSYSTEM HLDGS INC COM 45685K102 4,387 1,349,712 SH   SOLE   1,349,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 303 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 834 67,990 SH   SOLE   67,990 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 5,702 168,213 SH   OTR   0 168,213 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 8,531 251,658 SH   SOLE   251,658 0 0
KOSS CORP COM 500692108 160 57,706 SH   OTR   0 57,706 0
KOSS CORP COM 500692108 479 172,163 SH   SOLE   172,163 0 0
KURA ONCOLOGY INC COM 50127T109 728 41,600 SH   OTR   0 41,600 0
KURA ONCOLOGY INC COM 50127T109 823 47,019 SH   SOLE   47,019 0 0
LAKE SHORE BANCORP INC COM 510700107 157 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 339 20,269 SH   SOLE   20,269 0 0
LGL GROUP INC COM 50186A108 199 28,014 SH   OTR   0 28,014 0
LGL GROUP INC COM 50186A108 375 52,865 SH   SOLE   52,865 0 0
MALVERN BANCORP INC COM 561409103 1,073 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 169 10,422 SH   OTR   0 10,422 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 167 10,330 SH   SOLE   10,330 0 0
MID PENN BANCORP COM 59540G107 534 18,397 SH   OTR   0 18,397 0
MID PENN BANCORP COM 59540G107 906 31,240 SH   SOLE   31,240 0 0
MID SOUTHERN BANCORP COM 59548Q107 112 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 161 12,791 SH   SOLE   12,791 0 0
MUTUALFIRST FINANCIAL INC COM 62845B104 928 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINANCIAL INC COM 62845B104 208 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,590 131,422 SH   OTR   0 131,422 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 3,038 251,112 SH   SOLE   251,112 0 0
NI HOLDINGS INC COM 65342T106 916 54,500 SH   OTR   0 54,500 0
NI HOLDINGS INC COM 65342T106 1,687 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 779 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 496 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 266 6,859 SH   OTR   0 6,859 0
NORWOOD FINANCIAL CORP COM 669549107 347 8,952 SH   SOLE   8,952 0 0
NUVERRA ENVIRONMENTAL COM 67091K302 72 6,500 SH   OTR   0 6,500 0
NUVERRA ENVIRONMENTAL COM 67091K302 210 18,907 SH   SOLE   18,907 0 0
OCONEE FED FINL CORP COM 675607105 304 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 304 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 1,085 72,102 SH   OTR   0 72,102 0
PATHFINDER BANCORP INC COM 70319R109 2,128 141,384 SH   SOLE   141,384 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1,057 54,912 SH   OTR   0 54,912 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 2,004 104,080 SH   SOLE   104,080 0 0
PB BANCORP INC COM 70454T100 107 9,111 SH   OTR   0 9,111 0
PB BANCORP INC COM 70454T100 255 21,722 SH   SOLE   21,722 0 0
PROASSURANCE CORP COM 74267C106 896 19,084 SH   OTR   0 19,084 0
PROASSURANCE CORP COM 74267C106 435 9,274 SH   SOLE   9,274 0 0
RAND CAPITAL CORP COM 752185108 50 20,625 SH   OTR   0 20,625 0
RAND CAPITAL CORP COM 752185108 58 23,870 SH   SOLE   23,870 0 0
SAEXPLORATION HOLDINGS INC COM NEW 78636X204 314 34,191 SH   OTR   0 34,191 0
SAEXPLORATION HOLDINGS INC COM NEW 78636X204 807 87,871 SH   SOLE   87,871 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 888 24,577 SH   OTR   0 24,577 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,942 53,732 SH   SOLE   53,732 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 4,101 248,525 SH   OTR   0 248,525 0
SCRIPPS E W CO OHIO CL A NEW 811054402 6,276 380,382 SH   SOLE   380,382 0 0
SIFCO INDUSTRIES INC COM 826546103 249 49,317 SH   OTR   0 49,317 0
SIFCO INDUSTRIES INC COM 826546103 673 133,347 SH   SOLE   133,347 0 0
STATE AUTO FINANCIAL CORP COM 855707105 257 8,430 SH   OTR   0 8,430 0
STATE AUTO FINANCIAL CORP COM 855707105 450 14,743 SH   SOLE   14,743 0 0
SYNALLOY CP DEL COM 871565107 622 27,300 SH   OTR   0 27,300 0
SYNALLOY CP DEL COM 871565107 1,255 55,055 SH   SOLE   55,055 0 0
TRANSCAT INC COM 893529107 3,226 142,734 SH   OTR   0 142,734 0
TRANSCAT INC COM 893529107 5,721 253,158 SH   SOLE   253,158 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 3,618 141,897 SH   OTR   0 141,897 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 6,111 239,666 SH   SOLE   239,666 0 0
US LIME & MINERAL COM 911922102 5,086 65,199 SH   OTR   0 65,199 0
US LIME & MINERAL COM 911922102 6,223 79,780 SH   SOLE   79,780 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200 702 21,047 SH   SOLE   21,047 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T201 32 966 SH   OTR   0 966 0
VIRCO MANUFACTURING CO COM 927651109 2,044 421,499 SH   OTR   0 421,499 0
VIRCO MANUFACTURING CO COM 927651109 3,099 638,868 SH   SOLE   638,868 0 0
VOLT INFORMATION SCIENCES COM 928703107 27 7,000 SH   OTR   0 7,000 0
VOLT INFORMATION SCIENCES COM 928703107 51 13,300 SH   SOLE   13,300 0 0