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 12 8,600 SH   OTR   0 8,600 0
AEHR TEST SYSTEMS COM 00760J108 24 16,713 SH   SOLE   16,713 0 0
AH BELO CORP COM CL A 001282102 1,247 370,064 SH   OTR   0 370,064 0
AH BELO CORP COM CL A 001282102 2,004 594,605 SH   SOLE   594,605 0 0
AMERISERV FINANC INC COM 03074A102 249 61,700 SH   OTR   0 61,700 0
AMERISERV FINANC INC COM 03074A102 267 66,300 SH   SOLE   66,300 0 0
ASML HOLDING N V NY REG SHS N07059210 98 631 SH   OTR   0 631 0
ASML HOLDING N V NY REG SHS N07059210 183 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 390 12,808 SH   OTR   0 12,808 0
ASTRONICS CORP COM 046433108 665 21,839 SH   SOLE   21,839 0 0
BENEFICIAL BANCORP INC COM 08171T102 40 2,826 SH   OTR   0 2,826 0
BENEFICIAL BANCORP INC COM 08171T102 392 27,405 SH   SOLE   27,405 0 0
BB&T CORP COM 054937107 333 7,682 SH   OTR   0 7,682 0
BB&T CORP COM 054937107 368 8,488 SH   SOLE   8,488 0 0
CAMDEN NATIONAL CORP COM 133034108 3,632 100,971 SH   OTR   0 100,971 0
CAMDEN NATIONAL CORP COM 133034108 2,111 58,687 SH   SOLE   58,687 0 0
CECO ENVIRONMENTAL CORP COM 125141101 249 36,858 SH   OTR   0 36,858 0
CECO ENVIRONMENTAL CORP COM 125141101 765 113,371 SH   SOLE   113,371 0 0
CENTERSTART BANK CORP COM 15201P109 763 36,260 SH   OTR   0 36,260 0
CENTERSTART BANK CORP COM 15201P109 1,405 66,817 SH   SOLE   66,817 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,554 22,950 SH   OTR   0 22,950 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 654 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 4,258 42,557 SH   OTR   0 42,557 0
CHASE CORP COM 16150R104 12,678 126,713 SH   SOLE   126,713 0 0
CHEMICAL FINANCIAL COM 163731102 59 1,620 SH   OTR   0 1,620 0
CHEMICAL FINANCIAL COM 163731102 322 8,805 SH   SOLE   8,805 0 0
CITIZENS & NORTHERN CORP COM 172922106 431 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 697 26,500 SH   SOLE   26,500 0 0
COLUMBIA FINANCIAL INC COM 197641103 517 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106 978 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 1,515 371,361 SH   OTR   0 371,361 0
COMPUTER TASK GROUP INC COM 205477102 3,516 861,799 SH   SOLE   861,799 0 0
COMPX INTERNATIONAL CL A 20563P101 68 5,000 SH   OTR   0 5,000 0
COMPX INTERNATIONAL CL A 20563P101 164 12,048 SH   SOLE   12,048 0 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 68 6,257 SH   OTR   0 6,257 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 221 20,413 SH   SOLE   20,413 0 0
CSS INDUSTRIES INC COM 125906107 83 9,241 SH   OTR   0 9,241 0
CSS INDUSTRIES INC COM 125906107 202 22,497 SH   SOLE   22,497 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 261 78,014 SH   OTR   0 78,014 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 1,071 319,749 SH   SOLE   319,749 0 0
DELUXE CORP COM 248019101 953 24,800 SH   OTR   0 24,800 0
DELUXE CORP COM 248019101 365 9,500 SH   SOLE   9,500 0 0
DONEGAL GROUP INC CL B 257701300 147 12,450 SH   OTR   0 12,450 0
DONEGAL GROUP INC CL B 257701300 158 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201 337 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 44 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 917 10,190 SH   OTR   0 10,190 0
DORMAN PRODUCTS INC COM 258278100 1,330 14,780 SH   SOLE   14,780 0 0
EAGLE BANCORP MONT INC COM 26942G100 135 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 276 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 3,362 139,316 SH   OTR   0 139,316 0
EASTERN CO COM 276317104 5,253 217,685 SH   SOLE   217,685 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 362 31,854 SH   OTR   0 31,854 0
ECOLOGY & ENVRNMT INC CL A 278878103 583 51,313 SH   SOLE   51,313 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 387 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 76 2,535 SH   SOLE   2,535 0 0
ENTERCOM COMMUNICATIONS COM 293639100 922 161,500 SH   OTR   0 161,500 0
ENTERCOM COMMUNICATIONS COM 293639100 2,238 391,902 SH   SOLE   391,902 0 0
ESCALADE INC COM 296056104 2,309 201,634 SH   OTR   0 201,634 0
ESCALADE INC COM 296056104 2,555 223,164 SH   SOLE   223,164 0 0
FIVE STAR SENIOR LIVING INC COM 33832D106 122 269,319 SH   OTR   0 269,319 0
FIVE STAR SENIOR LIVING INC COM 33832D106 500 1,106,758 SH   SOLE   1,106,758 0 0
FNB CORP COM 302520101 220 22,378 SH   OTR   0 22,378 0
FNB CORP COM 302520101 730 74,170 SH   SOLE   74,170 0 0
FIRST MERCHANTS CORP COM 320817109 167 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 242 7,085 SH   SOLE   7,085 0 0
FOSTER L B CO COM 350060109 1,255 79,743 SH   OTR   0 79,743 0
FOSTER L B CO COM 350060109 354 22,489 SH   SOLE   22,489 0 0
FSB BANCORP INC COM 30289C102 21 1,306 SH   OTR   0 1,306 0
FSB BANCORP INC COM 30289C102 156 9,734 SH   SOLE   9,734 0 0
GP STRATEGIES CORP COM 36225V104 90 7,104 SH   OTR   0 7,104 0
GP STRATEGIES CORP COM 36225V104 291 23,108 SH   SOLE   23,108 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,748 415,800 SH   OTR   0 415,800 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 4,597 695,533 SH   SOLE   695,533 0 0
HORIZON BANCORP INDIANA COM 440407104 185 11,738 SH   OTR   0 11,738 0
HORIZON BANCORP INDIANA COM 440407104 521 32,986 SH   SOLE   32,986 0 0
HV BANCORP INC COM 40441H105 388 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 171 12,655 SH   OTR   0 12,655 0
ICC HOLDINGS INC COM 44931Q104 234 17,345 SH   SOLE   17,345 0 0
IMMUCELL CORP COM 452525306 38 5,500 SH   OTR   0 5,500 0
IMMUCELL CORP COM 452525306 62 9,059 SH   SOLE   9,059 0 0
INFORMATION SVCS GROUP COM 45675Y104 55 12,995 SH   OTR   0 12,995 0
INFORMATION SVCS GROUP COM 45675Y104 61 14,299 SH   SOLE   14,299 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,674 777,352 SH   OTR   0 777,352 0
INFUSYSTEM HLDGS INC COM 45685K102 4,643 1,349,712 SH   SOLE   1,349,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 257 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 706 67,990 SH   SOLE   67,990 0 0
KOSS CORP COM 500692108 110 57,706 SH   OTR   0 57,706 0
KOSS CORP COM 500692108 327 172,163 SH   SOLE   172,163 0 0
KURA ONCOLOGY INC COM 50127T109 584 41,600 SH   OTR   0 41,600 0
KURA ONCOLOGY INC COM 50127T109 660 47,019 SH   SOLE   47,019 0 0
LAKE SHORE BANCORP INC COM 510700107 139 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 300 20,269 SH   SOLE   20,269 0 0
LGL GROUP INC COM 50186A108 171 28,014 SH   OTR   0 28,014 0
LGL GROUP INC COM 50186A108 322 52,865 SH   SOLE   52,865 0 0
MALVERN BANCORP INC COM 561409103 884 44,781 SH   SOLE   44,781 0 0
MACKINAC FINANCIAL CORP COM 554571109 265 19,972 SH   SOLE   19,972 0 0
MACKINAC FINANCIAL CORP COM 554571109 138 10,422 SH   OTR   0 10,422 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 82 10,330 SH   SOLE   10,330 0 0
MID PENN BANCORP COM 59540G107 418 18,397 SH   OTR   0 18,397 0
MID PENN BANCORP COM 59540G107 710 31,240 SH   SOLE   31,240 0 0
MID SOUTHERN BANCORP COM 59548Q107 103 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 148 12,791 SH   SOLE   12,791 0 0
MUTUALFIRST FINANCIAL INC COM 62845B104 668 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINANCIAL INC COM 62845B104 150 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,235 131,422 SH   OTR   0 131,422 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,360 251,112 SH   SOLE   251,112 0 0
NI HOLDINGS INC COM 65342T106 856 54,500 SH   OTR   0 54,500 0
NI HOLDINGS INC COM 65342T106 1,576 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 762 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 485 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 226 6,859 SH   OTR   0 6,859 0
NORWOOD FINANCIAL CORP COM 669549107 295 8,952 SH   SOLE   8,952 0 0
NUVERRA ENVIRONMENTAL COM 67091K302 121 14,799 SH   OTR   0 14,799 0
NUVERRA ENVIRONMENTAL COM 67091K302 175 21,307 SH   SOLE   21,307 0 0
OCONEE FED FINL CORP COM 675607105 269 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 269 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 1,079 77,549 SH   OTR   0 77,549 0
PATHFINDER BANCORP INC COM 70319R109 2,337 168,021 SH   SOLE   168,021 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 978 54,912 SH   OTR   0 54,912 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1,854 104,080 SH   SOLE   104,080 0 0
PB BANCORP INC COM 70454T100 98 9,111 SH   OTR   0 9,111 0
PB BANCORP INC COM 70454T100 234 21,722 SH   SOLE   21,722 0 0
PROASSURANCE CORP COM 74267C106 774 19,084 SH   OTR   0 19,084 0
PROASSURANCE CORP COM 74267C106 376 9,274 SH   SOLE   9,274 0 0
RAND CAPITAL CORP COM 752185108 45 20,625 SH   OTR   0 20,625 0
RAND CAPITAL CORP COM 752185108 53 23,870 SH   SOLE   23,870 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 219 20,121 SH   OTR   0 20,121 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 372 34,092 SH   SOLE   34,092 0 0
SAEXPLORATION HOLDINGS INC COM PAR 78636X873 64 34,191 SH   OTR   0 34,191 0
SAEXPLORATION HOLDINGS INC COM PAR 78636X873 76 40,544 SH   SOLE   40,544 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 940 28,496 SH   OTR   0 28,496 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 2,089 63,311 SH   SOLE   63,311 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 3,869 246,102 SH   OTR   0 246,102 0
SCRIPPS E W CO OHIO CL A NEW 811054402 5,980 380,382 SH   SOLE   380,382 0 0
SIFCO INDUSTRIES INC COM 826546103 183 53,023 SH   OTR   0 53,023 0
SIFCO INDUSTRIES INC COM 826546103 501 145,230 SH   SOLE   145,230 0 0
STATE AUTO FINANCIAL CORP COM 855707105 146 4,280 SH   OTR   0 4,280 0
STATE AUTO FINANCIAL CORP COM 855707105 503 14,743 SH   SOLE   14,743 0 0
SUNLINK HEALTH SYSTEMS INC COM 86737U102 54 47,330 SH   SOLE   47,330 0 0
SYNALLOY CP DEL COM 871565107 453 27,300 SH   OTR   0 27,300 0
SYNALLOY CP DEL COM 871565107 913 55,055 SH   SOLE   55,055 0 0
TRANSCAT INC COM 893529107 2,651 142,734 SH   OTR   0 142,734 0
TRANSCAT INC COM 893529107 4,701 253,158 SH   SOLE   253,158 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,279 142,697 SH   OTR   0 142,697 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 3,877 242,752 SH   SOLE   242,752 0 0
US LIME & MINERAL COM 911922102 4,630 65,199 SH   OTR   0 65,199 0
US LIME & MINERAL COM 911922102 5,665 79,780 SH   SOLE   79,780 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 621 21,047 SH   SOLE   21,047 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T201 33 1,107 SH   OTR   0 1,107 0
VIRCO MANUFACTURING CO COM 927651109 1,686 421,499 SH   OTR   0 421,499 0
VIRCO MANUFACTURING CO COM 927651109 2,555 638,868 SH   SOLE   638,868 0 0
VOLT INFORMATION SCIENCES COM 928703107 15 7,000 SH   OTR   0 7,000 0
VOLT INFORMATION SCIENCES COM 928703107 29 13,300 SH   SOLE   13,300 0 0