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 23 16,713 SH   SOLE   16,713 0 0
AH BELO CORP COM CL A 001282102 1,377 370,064 SH   OTR   0 370,064 0
AH BELO CORP COM CL A 001282102 2,212 594,605 SH   SOLE   594,605 0 0
AMERISERV FINANC INC COM 03074A102 248 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 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 419 12,808 SH   OTR   0 12,808 0
ASTRONICS CORP COM 046433108 715 21,839 SH   SOLE   21,839 0 0
BB&T CORP COM 054937107 395 8,488 SH   SOLE   8,488 0 0
CAMDEN NATIONAL CORP COM 133034108 4,213 100,971 SH   OTR   0 100,971 0
CAMDEN NATIONAL CORP COM 133034108 2,448 58,687 SH   SOLE   58,687 0 0
CECO ENVIRONMENTAL CORP COM 125141101 265 36,858 SH   OTR   0 36,858 0
CECO ENVIRONMENTAL CORP COM 125141101 816 113,371 SH   SOLE   113,371 0 0
CENTERSTART BANK CORP COM 15201P109 863 36,260 SH   OTR   0 36,260 0
CENTERSTART BANK CORP COM 15201P109 1,590 66,817 SH   SOLE   66,817 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,670 22,950 SH   OTR   0 22,950 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 703 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 3,938 42,557 SH   OTR   0 42,557 0
CHASE CORP COM 16150R104 11,726 126,713 SH   SOLE   126,713 0 0
CHEMICAL FINANCIAL COM 163731102 67 1,620 SH   OTR   0 1,620 0
CHEMICAL FINANCIAL COM 163731102 362 8,805 SH   SOLE   8,805 0 0
CITIZENS & NORTHERN CORP COM 172922106 410 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 663 26,500 SH   SOLE   26,500 0 0
COLUMBIA FINANCIAL INC COM 197641103 530 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106 1,002 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 1,593 371,361 SH   OTR   0 371,361 0
COMPUTER TASK GROUP INC COM 205477102 3,697 861,799 SH   SOLE   861,799 0 0
COMPX INTERNATIONAL CL A 20563P101 73 5,000 SH   OTR   0 5,000 0
COMPX INTERNATIONAL CL A 20563P101 176 12,048 SH   SOLE   12,048 0 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 172 8,890 SH   OTR   0 8,890 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 459 23,740 SH   SOLE   23,740 0 0
CSS INDUSTRIES INC COM 125906107 48 7,941 SH   OTR   0 7,941 0
CSS INDUSTRIES INC COM 125906107 116 19,297 SH   SOLE   19,297 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 229 78,014 SH   OTR   0 78,014 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 937 319,749 SH   SOLE   319,749 0 0
DELUXE CORP COM 248019101 1,084 24,800 SH   OTR   0 24,800 0
DELUXE CORP COM 248019101 415 9,500 SH   SOLE   9,500 0 0
DLH HOLDINGS CORP COM 23335Q100 128 20,000 SH   OTR   0 20,000 0
DLH HOLDINGS CORP COM 23335Q100 379 59,192 SH   SOLE   59,192 0 0
DONEGAL GROUP INC CL B 257701300 148 12,450 SH   OTR   0 12,450 0
DONEGAL GROUP INC CL B 257701300 159 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201 332 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 897 10,190 SH   OTR   0 10,190 0
DORMAN PRODUCTS INC COM 258278100 1,301 14,780 SH   SOLE   14,780 0 0
EAGLE BANCORP MONT INC COM 26942G100 141 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 289 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 3,798 139,316 SH   OTR   0 139,316 0
EASTERN CO COM 276317104 5,934 217,685 SH   SOLE   217,685 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 452 41,106 SH   OTR   0 41,106 0
ECOLOGY & ENVRNMT INC CL A 278878103 1,193 108,579 SH   SOLE   108,579 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 396 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 78 2,535 SH   SOLE   2,535 0 0
ENTERCOM COMMUNICATIONS COM 293639100 864 164,500 SH   OTR   0 164,500 0
ENTERCOM COMMUNICATIONS COM 293639100 2,057 391,902 SH   SOLE   391,902 0 0
ESCALADE INC COM 296056104 2,238 201,634 SH   OTR   0 201,634 0
ESCALADE INC COM 296056104 2,477 223,164 SH   SOLE   223,164 0 0
FIRST MERCHANTS CORP COM 320817109 180 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 261 7,085 SH   SOLE   7,085 0 0
FIVE STAR SENIOR LIVING INC COM 33832D106 259 265,166 SH   OTR   0 265,166 0
FIVE STAR SENIOR LIVING INC COM 33832D106 1,032 1,058,545 SH   SOLE   1,058,545 0 0
FLOTEK INDUSTRIES INC DEL COM 343389102 138 42,500 SH   OTR   0 42,500 0
FLOTEK INDUSTRIES INC DEL COM 343389102 413 127,500 SH   SOLE   127,500 0 0
FNB CORP COM 302520101 237 22,378 SH   OTR   0 22,378 0
FNB CORP COM 302520101 786 74,170 SH   SOLE   74,170 0 0
FOSTER L B CO COM 350060109 1,493 79,743 SH   OTR   0 79,743 0
FOSTER L B CO COM 350060109 421 22,489 SH   SOLE   22,489 0 0
FSB BANCORP INC COM 30289C102 22 1,306 SH   OTR   0 1,306 0
FSB BANCORP INC COM 30289C102 166 9,734 SH   SOLE   9,734 0 0
GP STRATEGIES CORP COM 36225V104 135 11,104 SH   OTR   0 11,104 0
GP STRATEGIES CORP COM 36225V104 289 23,804 SH   SOLE   23,804 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 3,701 415,800 SH   OTR   0 415,800 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 6,190 695,533 SH   SOLE   695,533 0 0
HORIZON BANCORP INDIANA COM 440407104 189 11,738 SH   OTR   0 11,738 0
HORIZON BANCORP INDIANA COM 440407104 530 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 177 12,655 SH   OTR   0 12,655 0
ICC HOLDINGS INC COM 44931Q104 243 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 48 12,995 SH   OTR   0 12,995 0
INFORMATION SVCS GROUP COM 45675Y104 53 14,299 SH   SOLE   14,299 0 0
INFUSYSTEM HLDGS INC COM 45685K102 3,895 777,352 SH   OTR   0 777,352 0
INFUSYSTEM HLDGS INC COM 45685K102 6,762 1,349,712 SH   SOLE   1,349,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 293 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 805 67,990 SH   SOLE   67,990 0 0
KOSS CORP COM 500692108 113 57,706 SH   OTR   0 57,706 0
KOSS CORP COM 500692108 336 172,163 SH   SOLE   172,163 0 0
KURA ONCOLOGY INC COM 50127T109 689 41,600 SH   OTR   0 41,600 0
KURA ONCOLOGY INC COM 50127T109 779 47,019 SH   SOLE   47,019 0 0
LAKE SHORE BANCORP INC COM 510700107 149 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 320 20,269 SH   SOLE   20,269 0 0
LGL GROUP INC COM 50186A108 183 28,014 SH   OTR   0 28,014 0
LGL GROUP INC COM 50186A108 346 52,865 SH   SOLE   52,865 0 0
MACKINAC FINANCIAL CORP COM 554571109 313 19,972 SH   SOLE   19,972 0 0
MACKINAC FINANCIAL CORP COM 554571109 163 10,422 SH   OTR   0 10,422 0
MALVERN BANCORP INC COM 561409103 901 44,781 SH   SOLE   44,781 0 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 88 10,330 SH   SOLE   10,330 0 0
MID PENN BANCORP COM 59540G107 447 18,397 SH   OTR   0 18,397 0
MID PENN BANCORP COM 59540G107 760 31,240 SH   SOLE   31,240 0 0
MID SOUTHERN BANCORP COM 59548Q107 111 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 159 12,791 SH   SOLE   12,791 0 0
MUTUALFIRST FINANCIAL INC COM 62845B104 757 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINANCIAL INC COM 62845B104 170 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,463 133,022 SH   OTR   0 133,022 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,815 255,912 SH   SOLE   255,912 0 0
NI HOLDINGS INC COM 65342T106 872 54,500 SH   OTR   0 54,500 0
NI HOLDINGS INC COM 65342T106 1,606 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 763 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 209 6,859 SH   OTR   0 6,859 0
NORWOOD FINANCIAL CORP COM 669549107 272 8,952 SH   SOLE   8,952 0 0
NUVERRA ENVIRONMENTAL COM 67091K302 82 9,239 SH   OTR   0 9,239 0
NUVERRA ENVIRONMENTAL COM 67091K302 116 13,007 SH   SOLE   13,007 0 0
OCONEE FED FINL CORP COM 675607105 298 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 298 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 1,056 80,950 SH   OTR   0 80,950 0
PATHFINDER BANCORP INC COM 70319R109 2,376 182,106 SH   SOLE   182,106 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1,126 59,912 SH   OTR   0 59,912 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 3,572 189,987 SH   SOLE   189,987 0 0
PB BANCORP INC COM 70454T100 100 9,111 SH   OTR   0 9,111 0
PB BANCORP INC COM 70454T100 238 21,722 SH   SOLE   21,722 0 0
PROASSURANCE CORP COM 74267C106 660 19,084 SH   OTR   0 19,084 0
PROASSURANCE CORP COM 74267C106 321 9,274 SH   SOLE   9,274 0 0
RAND CAPITAL CORP COM 752185108 35 12,625 SH   OTR   0 12,625 0
RAND CAPITAL CORP COM 752185108 8 2,870 SH   SOLE   2,870 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 225 20,121 SH   OTR   0 20,121 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 382 34,092 SH   SOLE   34,092 0 0
SAEXPLORATION HOLDINGS INC COM PAR 78636X873 114 34,191 SH   OTR   0 34,191 0
SAEXPLORATION HOLDINGS INC COM PAR 78636X873 40 11,932 SH   SOLE   11,932 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 941 28,939 SH   OTR   0 28,939 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 2,163 66,511 SH   SOLE   66,511 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 5,113 243,602 SH   OTR   0 243,602 0
SCRIPPS E W CO OHIO CL A NEW 811054402 7,984 380,382 SH   SOLE   380,382 0 0
SIFCO INDUSTRIES INC COM 826546103 155 56,233 SH   OTR   0 56,233 0
SIFCO INDUSTRIES INC COM 826546103 419 151,746 SH   SOLE   151,746 0 0
STATE AUTO FINANCIAL CORP COM 855707105 141 4,280 SH   OTR   0 4,280 0
STATE AUTO FINANCIAL CORP COM 855707105 485 14,743 SH   SOLE   14,743 0 0
SUNLINK HEALTH SYSTEMS INC COM 86737U102 75 47,330 SH   SOLE   47,330 0 0
SYNALLOY CP DEL COM 871565107 415 27,300 SH   OTR   0 27,300 0
SYNALLOY CP DEL COM 871565107 837 55,055 SH   SOLE   55,055 0 0
TRANSCAT INC COM 893529107 3,256 142,734 SH   OTR   0 142,734 0
TRANSCAT INC COM 893529107 5,775 253,158 SH   SOLE   253,158 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,363 142,697 SH   OTR   0 142,697 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 4,032 243,477 SH   SOLE   243,477 0 0
US LIME & MINERAL COM 911922102 5,063 65,759 SH   OTR   0 65,759 0
US LIME & MINERAL COM 911922102 6,374 82,780 SH   SOLE   82,780 0 0
VERSO CORP CL A 92531L207 516 24,100 SH   OTR   0 24,100 0
VERSO CORP CL A 92531L207 947 44,200 SH   SOLE   44,200 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 680 21,047 SH   SOLE   21,047 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T201 39 1,198 SH   OTR   0 1,198 0
VIRCO MANUFACTURING CO COM 927651109 1,825 421,499 SH   OTR   0 421,499 0
VIRCO MANUFACTURING CO COM 927651109 2,766 638,868 SH   SOLE   638,868 0 0
VOLT INFORMATION SCIENCES COM 928703107 33 7,000 SH   OTR   0 7,000 0
VOLT INFORMATION SCIENCES COM 928703107 63 13,300 SH   SOLE   13,300 0 0
WSFS FINANCIAL CORP COM 929328102 34 869 SH   OTR   0 869 0
WSFS FINANCIAL CORP COM 929328102 319 8,257 SH   SOLE   8,257 0 0