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
ADAMS RESOURCES & ENERGY INC COM NEW 006351308 207 7,823 SH   OTR   0 7,823 0
ADAMS RESOURCES & ENERGY INC COM NEW 006351308 631 23,872 SH   SOLE   23,872 0 0
AEHR TEST SYSTEMS COM 00760J108 4 1,832 SH   OTR   0 1,832 0
AEHR TEST SYSTEMS COM 00760J108 33 16,713 SH   SOLE   16,713 0 0
AH BELO CORP COM CL A 001282102 358 206,707 SH   OTR   0 206,707 0
AH BELO CORP COM CL A 001282102 1,021 590,000 SH   SOLE   590,000 0 0
AMERISERV FINANC INC COM 03074A102 144 47,061 SH   OTR   0 47,061 0
AMERISERV FINANC INC COM 03074A102 203 66,300 SH   SOLE   66,300 0 0
ASTRONICS CORP COM 046433108 107 10,129 SH   OTR   0 10,129 0
ASTRONICS CORP COM 046433108 231 21,839 SH   SOLE   21,839 0 0
CAMDEN NATIONAL CORP COM 133034108 2,814 81,465 SH   OTR   0 81,465 0
CAMDEN NATIONAL CORP COM 133034108 2,283 66,090 SH   SOLE   66,090 0 0
CECO ENVIRONMENTAL CORP COM 125141101 233 35,458 SH   OTR   0 35,458 0
CECO ENVIRONMENTAL CORP COM 125141101 746 113,371 SH   SOLE   113,371 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,439 18,541 SH   OTR   0 18,541 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 750 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 4,116 40,157 SH   OTR   0 40,157 0
CHASE CORP COM 16150R104 12,240 119,413 SH   SOLE   119,413 0 0
CITIZENS & NORTHERN CORP COM 172922106 336 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 544 26,500 SH   SOLE   26,500 0 0
COLUMBIA FINANCIAL INC COM 197641103 472 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106 774 13,577 SH   OTR   0 13,577 0
COMMUNITY BANK SYS INC COM 203607106 2 27 SH   SOLE   27 0 0
COMPUTER TASK GROUP INC COM 205477102 1,127 278,318 SH   OTR   0 278,318 0
COMPUTER TASK GROUP INC COM 205477102 3,721 918,669 SH   SOLE   918,669 0 0
COMPX INTERNATIONAL CL A 20563P101 149 10,779 SH   OTR   0 10,779 0
COMPX INTERNATIONAL CL A 20563P101 402 29,055 SH   SOLE   29,055 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 112 78,014 SH   OTR   0 78,014 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 460 319,749 SH   SOLE   319,749 0 0
DELUXE CORP COM 248019101 493 20,938 SH   OTR   0 20,938 0
DELUXE CORP COM 248019101 224 9,500 SH   SOLE   9,500 0 0
DLH HOLDINGS CORP COM 23335Q100 167 23,100 SH   OTR   0 23,100 0
DLH HOLDINGS CORP COM 23335Q100 505 69,588 SH   SOLE   69,588 0 0
DONEGAL GROUP INC CL B 257701300 113 9,946 SH   OTR   0 9,946 0
DONEGAL GROUP INC CL B 257701300 152 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201 277 19,565 SH   OTR   0 19,565 0
DONEGAL GROUP INC CL A 257701201 46 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 683 10,190 SH   OTR   0 10,190 0
DORMAN PRODUCTS INC COM 258278100 991 14,780 SH   SOLE   14,780 0 0
EAGLE BANCORP MONT INC COM 26942G100 120 6,982 SH   OTR   0 6,982 0
EAGLE BANCORP MONT INC COM 26942G100 295 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 2,098 117,379 SH   OTR   0 117,379 0
EASTERN CO COM 276317104 3,995 223,534 SH   SOLE   223,534 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 207 10,363 SH   OTR   0 10,363 0
EMCLAIRE FINANCIAL CORP COM 290828102 51 2,535 SH   SOLE   2,535 0 0
ENTERCOM COMMUNICATIONS COM 293639100 167 120,684 SH   OTR   0 120,684 0
ENTERCOM COMMUNICATIONS COM 293639100 506 366,902 SH   SOLE   366,902 0 0
ESCALADE INC COM 296056104 2,748 196,847 SH   OTR   0 196,847 0
ESCALADE INC COM 296056104 3,919 280,746 SH   SOLE   280,746 0 0
FIRST MERCHANTS CORP COM 320817109 134 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 195 7,085 SH   SOLE   7,085 0 0
FIVE STAR SENIOR LIVING INC COM 33832D106 84 21,415 SH   OTR   0 21,415 0
FIVE STAR SENIOR LIVING INC COM 33832D106 242 62,000 SH   SOLE   62,000 0 0
FLOTEK INDUSTRIES INC DEL COM 343389102 46 38,654 SH   OTR   0 38,654 0
FLOTEK INDUSTRIES INC DEL COM 343389102 153 127,500 SH   SOLE   127,500 0 0
FNB CORP COM 302520101 143 19,013 SH   OTR   0 19,013 0
FNB CORP COM 302520101 556 74,170 SH   SOLE   74,170 0 0
FOSTER L B CO COM 350060109 806 63,584 SH   OTR   0 63,584 0
FOSTER L B CO COM 350060109 285 22,489 SH   SOLE   22,489 0 0
FREIGHTCAR AMERICA INC COM 357023100 85 68,303 SH   OTR   0 68,303 0
FREIGHTCAR AMERICA INC COM 357023100 300 241,845 SH   SOLE   241,845 0 0
GP STRATEGIES CORP COM 36225V104 618 72,010 SH   OTR   0 72,010 0
GP STRATEGIES CORP COM 36225V104 1,650 192,308 SH   SOLE   192,308 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 3,352 362,036 SH   OTR   0 362,036 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 6,776 731,706 SH   SOLE   731,706 0 0
GSE SYSTEMS INC COM 36227K106 63 62,074 SH   OTR   0 62,074 0
GSE SYSTEMS INC COM 36227K106 248 245,835 SH   SOLE   245,835 0 0
HORIZON BANCORP INDIANA COM 440407104 110 10,264 SH   OTR   0 10,264 0
HORIZON BANCORP INDIANA COM 440407104 352 32,986 SH   SOLE   32,986 0 0
HV BANCORP INC COM 40441H105 338 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 129 11,732 SH   OTR   0 11,732 0
ICC HOLDINGS INC COM 44931Q104 273 24,852 SH   SOLE   24,852 0 0
IMMUCELL CORP COM 452525306 26 5,500 SH   OTR   0 5,500 0
IMMUCELL CORP COM 452525306 43 9,059 SH   SOLE   9,059 0 0
INFORMATION SVCS GROUP COM 45675Y104 8 3,650 SH   OTR   0 3,650 0
INFORMATION SVCS GROUP COM 45675Y104 15 7,400 SH   SOLE   7,400 0 0
INFUSYSTEM HLDGS INC COM 45685K102 6,923 599,881 SH   OTR   0 599,881 0
INFUSYSTEM HLDGS INC COM 45685K102 12,922 1,119,794 SH   SOLE   1,119,794 0 0
INVESTORS BANCORP INC NEW COM 46146L101 210 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 577 67,990 SH   SOLE   67,990 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 654 70,441 SH   SOLE   70,441 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 240 25,818 SH   OTR   0 25,818 0
KOSS CORP COM 500692108 37 27,774 SH   OTR   0 27,774 0
KOSS CORP COM 500692108 251 188,483 SH   SOLE   188,483 0 0
KURA ONCOLOGY INC COM 50127T109 453 27,812 SH   OTR   0 27,812 0
KURA ONCOLOGY INC COM 50127T109 603 37,000 SH   SOLE   37,000 0 0
LAKE SHORE BANCORP INC COM 510700107 101 8,238 SH   OTR   0 8,238 0
LAKE SHORE BANCORP INC COM 510700107 248 20,269 SH   SOLE   20,269 0 0
LGL GROUP INC COM 50186A108 73 8,598 SH   OTR   0 8,598 0
LGL GROUP INC COM 50186A108 68 8,000 SH   SOLE   8,000 0 0
MACKINAC FINANCIAL CORP COM 554571109 262 25,972 SH   SOLE   25,972 0 0
MACKINAC FINANCIAL CORP COM 554571109 103 10,216 SH   OTR   0 10,216 0
MALVERN BANCORP INC COM 561409103 700 54,804 SH   SOLE   54,804 0 0
MALVERN BANCORP INC COM 561409103 67 5,206 SH   OTR   0 5,206 0
MID PENN BANCORP COM 59540G107 265 15,038 SH   OTR   0 15,038 0
MID PENN BANCORP COM 59540G107 550 31,240 SH   SOLE   31,240 0 0
MID SOUTHERN BANCORP COM 59548Q107 108 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 155 12,791 SH   SOLE   12,791 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 718 111,690 SH   OTR   0 111,690 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,646 255,912 SH   SOLE   255,912 0 0
NI HOLDINGS INC COM 65342T106 688 46,628 SH   OTR   0 46,628 0
NI HOLDINGS INC COM 65342T106 1,482 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 739 72,352 SH   OTR   0 72,352 0
NORTHWEST BANCSHARES INC MD COM 667340103 432 42,223 SH   SOLE   42,223 0 0
NORWOOD FINANCIAL CORP COM 669549107 148 6,190 SH   OTR   0 6,190 0
NORWOOD FINANCIAL CORP COM 669549107 214 8,952 SH   SOLE   8,952 0 0
NUVERRA ENVIRONMENTAL COM 67091K302 13 5,458 SH   OTR   0 5,458 0
NUVERRA ENVIRONMENTAL COM 67091K302 22 9,697 SH   SOLE   9,697 0 0
OCONEE FED FINL CORP COM 675607105 196 7,845 SH   OTR   0 7,845 0
OCONEE FED FINL CORP COM 675607105 287 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 682 72,123 SH   OTR   0 72,123 0
PATHFINDER BANCORP INC COM 70319R109 1,883 199,060 SH   SOLE   199,060 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 425 50,633 SH   OTR   0 50,633 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1,945 231,564 SH   SOLE   231,564 0 0
PROASSURANCE CORP COM 74267C106 228 15,763 SH   OTR   0 15,763 0
PROASSURANCE CORP COM 74267C106 126 8,700 SH   SOLE   8,700 0 0
RICHMOND MUTUAL BANCORP COM 76525P100 337 30,000 SH   SOLE   30,000 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 101 18,823 SH   OTR   0 18,823 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 219 40,692 SH   SOLE   40,692 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 881 34,418 SH   OTR   0 34,418 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 2,847 111,226 SH   SOLE   111,226 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 1,840 210,516 SH   OTR   0 210,516 0
SCRIPPS E W CO OHIO CL A NEW 811054402 3,493 399,656 SH   SOLE   399,656 0 0
SIFCO INDUSTRIES INC COM 826546103 334 83,506 SH   OTR   0 83,506 0
SIFCO INDUSTRIES INC COM 826546103 1,290 322,546 SH   SOLE   322,546 0 0
SOUTH STATE CORP COM 840441109 439 9,223 SH   OTR   0 9,223 0
SOUTH STATE CORP COM 840441109 357 7,502 SH   SOLE   7,502 0 0
STARRETT L S CO CL A 855668109 59 17,437 SH   OTR   0 17,437 0
STARRETT L S CO CL A 855668109 158 46,587 SH   SOLE   46,587 0 0
SUNLINK HEALTH SYSTEMS INC COM 86737U102 34 38,000 SH   SOLE   38,000 0 0
SUPPORT.COM INC COM NEW 86858W200 75 54,593 SH   SOLE   54,593 0 0
SUPPORT.COM INC COM NEW 86858W200 6 4,115 SH   OTR   0 4,115 0
SYNALLOY CP DEL COM 871565107 152 20,271 SH   OTR   0 20,271 0
SYNALLOY CP DEL COM 871565107 324 43,250 SH   SOLE   43,250 0 0
TRANSCAT INC COM 893529107 2,886 111,467 SH   OTR   0 111,467 0
TRANSCAT INC COM 893529107 5,739 221,660 SH   SOLE   221,660 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 922 107,546 SH   OTR   0 107,546 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,777 324,070 SH   SOLE   324,070 0 0
US LIME & MINERAL COM 911922102 4,459 53,181 SH   OTR   0 53,181 0
US LIME & MINERAL COM 911922102 6,552 78,147 SH   SOLE   78,147 0 0
VERSO CORP CL A 92531L207 288 24,100 SH   OTR   0 24,100 0
VERSO CORP CL A 92531L207 529 44,200 SH   SOLE   44,200 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 628 21,547 SH   SOLE   21,547 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 49 1,698 SH   OTR   0 1,698 0
VIRCO MANUFACTURING CO COM 927651109 768 279,418 SH   OTR   0 279,418 0
VIRCO MANUFACTURING CO COM 927651109 1,766 642,205 SH   SOLE   642,205 0 0
VOLT INFORMATION SCIENCES COM 928703107 67 51,687 SH   OTR   0 51,687 0
VOLT INFORMATION SCIENCES COM 928703107 222 172,000 SH   SOLE   172,000 0 0