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 145 6,018 SH   OTR   0 6,018 0
ADAMS RESOURCES & ENERGY INC COM NEW 006351308 462 19,190 SH   SOLE   19,190 0 0
AH BELO CORP COM CL A 001282102 246 162,731 SH   OTR   0 162,731 0
AH BELO CORP COM CL A 001282102 833 551,800 SH   SOLE   551,800 0 0
AMERISERV FINANC INC COM 03074A102 89 28,427 SH   OTR   0 28,427 0
AMERISERV FINANC INC COM 03074A102 208 66,300 SH   SOLE   66,300 0 0
ASTRONICS CORP COM 046433108 932 70,465 SH   OTR   0 70,465 0
ASTRONICS CORP COM 046433108 3,575 270,200 SH   SOLE   270,200 0 0
ATLANTIC POWER CORP COM NEW 04878Q863 61 29,013 SH   OTR   0 29,013 0
ATLANTIC POWER CORP COM NEW 04878Q863 120 57,238 SH   SOLE   57,238 0 0
CAMDEN NATIONAL CORP COM 133034108 2,832 79,155 SH   OTR   0 79,155 0
CAMDEN NATIONAL CORP COM 133034108 2,365 66,090 SH   SOLE   66,090 0 0
CECO ENVIRONMENTAL CORP COM 125141101 247 35,458 SH   OTR   0 35,458 0
CECO ENVIRONMENTAL CORP COM 125141101 789 113,371 SH   SOLE   113,371 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,390 17,990 SH   OTR   0 17,990 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 747 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 3,992 39,522 SH   OTR   0 39,522 0
CHASE CORP COM 16150R104 10,415 103,105 SH   SOLE   103,105 0 0
CITIZENS & NORTHERN CORP COM 172922106 325 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 526 26,500 SH   SOLE   26,500 0 0
COLUMBIA FINANCIAL INC COM 197641103 526 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106 846 13,577 SH   OTR   0 13,577 0
COMPUTER TASK GROUP INC COM 205477102 1,505 246,705 SH   OTR   0 246,705 0
COMPUTER TASK GROUP INC COM 205477102 5,695 933,526 SH   SOLE   933,526 0 0
COMPX INTERNATIONAL CL A 20563P101 143 10,033 SH   OTR   0 10,033 0
COMPX INTERNATIONAL CL A 20563P101 413 29,055 SH   SOLE   29,055 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 165 78,014 SH   OTR   0 78,014 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 625 294,749 SH   SOLE   294,749 0 0
DELUXE CORP COM 248019101 442 15,145 SH   OTR   0 15,145 0
DELUXE CORP COM 248019101 277 9,500 SH   SOLE   9,500 0 0
DLH HOLDINGS CORP COM 23335Q100 313 33,873 SH   OTR   0 33,873 0
DLH HOLDINGS CORP COM 23335Q100 1,035 111,849 SH   SOLE   111,849 0 0
DONEGAL GROUP INC CL B 257701300 68 5,633 SH   OTR   0 5,633 0
DONEGAL GROUP INC CL B 257701300 160 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201 175 12,438 SH   OTR   0 12,438 0
DONEGAL GROUP INC CL A 257701201 46 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 746 8,590 SH   OTR   0 8,590 0
DORMAN PRODUCTS INC COM 258278100 955 11,000 SH   SOLE   11,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 97 4,542 SH   OTR   0 4,542 0
EAGLE BANCORP MONT INC COM 26942G100 368 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 1,990 82,597 SH   OTR   0 82,597 0
EASTERN CO COM 276317104 6,008 249,393 SH   SOLE   249,393 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 184 6,131 SH   OTR   0 6,131 0
EMCLAIRE FINANCIAL CORP COM 290828102 76 2,535 SH   SOLE   2,535 0 0
ENTERCOM COMMUNICATIONS COM 293639100 213 86,084 SH   OTR   0 86,084 0
ENTERCOM COMMUNICATIONS COM 293639100 424 171,600 SH   SOLE   171,600 0 0
ESCALADE INC COM 296056104 3,942 186,190 SH   OTR   0 186,190 0
ESCALADE INC COM 296056104 5,396 254,898 SH   SOLE   254,898 0 0
FIRST MERCHANTS CORP COM 320817109 182 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 187 5,000 SH   SOLE   5,000 0 0
FNB CORP COM 302520101 123 12,911 SH   OTR   0 12,911 0
FNB CORP COM 302520101 646 68,000 SH   SOLE   68,000 0 0
FOSTER L B CO COM 350060109 900 60,070 SH   OTR   0 60,070 0
FOSTER L B CO COM 350060109 337 22,489 SH   SOLE   22,489 0 0
FREIGHTCAR AMERICA INC COM 357023100 226 95,075 SH   OTR   0 95,075 0
FREIGHTCAR AMERICA INC COM 357023100 846 355,649 SH   SOLE   355,649 0 0
GP STRATEGIES CORP COM 36225V104 997 84,094 SH   OTR   0 84,094 0
GP STRATEGIES CORP COM 36225V104 2,699 227,544 SH   SOLE   227,544 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 3,649 276,887 SH   OTR   0 276,887 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 10,296 781,206 SH   SOLE   781,206 0 0
GSE SYSTEMS INC COM 36227K106 122 92,059 SH   OTR   0 92,059 0
GSE SYSTEMS INC COM 36227K106 562 426,026 SH   SOLE   426,026 0 0
HORIZON BANCORP INDIANA COM 440407104 122 7,720 SH   OTR   0 7,720 0
HORIZON BANCORP INDIANA COM 440407104 444 28,000 SH   SOLE   28,000 0 0
HV BANCORP INC COM 40441H105 445 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 125 8,844 SH   OTR   0 8,844 0
ICC HOLDINGS INC COM 44931Q104 351 24,954 SH   SOLE   24,954 0 0
IMMUCELL CORP COM 452525306 33 5,500 SH   OTR   0 5,500 0
IMMUCELL CORP COM 452525306 54 9,059 SH   SOLE   9,059 0 0
INFORMATION SVCS GROUP COM 45675Y104 15 4,467 SH   OTR   0 4,467 0
INFORMATION SVCS GROUP COM 45675Y104 28 8,488 SH   SOLE   8,488 0 0
INFUSYSTEM HLDGS INC COM 45685K102 9,175 488,527 SH   OTR   0 488,527 0
INFUSYSTEM HLDGS INC COM 45685K102 14,721 783,880 SH   SOLE   783,880 0 0
INVESTORS BANCORP INC NEW COM 46146L101 261 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 718 67,990 SH   SOLE   67,990 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 1,064 84,399 SH   SOLE   84,399 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 356 28,218 SH   OTR   0 28,218 0
KOSS CORP COM 500692108 72 22,070 SH   OTR   0 22,070 0
KOSS CORP COM 500692108 614 188,483 SH   SOLE   188,483 0 0
KURA ONCOLOGY INC COM 50127T109 856 26,215 SH   OTR   0 26,215 0
LAKE SHORE BANCORP INC COM 510700107 78 6,028 SH   OTR   0 6,028 0
LAKE SHORE BANCORP INC COM 510700107 199 15,278 SH   SOLE   15,278 0 0
LGL GROUP INC COM 50186A108 71 5,673 SH   OTR   0 5,673 0
LGL GROUP INC COM 50186A108 100 8,000 SH   SOLE   8,000 0 0
MACKINAC FINANCIAL CORP COM 554571109 329 25,822 SH   SOLE   25,822 0 0
MACKINAC FINANCIAL CORP COM 554571109 89 6,990 SH   OTR   0 6,990 0
MALVERN BANCORP INC COM 561409103 775 50,000 SH   SOLE   50,000 0 0
MALVERN BANCORP INC COM 561409103 81 5,206 SH   OTR   0 5,206 0
MID PENN BANCORP COM 59540G107 205 9,248 SH   OTR   0 9,248 0
MID PENN BANCORP COM 59540G107 693 31,240 SH   SOLE   31,240 0 0
MID SOUTHERN BANCORP COM 59548Q107 128 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 184 12,791 SH   SOLE   12,791 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 889 81,190 SH   OTR   0 81,190 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,755 251,565 SH   SOLE   251,565 0 0
NI HOLDINGS INC COM 65342T106 543 33,068 SH   OTR   0 33,068 0
NI HOLDINGS INC COM 65342T106 1,649 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 817 64,101 SH   OTR   0 64,101 0
NORTHWEST BANCSHARES INC MD COM 667340103 538 42,223 SH   SOLE   42,223 0 0
NORWOOD FINANCIAL CORP COM 669549107 132 5,033 SH   OTR   0 5,033 0
NORWOOD FINANCIAL CORP COM 669549107 234 8,952 SH   SOLE   8,952 0 0
OCONEE FED FINL CORP COM 675607105 85 3,543 SH   OTR   0 3,543 0
OCONEE FED FINL CORP COM 675607105 275 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 632 55,043 SH   OTR   0 55,043 0
PATHFINDER BANCORP INC COM 70319R109 2,345 204,250 SH   SOLE   204,250 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 499 56,852 SH   OTR   0 56,852 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 2,103 239,564 SH   SOLE   239,564 0 0
PROASSURANCE CORP COM 74267C106 238 13,365 SH   OTR   0 13,365 0
PROASSURANCE CORP COM 74267C106 155 8,700 SH   SOLE   8,700 0 0
RICHMOND MUTUAL BANCORP COM 76525P100 410 30,000 SH   SOLE   30,000 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 115 12,583 SH   OTR   0 12,583 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 240 26,239 SH   SOLE   26,239 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 838 34,903 SH   OTR   0 34,903 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 2,768 115,326 SH   SOLE   115,326 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 3,106 203,165 SH   OTR   0 203,165 0
SCRIPPS E W CO OHIO CL A NEW 811054402 6,273 410,256 SH   SOLE   410,256 0 0
SIFCO INDUSTRIES INC COM 826546103 768 91,415 SH   OTR   0 91,415 0
SIFCO INDUSTRIES INC COM 826546103 3,019 359,400 SH   SOLE   359,400 0 0
SOUTH STATE CORP COM 840441109 463 6,399 SH   OTR   0 6,399 0
STARRETT L S CO CL A 855668109 74 17,437 SH   OTR   0 17,437 0
STARRETT L S CO CL A 855668109 197 46,587 SH   SOLE   46,587 0 0
STATE AUTO FINL CORP COM 855707105 202 11,395 SH   OTR   0 11,395 0
STATE AUTO FINL CORP COM 855707105 831 46,824 SH   SOLE   46,824 0 0
SUPPORT.COM INC COM NEW 86858W200 124 57,111 SH   SOLE   57,111 0 0
SUPPORT.COM INC COM NEW 86858W200 9 4,115 SH   OTR   0 4,115 0
SYNALLOY CP DEL COM 871565107 106 13,591 SH   OTR   0 13,591 0
SYNALLOY CP DEL COM 871565107 337 43,250 SH   SOLE   43,250 0 0
TELOS CORP MD COM 87969B101 1,372 41,725 SH   OTR   0 41,725 0
THRYV HOLDINGS INC COM NEW 886029206 137 10,303 SH   OTR   0 10,303 0
THRYV HOLDINGS INC COM NEW 886029206 926 69,578 SH   SOLE   69,578 0 0
TRANSCAT INC COM 893529107 3,271 94,310 SH   OTR   0 94,310 0
TRANSCAT INC COM 893529107 4,765 137,405 SH   SOLE   137,405 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 797 106,540 SH   OTR   0 106,540 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,662 355,826 SH   SOLE   355,826 0 0
US LIME & MINERAL COM 911922102 5,529 48,501 SH   OTR   0 48,501 0
US LIME & MINERAL COM 911922102 6,954 61,000 SH   SOLE   61,000 0 0
VERSO CORP CL A 92531L207 290 24,100 SH   OTR   0 24,100 0
VERSO CORP CL A 92531L207 531 44,200 SH   SOLE   44,200 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 746 22,447 SH   SOLE   22,447 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 76 2,298 SH   OTR   0 2,298 0
VIRCO MANUFACTURING CO COM 927651109 584 230,912 SH   OTR   0 230,912 0
VIRCO MANUFACTURING CO COM 927651109 1,655 654,328 SH   SOLE   654,328 0 0
VOLT INFORMATION SCIENCES COM 928703107 86 48,682 SH   OTR   0 48,682 0
VOLT INFORMATION SCIENCES COM 928703107 304 172,000 SH   SOLE   172,000 0 0