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 127 4,518 SH   OTR   0 4,518 0
ADAMS RESOURCES & ENERGY INC COM NEW 006351308 288 10,295 SH   SOLE   10,295 0 0
AH BELO CORP COM CL A 001282102 303 144,998 SH   OTR   0 144,998 0
AH BELO CORP COM CL A 001282102 1,053 504,000 SH   SOLE   504,000 0 0
AMERISERV FINANC INC COM 03074A102 81 20,000 SH   OTR   0 20,000 0
AMERISERV FINANC INC COM 03074A102 167 41,200 SH   SOLE   41,200 0 0
ASTRONICS CORP COM 046433108 1,199 66,587 SH   OTR   0 66,587 0
ASTRONICS CORP COM 046433108 4,864 270,200 SH   SOLE   270,200 0 0
ATLANTIC POWER CORP COM NEW 04878Q863 61 21,013 SH   OTR   0 21,013 0
ATLANTIC POWER CORP COM NEW 04878Q863 92 32,000 SH   SOLE   32,000 0 0
CAMDEN NATIONAL CORP COM 133034108 1,972 41,213 SH   OTR   0 41,213 0
CAMDEN NATIONAL CORP COM 133034108 2,537 53,000 SH   SOLE   53,000 0 0
CECO ENVIRONMENTAL CORP COM 125141101 281 35,458 SH   OTR   0 35,458 0
CECO ENVIRONMENTAL CORP COM 125141101 898 113,371 SH   SOLE   113,371 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 834 8,950 SH   OTR   0 8,950 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 810 8,700 SH   SOLE   8,700 0 0
CHASE CORP COM 16150R104 4,111 35,322 SH   OTR   0 35,322 0
CHASE CORP COM 16150R104 10,607 91,132 SH   SOLE   91,132 0 0
CITIZENS & NORTHERN CORP COM 172922106 390 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 630 26,500 SH   SOLE   26,500 0 0
COLUMBIA FINANCIAL INC COM 197641103 591 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106 508 6,618 SH   OTR   0 6,618 0
COMPUTER TASK GROUP INC COM 205477102 2,199 230,297 SH   OTR   0 230,297 0
COMPUTER TASK GROUP INC COM 205477102 8,918 933,804 SH   SOLE   933,804 0 0
COMPX INTERNATIONAL CL A 20563P101 177 9,847 SH   OTR   0 9,847 0
COMPX INTERNATIONAL CL A 20563P101 523 29,055 SH   SOLE   29,055 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 185 75,714 SH   OTR   0 75,714 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 699 286,300 SH   SOLE   286,300 0 0
DELUXE CORP COM 248019101 583 13,900 SH   OTR   0 13,900 0
DLH HOLDINGS CORP COM 23335Q100 343 34,679 SH   OTR   0 34,679 0
DLH HOLDINGS CORP COM 23335Q100 1,162 117,499 SH   SOLE   117,499 0 0
DONEGAL GROUP INC CL B 257701300 61 4,500 SH   OTR   0 4,500 0
DONEGAL GROUP INC CL B 257701300 180 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201 119 8,001 SH   OTR   0 8,001 0
DONEGAL GROUP INC CL A 257701201 49 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 882 8,590 SH   OTR   0 8,590 0
DORMAN PRODUCTS INC COM 258278100 1,026 10,000 SH   SOLE   10,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 95 3,900 SH   OTR   0 3,900 0
EAGLE BANCORP MONT INC COM 26942G100 418 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 1,929 71,896 SH   OTR   0 71,896 0
EASTERN CO COM 276317104 6,691 249,393 SH   SOLE   249,393 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 138 5,019 SH   OTR   0 5,019 0
EMCLAIRE FINANCIAL CORP COM 290828102 70 2,535 SH   SOLE   2,535 0 0
ENTERCOM COMMUNICATIONS COM 293639100 430 81,900 SH   OTR   0 81,900 0
ENTERCOM COMMUNICATIONS COM 293639100 457 87,000 SH   SOLE   87,000 0 0
ESCALADE INC COM 296056104 2,364 113,157 SH   OTR   0 113,157 0
ESCALADE INC COM 296056104 5,325 254,898 SH   SOLE   254,898 0 0
FIRST MERCHANTS CORP COM 320817109 227 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 233 5,000 SH   SOLE   5,000 0 0
FNB CORP COM 302520101 148 11,690 SH   OTR   0 11,690 0
FNB CORP COM 302520101 737 58,000 SH   SOLE   58,000 0 0
FOSTER L B CO COM 350060109 587 32,774 SH   OTR   0 32,774 0
FOSTER L B CO COM 350060109 403 22,489 SH   SOLE   22,489 0 0
FREIGHTCAR AMERICA INC COM 357023100 606 92,000 SH   OTR   0 92,000 0
FREIGHTCAR AMERICA INC COM 357023100 2,239 339,800 SH   SOLE   339,800 0 0
GP STRATEGIES CORP COM 36225V104 1,467 84,094 SH   OTR   0 84,094 0
GP STRATEGIES CORP COM 36225V104 3,971 227,544 SH   SOLE   227,544 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 3,150 215,900 SH   OTR   0 215,900 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 11,229 769,640 SH   SOLE   769,640 0 0
GSE SYSTEMS INC COM 36227K106 153 89,859 SH   OTR   0 89,859 0
GSE SYSTEMS INC COM 36227K106 692 407,200 SH   SOLE   407,200 0 0
HORIZON BANCORP INDIANA COM 440407104 131 7,052 SH   OTR   0 7,052 0
HORIZON BANCORP INDIANA COM 440407104 520 28,000 SH   SOLE   28,000 0 0
HV BANCORP INC COM 40441H105 503 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 124 8,414 SH   OTR   0 8,414 0
ICC HOLDINGS INC COM 44931Q104 367 24,954 SH   SOLE   24,954 0 0
IMMUCELL CORP COM 452525306 43 4,554 SH   OTR   0 4,554 0
IMMUCELL CORP COM 452525306 70 7,404 SH   SOLE   7,404 0 0
INFUSYSTEM HLDGS INC COM 45685K102 3,819 187,564 SH   OTR   0 187,564 0
INFUSYSTEM HLDGS INC COM 45685K102 14,336 704,118 SH   SOLE   704,118 0 0
INVESTORS BANCORP INC NEW COM 46146L101 351 23,911 SH   OTR   0 23,911 0
INVESTORS BANCORP INC NEW COM 46146L101 893 60,800 SH   SOLE   60,800 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 1,129 91,588 SH   SOLE   91,588 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 398 32,244 SH   OTR   0 32,244 0
LAKE SHORE BANCORP INC COM 510700107 85 5,700 SH   OTR   0 5,700 0
LAKE SHORE BANCORP INC COM 510700107 209 14,000 SH   SOLE   14,000 0 0
LGL GROUP INC COM 50186A108 54 4,901 SH   OTR   0 4,901 0
LGL GROUP INC COM 50186A108 88 8,000 SH   SOLE   8,000 0 0
MACKINAC FINANCIAL CORP COM 554571109 362 25,822 SH   SOLE   25,822 0 0
MACKINAC FINANCIAL CORP COM 554571109 91 6,510 SH   OTR   0 6,510 0
MALVERN BANCORP INC COM 561409103 893 48,000 SH   SOLE   48,000 0 0
MALVERN BANCORP INC COM 561409103 97 5,206 SH   OTR   0 5,206 0
MID PENN BANCORP COM 59540G107 207 7,726 SH   OTR   0 7,726 0
MID PENN BANCORP COM 59540G107 837 31,225 SH   SOLE   31,225 0 0
MID SOUTHERN BANCORP COM 59548Q107 136 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 194 12,791 SH   SOLE   12,791 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 655 73,647 SH   OTR   0 73,647 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,239 251,565 SH   SOLE   251,565 0 0
NI HOLDINGS INC COM 65342T106 544 29,500 SH   OTR   0 29,500 0
NI HOLDINGS INC COM 65342T106 1,850 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 549 38,000 SH   SOLE   38,000 0 0
NORWOOD FINANCIAL CORP COM 669549107 124 4,729 SH   OTR   0 4,729 0
NORWOOD FINANCIAL CORP COM 669549107 235 8,952 SH   SOLE   8,952 0 0
OCONEE FED FINL CORP COM 675607105 299 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 710 49,795 SH   OTR   0 49,795 0
PATHFINDER BANCORP INC COM 70319R109 2,911 204,250 SH   SOLE   204,250 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 589 53,506 SH   OTR   0 53,506 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 2,638 239,564 SH   SOLE   239,564 0 0
PROASSURANCE CORP COM 74267C106 228 8,534 SH   OTR   0 8,534 0
PROASSURANCE CORP COM 74267C106 233 8,700 SH   SOLE   8,700 0 0
RICHMOND MUTUAL BANCORP COM 76525P100 407 30,000 SH   SOLE   30,000 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 124 11,822 SH   OTR   0 11,822 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 250 23,947 SH   SOLE   23,947 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 949 43,442 SH   OTR   0 43,442 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 2,734 125,105 SH   SOLE   125,105 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 2,406 124,707 SH   OTR   0 124,707 0
SCRIPPS E W CO OHIO CL A NEW 811054402 7,691 398,700 SH   SOLE   398,700 0 0
SIFCO INDUSTRIES INC COM 826546103 968 77,208 SH   OTR   0 77,208 0
SIFCO INDUSTRIES INC COM 826546103 3,905 311,438 SH   SOLE   311,438 0 0
SOUTH STATE CORP COM 840441109 445 5,661 SH   OTR   0 5,661 0
STARRETT L S CO CL A 855668109 105 16,237 SH   OTR   0 16,237 0
STARRETT L S CO CL A 855668109 279 43,200 SH   SOLE   43,200 0 0
STATE AUTO FINL CORP COM 855707105 224 11,395 SH   OTR   0 11,395 0
STATE AUTO FINL CORP COM 855707105 919 46,824 SH   SOLE   46,824 0 0
SYNALLOY CP DEL COM 871565107 111 12,600 SH   OTR   0 12,600 0
SYNALLOY CP DEL COM 871565107 382 43,250 SH   SOLE   43,250 0 0
THRYV HOLDINGS INC COM NEW 886029206 227 9,703 SH   OTR   0 9,703 0
THRYV HOLDINGS INC COM NEW 886029206 1,534 65,597 SH   SOLE   65,597 0 0
TRANSCAT INC COM 893529107 954 19,352 SH   OTR   0 19,352 0
TRANSCAT INC COM 893529107 2,357 47,807 SH   SOLE   47,807 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 1,136 111,667 SH   OTR   0 111,667 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 3,777 371,362 SH   SOLE   371,362 0 0
US LIME & MINERAL COM 911922102 1,713 13,000 SH   OTR   0 13,000 0
US LIME & MINERAL COM 911922102 3,515 26,681 SH   SOLE   26,681 0 0
VERSO CORP CL A 92531L207 352 24,100 SH   OTR   0 24,100 0
VERSO CORP CL A 92531L207 645 44,200 SH   SOLE   44,200 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 878 22,447 SH   SOLE   22,447 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 90 2,298 SH   OTR   0 2,298 0
VIRCO MANUFACTURING CO COM 927651109 643 207,569 SH   OTR   0 207,569 0
VIRCO MANUFACTURING CO COM 927651109 2,021 651,877 SH   SOLE   651,877 0 0
VOLT INFORMATION SCIENCES COM 928703107 191 48,265 SH   OTR   0 48,265 0
VOLT INFORMATION SCIENCES COM 928703107 636 161,000 SH   SOLE   161,000 0 0
WILLIAMS INDUSTRIAL SERVICES GROUP INC COM 96951A104 1,486 425,680 SH   OTR   0 425,680 0
WILLIAMS INDUSTRIAL SERVICES GROUP INC COM 96951A104 5,631 1,613,364 SH   SOLE   1,613,364 0 0