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 46 18,100 SH   OTR   0 18,100 0
AEHR TEST SYSTEMS COM 00760J108 103 40,602 SH   SOLE   40,602 0 0
AH BELO CORP COM CL A 001282102 3,430 321,502 SH   OTR   0 321,502 0
AH BELO CORP COM CL A 001282102 4,853 454,782 SH   SOLE   454,782 0 0
AMERISERV FINANC INC COM 03074A102 123 38,000 SH   OTR   0 38,000 0
AMERISERV FINANC INC COM 03074A102 46 14,200 SH   SOLE   14,200 0 0
AMPCO PITTSBURGH CORP COM 032037103 708 35,400 SH   OTR   0 35,400 0
AMPCO PITTSBURGH CORP COM 032037103 491 24,571 SH   SOLE   24,571 0 0
APCO OIL & GAS INTL SHS G0471F109 2,647 205,331 SH   OTR   0 205,331 0
APCO OIL & GAS INTL SHS G0471F109 4,582 355,504 SH   SOLE   355,504 0 0
ASML HOLDING N V NY REG SHS N07059210 1,653 16,761 SH   OTR   0 16,761 0
ASML HOLDING N V NY REG SHS N07059210 116 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 644 13,508 SH   OTR   0 13,508 0
ASTRONICS CORP COM 046433108 952 19,981 SH   SOLE   19,981 0 0
ATRION CORP COM 049904105 564 1,850 SH   OTR   0 1,850 0
ATRION CORP COM 049904105 1,980 6,492 SH   SOLE   6,492 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 33 2,570 SH   OTR   0 2,570 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 318 24,916 SH   SOLE   24,916 0 0
BREEZE EASTERN CORP COM 106764103 135 13,000 SH   OTR   0 13,000 0
CAMDEN NATIONAL CORP COM 133034108 2,648 75,651 SH   OTR   0 75,651 0
CAMDEN NATIONAL CORP COM 133034108 1,406 40,185 SH   SOLE   40,185 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 915 26,450 SH   OTR   0 26,450 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 334 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 7,273 233,705 SH   OTR   0 233,705 0
CHASE CORP COM 16150R104 5,732 184,200 SH   SOLE   184,200 0 0
CHARTER FINL CORP MD COM 16122W108 546 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 949 88,669 SH   SOLE   88,669 0 0
CIMATRON LTD ORD M23798107 323 53,718 SH   OTR   0 53,718 0
CIMATRON LTD ORD M23798107 772 128,456 SH   SOLE   128,456 0 0
CITIZENS & NORTHERN CORP COM 172922106 312 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 504 26,500 SH   SOLE   26,500 0 0
CMS BANCORP INC COM 12600U102 101 7,800 SH   OTR   0 7,800 0
CMS BANCORP INC COM 12600U102 154 11,975 SH   SOLE   11,975 0 0
COMMAND SECURITY CORP COM 20050L100 10 5,200 SH   OTR   0 5,200 0
COMMAND SECURITY CORP COM 20050L100 66 33,350 SH   SOLE   33,350 0 0
COMMUNITY BANK SYS INC COM 203607106 468 13,938 SH   OTR   0 13,938 0
DAWSON GEOPHYSICAL CO COM 239359102 583 32,071 SH   OTR   0 32,071 0
DAWSON GEOPHYSICAL CO COM 239359102 498 27,387 SH   SOLE   27,387 0 0
DELUXE CORP COM 248019101 1,986 36,000 SH   OTR   0 36,000 0
DELUXE CORP COM 248019101 485 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 264 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 232 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 366 23,882 SH   OTR   0 23,882 0
DONEGAL GROUP INC CL A 257701201 19 1,261 SH   SOLE   1,261 0 0
DORMAN PRODUCTS INC COM 258278100 1,213 30,260 SH   OTR   0 30,260 0
DORMAN PRODUCTS INC COM 258278100 636 15,880 SH   SOLE   15,880 0 0
EAGLE BANCORP MONT INC COM 26942G100 90 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 184 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 2,368 149,429 SH   OTR   0 149,429 0
EASTERN CO COM 276317104 3,524 222,345 SH   SOLE   222,345 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 268 27,704 SH   OTR   0 27,704 0
ECOLOGY & ENVRNMT INC CL A 278878103 417 43,170 SH   SOLE   43,170 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 317 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 63 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 2,271 188,302 SH   OTR   0 188,302 0
ESCALADE INC COM 296056104 2,145 177,858 SH   SOLE   177,858 0 0
FNB CORP COM 302520101 310 25,881 SH   OTR   0 25,881 0
FNB CORP COM 302520101 847 70,665 SH   SOLE   70,665 0 0
FIRST MERCHANTS CORP COM 320817109 114 5,655 SH   OTR   0 5,655 0
FIRST MERCHANTS CORP COM 320817109 127 6,305 SH   SOLE   6,305 0 0
FOSTER L B CO COM 350060109 3,888 84,643 SH   OTR   0 84,643 0
FOSTER L B CO COM 350060109 987 21,489 SH   SOLE   21,489 0 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 2,578 173,047 SH   OTR   0 173,047 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 4,319 289,862 SH   SOLE   289,862 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,347 218,000 SH   OTR   0 218,000 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,590 257,227 SH   SOLE   257,227 0 0
HALLADOR ENERGY COM 40609P105 72 6,045 SH   OTR   0 6,045 0
HALLADOR ENERGY COM 40609P105 126 10,675 SH   SOLE   10,675 0 0
IBERIABANK CORP COM 450828108 1,002 16,035 SH   OTR   0 16,035 0
IBERIABANK CORP COM 450828108 617 9,877 SH   SOLE   9,877 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,409 767,200 SH   OTR   0 767,200 0
INFUSYSTEM HLDGS INC COM 45685K102 3,771 1,200,962 SH   SOLE   1,200,962 0 0
INVESTORS BANCORP INC NEW COM 46146L101 250 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 689 67,990 SH   SOLE   67,990 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 255 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 423 19,442 SH   SOLE   19,442 0 0
JOURNAL COMMUNIC INC CL A 481130102 2,170 257,440 SH   OTR   0 257,440 0
JOURNAL COMMUNIC INC CL A 481130102 2,779 329,637 SH   SOLE   329,637 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 6,786 242,624 SH   OTR   0 242,624 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 10,546 377,050 SH   SOLE   377,050 0 0
KIMCO RLTY CORP COM 49446R109 493 22,500 SH   OTR   0 22,500 0
KOSS CORP COM 500692108 44 22,800 SH   OTR   0 22,800 0
KOSS CORP COM 500692108 41 21,694 SH   SOLE   21,694 0 0
LAKE SHORE BANCORP INC COM 510700107 118 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 254 20,269 SH   SOLE   20,269 0 0
MALVERN BANCORP INC COM 561409103 1,367 120,000 SH   SOLE   120,000 0 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 220 41,113 SH   SOLE   41,113 0 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 56 36,651 SH   OTR   0 36,651 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 214 140,882 SH   SOLE   140,882 0 0
MOLYCORP INC DEL COM 608753109 19 15,593 SH   OTR   0 15,593 0
MOLYCORP INC DEL COM 608753109 18 15,541 SH   SOLE   15,541 0 0
MUTUALFIRST FINL INC COM 62845B104 562 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINL INC COM 62845B104 126 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDINGS LTD COM Y62132108 2,681 96,322 SH   OTR   0 96,322 0
NAVIGATOR HOLDINGS LTD COM Y62132108 4,888 175,637 SH   SOLE   175,637 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 545 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 346 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 171 5,973 SH   OTR   0 5,973 0
NORWOOD FINANCIAL CORP COM 669549107 251 8,764 SH   SOLE   8,764 0 0
OCONEE FED FINL CORP COM 675607105 199 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 199 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 605 137,200 SH   OTR   0 137,200 0
ONVIA INC COM NEW 68338T403 1,170 265,353 SH   SOLE   265,353 0 0
PATHFINDER BANCORP INC COM 70320A103 460 32,370 SH   OTR   0 32,370 0
PATHFINDER BANCORP INC COM 70320A103 879 61,822 SH   SOLE   61,822 0 0
PDI INC COM 69329V100 22 9,323 SH   OTR   0 9,323 0
PDI INC COM 69329V100 31 12,872 SH   SOLE   12,872 0 0
PEOPLES UNITED FINL INC COM 712704105 210 14,518 SH   SOLE   14,518 0 0
PMFG INC COM 69345P103 1,752 350,324 SH   OTR   0 350,324 0
PMFG INC COM 69345P103 2,275 454,966 SH   SOLE   454,966 0 0
PROASSURANCE CORP COM 74267C106 848 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 402 9,114 SH   SOLE   9,114 0 0
PROV & WOR RAILRD CO COM 743737108 439 25,500 SH   OTR   0 25,500 0
PROV & WOR RAILRD CO COM 743737108 26 1,500 SH   SOLE   1,500 0 0
PSB HOLDINGS INC COM 69360W108 74 10,152 SH   OTR   0 10,152 0
PSB HOLDINGS INC COM 69360W108 115 15,745 SH   SOLE   15,745 0 0
RAND LOGISTICS INC COM 752182105 576 102,913 SH   OTR   0 102,913 0
RAND LOGISTICS INC COM 752182105 1,135 202,627 SH   SOLE   202,627 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 176 5,246 SH   OTR   0 5,246 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 328 9,769 SH   SOLE   9,769 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 2,157 132,233 SH   OTR   0 132,233 0
SCRIPPS E W CO OHIO CL A NEW 811054402 3,338 204,631 SH   SOLE   204,631 0 0
SIFCO INDUSTRIES INC COM 826546103 151 5,000 SH   OTR   0 5,000 0
SIFCO INDUSTRIES INC COM 826546103 301 10,000 SH   SOLE   10,000 0 0
STATE AUTO FINANCIAL CORP COM 855707105 336 16,380 SH   OTR   0 16,380 0
STATE AUTO FINANCIAL CORP COM 855707105 619 30,188 SH   SOLE   30,188 0 0
SUPERIOR UNIF GRP INC COM 868358102 313 14,500 SH   OTR   0 14,500 0
SUPERIOR UNIF GRP INC COM 868358102 71 3,300 SH   SOLE   3,300 0 0
TF FINANCIAL CORP COM 872391107 1,526 36,855 SH   OTR   0 36,855 0
TF FINANCIAL CORP COM 872391107 1,311 31,658 SH   SOLE   31,658 0 0
TIGER MEDIA INC SHS G88685105 13 24,600 SH   OTR   0 24,600 0
TRANSCAT INC COM 893529107 1,406 153,794 SH   OTR   0 153,794 0
TRANSCAT INC COM 893529107 2,376 259,960 SH   SOLE   259,960 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 735 27,900 SH   OTR   0 27,900 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 47 1,800 SH   SOLE   1,800 0 0
US LIME & MINERAL COM 911922102 3,416 58,809 SH   OTR   0 58,809 0
US LIME & MINERAL COM 911922102 2,868 49,373 SH   SOLE   49,373 0 0
VIRCO MANUFACTURING CO COM 927651109 1,109 431,433 SH   OTR   0 431,433 0
VIRCO MANUFACTURING CO COM 927651109 1,485 577,705 SH   SOLE   577,705 0 0
WATERSTONE FINANCIAL INC MD COM 94188P101 871 75,421 SH   SOLE   75,421 0 0
WPX ENERGY INC COM 98212B103 488 20,300 SH   OTR   0 20,300 0
WPX ENERGY INC COM 98212B103 902 37,500 SH   SOLE   37,500 0 0