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
APCO OIL & GAS INTERNATIONAL SHS g0471f109 32,660 2,633,852 SH   SOLE   0 0 2,633,852
ASTRONICS CORP COM 046433108 33,427 1,120,943 SH   SOLE   0 0 1,120,943
CH ENERGY GROUP INC COM 12541M102 370 5,658 SH   SOLE   0 0 5,658
CHEVRON CORP NEW COM 166764100 606 5,099 SH   SOLE   0 0 5,099
EASTERN CO COM 276317104 22,782 1,298,871 SH   SOLE   0 0 1,298,871
ECOLOGY & ENVIRONMENT INC CL A 278878103 1,038 76,855 SH   SOLE   0 0 76,855
EXXON MOBIL CORP COM 30231G102 1,092 12,122 SH   SOLE   0 0 12,122
GENERAL ELECTRIC CO COM 369604103 357 15,447 SH   SOLE   0 0 15,447
GLOBAL POWER EQUIPMENT GRP I COM PAR $0.01 37941P306 27,265 1,547,396 SH   SOLE   0 0 1,547,396
GLOBECOMM SYSTEMS INC COM 37956X103 12,369 1,029,902 SH   SOLE   0 0 1,029,902
GRAHAM CORP COM 384556106 8,573 346,535 SH   SOLE   0 0 346,535
GSE SYS INC COM 36227k106 899 449,498 SH   SOLE   0 0 449,498
INTERNATIONAL BUSINESS MACHS COM 459200101 955 4,476 SH   SOLE   0 0 4,476
JOHNSON & JOHNSON COM 478160104 395 4,840 SH   SOLE   0 0 4,840
LILLY ELI & CO COM 532457108 250 4,394 SH   SOLE   0 0 4,394
M & T BK CORP COM 55261F104 861 8,342 SH   SOLE   0 0 8,342
MERCK & CO INC NEW COM 58933y105 380 8,600 SH   SOLE   0 0 8,600
MICROSOFT CORP COM 594918104 215 7,522 SH   SOLE   0 0 7,522
NANOSPHERE INC COM 63009F105 127 57,950 SH   SOLE   0 0 57,950
PFIZER INC COM 717081103 221 7,669 SH   SOLE   0 0 7,669
PMFG INC COM 69345P103 32,673 5,295,420 SH   SOLE   0 0 5,295,420
PRECISION CASTPARTS CORP COM 740189105 2,018 10,642 SH   SOLE   0 0 10,642
PROCTER & GAMBLE CO COM 742718109 854 11,084 SH   SOLE   0 0 11,084
PROSHARES TR PSHS ULSHT SP500 74347B300 2,327 52,969 SH   SOLE   0 0 52,969
RAND CAP CORP COM 752185108 3,157 1,044,989 SH   SOLE   0 0 1,044,989
TRANSCAT INC COM 893529107 13,574 2,134,249 SH   SOLE   0 0 2,134,249
UNITED STATES LIME & MINERAL COM 911922102 11,551 217,162 SH   SOLE   0 0 217,162
UNITIL CORP COM 913259107 589 20,950 SH   SOLE   0 0 20,950