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 30,348 2,632,078 SH   SOLE   0 0 2,632,078
ASTRONICS CORP COM 046433108 10,690 261,553 SH   SOLE   0 0 261,553
BGC PARTNERS INC CL A 05541T101 59 10,000 SH   SOLE   0 0 10,000
CELGENE CORP COM 151020104 1,131 9,665 SH   SOLE   0 0 9,665
CH ENERGY GROUP INC COM 12541M102 335 5,158 SH   SOLE   0 0 5,158
CHEVRON CORP NEW COM 166764100 562 4,745 SH   SOLE   0 0 4,745
EASTERN CO COM 276317104 19,950 1,246,879 SH   SOLE   0 0 1,246,879
ECOLOGY & ENVIRONMENT INC CL A 278878103 577 54,980 SH   SOLE   0 0 54,980
EXXON MOBIL CORP COM 30231G102 1,007 11,144 SH   SOLE   0 0 11,144
GENERAL ELECTRIC CO COM 369604103 358 15,422 SH   SOLE   0 0 15,422
GLOBAL POWER EQUIPMENT GRP I COM PAR $0.01 37941P306 23,606 1,464,391 SH   SOLE   0 0 1,464,391
GLOBECOMM SYSTEMS INC COM 37956X103 9,390 742,857 SH   SOLE   0 0 742,857
GRAHAM CORP COM 384556106 9,847 327,896 SH   SOLE   0 0 327,896
GSE SYS INC COM 36227k106 407 269,298 SH   SOLE   0 0 269,298
INTERNATIONAL BUSINESS MACHS COM 459200101 846 4,426 SH   SOLE   0 0 4,426
JOHNSON & JOHNSON COM 478160104 416 4,840 SH   SOLE   0 0 4,840
LILLY ELI & CO COM 532457108 216 4,394 SH   SOLE   0 0 4,394
M & T BK CORP COM 55261F104 932 8,342 SH   SOLE   0 0 8,342
MERCK & CO INC NEW COM 58933y105 481 10,350 SH   SOLE   0 0 10,350
MICROSOFT CORP COM 594918104 260 7,522 SH   SOLE   0 0 7,522
NANOSPHERE INC COM 63009F105 178 57,950 SH   SOLE   0 0 57,950
PFIZER INC COM 717081103 215 7,669 SH   SOLE   0 0 7,669
PMFG INC COM 69345P103 35,860 5,182,093 SH   SOLE   0 0 5,182,093
PRECISION CASTPARTS CORP COM 740189105 2,405 10,642 SH   SOLE   0 0 10,642
PROCTER & GAMBLE CO COM 742718109 853 11,084 SH   SOLE   0 0 11,084
PROSHARES TR PSHS ULSHT SP500 74347B300 1,936 47,391 SH   SOLE   0 0 47,391
RAND CAP CORP COM 752185108 2,885 991,364 SH   SOLE   0 0 991,364
TRANSCAT INC COM 893529107 14,422 2,120,936 SH   SOLE   0 0 2,120,936
UNITED STATES LIME & MINERAL COM 911922102 9,150 175,129 SH   SOLE   0 0 175,129
UNITIL CORP COM 913259107 209 7,250 SH   SOLE   0 0 7,250