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 45 18,100 SH   OTR   0 18,100 0
AEHR TEST SYSTEMS COM 00760J108 102 40,602 SH   SOLE   40,602 0 0
AH BELO CORP COM CL A 001282102 3,323 320,102 SH   OTR   0 320,102 0
AH BELO CORP COM CL A 001282102 4,695 452,282 SH   SOLE   452,282 0 0
AMERISERV FINANC INC COM 03074A102 117 38,000 SH   OTR   0 38,000 0
AMERISERV FINANC INC COM 03074A102 44 14,200 SH   SOLE   14,200 0 0
AMPCO-PITTSBURGH CORP COM 032037103 681 35,400 SH   OTR   0 35,400 0
AMPCO-PITTSBURGH CORP COM 032037103 473 24,571 SH   SOLE   24,571 0 0
APCO OIL & GAS INTL SHS G0471F109 2,898 206,531 SH   OTR   0 206,531 0
APCO OIL & GAS INTL SHS G0471F109 5,019 357,704 SH   SOLE   357,704 0 0
ASML HOLDING N V NY REG SHS N07059210 1,808 16,761 SH   OTR   0 16,761 0
ASML HOLDING N V NY REG SHS N07059210 127 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 747 13,508 SH   OTR   0 13,508 0
ASTRONICS CORP COM 046433108 1,105 19,981 SH   SOLE   19,981 0 0
ATRION CORP COM 049904105 629 1,850 SH   OTR   0 1,850 0
ATRION CORP COM 049904105 2,207 6,492 SH   SOLE   6,492 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 32 2,570 SH   OTR   0 2,570 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 306 24,916 SH   SOLE   24,916 0 0
BREEZE EASTERN CORP COM 106764103 130 13,000 SH   OTR   0 13,000 0
CAMDEN NATIONAL CORP COM 133034108 2,997 75,651 SH   OTR   0 75,651 0
CAMDEN NATIONAL CORP COM 133034108 1,592 40,185 SH   SOLE   40,185 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,055 26,450 SH   OTR   0 26,450 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 386 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 8,411 233,705 SH   OTR   0 233,705 0
CHASE CORP COM 16150R104 6,629 184,200 SH   SOLE   184,200 0 0
CHARTER FINL CORP MD COM 16122W108 584 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 1,015 88,669 SH   SOLE   88,669 0 0
CIMATRON LTD ORD M23798107 497 56,318 SH   OTR   0 56,318 0
CIMATRON LTD ORD M23798107 1,178 133,456 SH   SOLE   133,456 0 0
CITIZENS & NORTHERN CORP COM 172922106 337 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 545 26,500 SH   SOLE   26,500 0 0
CMS BANCORP INC COM 12600U102 100 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 61 33,350 SH   SOLE   33,350 0 0
COMMUNITY BANK SYS INC COM 203607106 531 13,938 SH   OTR   0 13,938 0
COMPUTER TASK GROUP INC COM 205477102 739 77,525 SH   OTR   0 77,525 0
COMPUTER TASK GROUP INC COM 205477102 1,359 142,591 SH   SOLE   142,591 0 0
DAWSON GEOPHYSICAL CO COM 239359102 737 60,271 SH   OTR   0 60,271 0
DAWSON GEOPHYSICAL CO COM 239359102 1,004 82,135 SH   SOLE   82,135 0 0
DELUXE CORP COM 248019101 2,148 34,500 SH   OTR   0 34,500 0
DELUXE CORP COM 248019101 548 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 246 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 216 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 398 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 52 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 1,460 30,260 SH   OTR   0 30,260 0
DORMAN PRODUCTS INC COM 258278100 766 15,880 SH   SOLE   15,880 0 0
EAGLE BANCORP MONT INC COM 26942G100 92 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 188 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 2,548 149,429 SH   OTR   0 149,429 0
EASTERN CO COM 276317104 3,791 222,345 SH   SOLE   222,345 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 252 27,704 SH   OTR   0 27,704 0
ECOLOGY & ENVRNMT INC CL A 278878103 393 43,170 SH   SOLE   43,170 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 321 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 2,840 188,302 SH   OTR   0 188,302 0
ESCALADE INC COM 296056104 2,682 177,858 SH   SOLE   177,858 0 0
FNB CORP COM 302520101 345 25,881 SH   OTR   0 25,881 0
FNB CORP COM 302520101 941 70,665 SH   SOLE   70,665 0 0
FIRST MERCHANTS CORP COM 320817109 129 5,655 SH   OTR   0 5,655 0
FIRST MERCHANTS CORP COM 320817109 144 6,305 SH   SOLE   6,305 0 0
FOSTER L B CO COM 350060109 4,105 84,643 SH   OTR   0 84,643 0
FOSTER L B CO COM 350060109 1,042 21,489 SH   SOLE   21,489 0 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 2,390 173,047 SH   OTR   0 173,047 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 4,003 289,862 SH   SOLE   289,862 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,866 218,000 SH   OTR   0 218,000 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,202 257,227 SH   SOLE   257,227 0 0
HALLADOR ENERGY COM 40609P105 67 6,045 SH   OTR   0 6,045 0
HALLADOR ENERGY COM 40609P105 118 10,675 SH   SOLE   10,675 0 0
IBERIABANK CORP COM 450828108 1,040 16,035 SH   OTR   0 16,035 0
IBERIABANK CORP COM 450828108 641 9,877 SH   SOLE   9,877 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,444 775,900 SH   OTR   0 775,900 0
INFUSYSTEM HLDGS INC COM 45685K102 3,868 1,227,779 SH   SOLE   1,227,779 0 0
INVESTORS BANCORP INC NEW COM 46146L101 277 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 763 67,990 SH   SOLE   67,990 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 260 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 433 19,442 SH   SOLE   19,442 0 0
JOURNAL COMMUNIC INC CL A 481130102 2,943 257,440 SH   OTR   0 257,440 0
JOURNAL COMMUNIC INC CL A 481130102 3,768 329,637 SH   SOLE   329,637 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 7,026 239,699 SH   OTR   0 239,699 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 11,051 377,050 SH   SOLE   377,050 0 0
KOSS CORP COM 500692108 66 38,100 SH   OTR   0 38,100 0
KOSS CORP COM 500692108 118 68,255 SH   SOLE   68,255 0 0
LAKE SHORE BANCORP INC COM 510700107 126 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 271 20,269 SH   SOLE   20,269 0 0
MALVERN BANCORP INC COM 561409103 1,451 120,000 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 36 36,651 SH   OTR   0 36,651 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 160 161,140 SH   SOLE   161,140 0 0
MOLYCORP INC COM 608753109 14 15,593 SH   OTR   0 15,593 0
MUTUALFIRST FINL INC COM 62845B104 544 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINL INC COM 62845B104 122 5,666 SH   SOLE   5,666 0 0
NATIONAL PENN BANCSHARES INC COM 637138108 720 68,488 SH   OTR   0 68,488 0
NATIONAL PENN BANCSHARES INC COM 637138108 568 53,948 SH   SOLE   53,948 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,029 96,322 SH   OTR   0 96,322 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 3,699 175,637 SH   SOLE   175,637 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 564 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 359 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 173 5,973 SH   OTR   0 5,973 0
NORWOOD FINANCIAL CORP COM 669549107 254 8,764 SH   SOLE   8,764 0 0
OCONEE FED FINL CORP COM 675607105 223 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 223 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 687 137,200 SH   OTR   0 137,200 0
ONVIA INC COM NEW 68338T403 1,329 265,353 SH   SOLE   265,353 0 0
PATHFINDER BANCORP INC COM 70319R109 523 53,318 SH   OTR   0 53,318 0
PATHFINDER BANCORP INC COM 70319R109 998 101,833 SH   SOLE   101,833 0 0
PDI INC COM 69329V100 17 9,323 SH   OTR   0 9,323 0
PDI INC COM 69329V100 23 12,872 SH   SOLE   12,872 0 0
PEOPLES UNITED FINL INC COM 712704105 220 14,518 SH   SOLE   14,518 0 0
PMFG INC COM 69345P103 1,825 350,324 SH   OTR   0 350,324 0
PMFG INC COM 69345P103 2,370 454,966 SH   SOLE   454,966 0 0
PROASSURANCE CORP COM 74267C106 869 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 411 9,114 SH   SOLE   9,114 0 0
PROV & WOR RAILRD CO COM 743737108 459 25,500 SH   OTR   0 25,500 0
PROV & WOR RAILRD CO COM 743737108 27 1,500 SH   SOLE   1,500 0 0
PSB HOLDINGS INC COM 69360W108 77 10,152 SH   OTR   0 10,152 0
PSB HOLDINGS INC COM 69360W108 120 15,745 SH   SOLE   15,745 0 0
RAND LOGISTICS INC COM 752182105 980 248,613 SH   OTR   0 248,613 0
RAND LOGISTICS INC COM 752182105 1,887 479,027 SH   SOLE   479,027 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 262 6,029 SH   OTR   0 6,029 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 470 10,816 SH   SOLE   10,816 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 2,984 133,533 SH   OTR   0 133,533 0
SCRIPPS E W CO OHIO CL A NEW 811054402 4,625 206,931 SH   SOLE   206,931 0 0
SIFCO INDUSTRIES INC COM 826546103 146 5,000 SH   OTR   0 5,000 0
SIFCO INDUSTRIES INC COM 826546103 292 10,000 SH   SOLE   10,000 0 0
STATE AUTO FINANCIAL CORP COM 855707105 427 19,330 SH   OTR   0 19,330 0
STATE AUTO FINANCIAL CORP COM 855707105 786 35,608 SH   SOLE   35,608 0 0
SUPERIOR UNIF GRP INC COM 868358102 421 14,500 SH   OTR   0 14,500 0
SUPERIOR UNIF GRP INC COM 868358102 96 3,300 SH   SOLE   3,300 0 0
TGC INDUSTRIES INC COM 872417308 7 3,400 SH   OTR   0 3,400 0
TGC INDUSTRIES INC COM 872417308 37 17,000 SH   SOLE   17,000 0 0
TRANSCAT INC COM 893529107 1,544 153,794 SH   OTR   0 153,794 0
TRANSCAT INC COM 893529107 2,610 259,960 SH   SOLE   259,960 0 0
TRANSENTERIX INC COM 89366M201 64 18,343 SH   SOLE   18,343 0 0
TREDEGAR CORP COM 894650100 159 7,177 SH   OTR   0 7,177 0
TREDEGAR CORP COM 894650100 270 12,200 SH   SOLE   12,200 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 701 27,900 SH   OTR   0 27,900 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 45 1,800 SH   SOLE   1,800 0 0
US LIME & MINERAL COM 911922102 4,264 58,809 SH   OTR   0 58,809 0
US LIME & MINERAL COM 911922102 3,580 49,373 SH   SOLE   49,373 0 0
VIRCO MANUFACTURING CO COM 927651109 1,074 440,133 SH   OTR   0 440,133 0
VIRCO MANUFACTURING CO COM 927651109 1,452 595,270 SH   SOLE   595,270 0 0
WATERSTONE FINANCIAL INC MD COM 94188P101 210 16,000 SH   SOLE   16,000 0 0
WPX ENERGY INC COM 98212B103 236 20,300 SH   OTR   0 20,300 0
WPX ENERGY INC COM 98212B103 436 37,500 SH   SOLE   37,500 0 0