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 42 18,100 SH   OTR   0 18,100 0
AEHR TEST SYSTEMS COM 00760J108 94 40,602 SH   SOLE   40,602 0 0
AH BELO CORP COM CL A 001282102 1,638 332,304 SH   OTR   0 332,304 0
AH BELO CORP COM CL A 001282102 2,344 475,486 SH   SOLE   475,486 0 0
AMERISERV FINANC INC COM 03074A102 188 58,700 SH   OTR   0 58,700 0
AMERISERV FINANC INC COM 03074A102 194 60,300 SH   SOLE   60,300 0 0
AMPCO-PITTSBURGH CORP COM 032037103 386 35,400 SH   OTR   0 35,400 0
AMPCO-PITTSBURGH CORP COM 032037103 268 24,571 SH   SOLE   24,571 0 0
ASML HOLDING N V NY REG SHS N07059210 1,451 16,488 SH   OTR   0 16,488 0
ASML HOLDING N V NY REG SHS N07059210 103 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 546 13,508 SH   OTR   0 13,508 0
ASTRONICS CORP COM 046433108 808 19,981 SH   SOLE   19,981 0 0
ATRION CORP COM 049904105 445 1,200 SH   OTR   0 1,200 0
ATRION CORP COM 049904105 1,296 3,498 SH   SOLE   3,498 0 0
BENEFICIAL BANCORP INC COM 08171T102 37 2,826 SH   OTR   0 2,826 0
BENEFICIAL BANCORP INC COM 08171T102 363 27,405 SH   SOLE   27,405 0 0
BREEZE EASTERN CORP COM 106764103 182 13,000 SH   OTR   0 13,000 0
CAMDEN NATIONAL CORP COM 133034108 3,056 75,651 SH   OTR   0 75,651 0
CAMDEN NATIONAL CORP COM 133034108 1,623 40,185 SH   SOLE   40,185 0 0
CECO ENVIRONMENTAL CORP COM 125141101 750 91,687 SH   OTR   0 91,687 0
CECO ENVIRONMENTAL CORP COM 125141101 978 119,525 SH   SOLE   119,525 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,078 26,450 SH   OTR   0 26,450 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 394 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 9,001 228,505 SH   OTR   0 228,505 0
CHASE CORP COM 16150R104 7,232 183,591 SH   SOLE   183,591 0 0
CHARTER FINL CORP MD COM 16122W108 647 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 1,124 88,669 SH   SOLE   88,669 0 0
CHEMICAL FINANCIAL COM 163731102 476 14,730 SH   OTR   0 14,730 0
CHEMICAL FINANCIAL COM 163731102 873 27,005 SH   SOLE   27,005 0 0
CITIZENS & NORTHERN CORP COM 172922106 320 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 517 26,500 SH   SOLE   26,500 0 0
COMMAND SECURITY CORP COM 20050L100 8 4,100 SH   OTR   0 4,100 0
COMMAND SECURITY CORP COM 20050L100 49 26,450 SH   SOLE   26,450 0 0
COMMUNITY BANK SYS INC COM 203607106 518 13,938 SH   OTR   0 13,938 0
COMPUTER TASK GROUP INC COM 205477102 1,392 224,534 SH   OTR   0 224,534 0
COMPUTER TASK GROUP INC COM 205477102 2,647 427,014 SH   SOLE   427,014 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 523 137,289 SH   OTR   0 137,289 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 729 191,373 SH   SOLE   191,373 0 0
DELUXE CORP COM 248019101 1,923 34,500 SH   OTR   0 34,500 0
DELUXE CORP COM 248019101 491 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 212 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 186 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 349 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 46 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 1,513 29,760 SH   OTR   0 29,760 0
DORMAN PRODUCTS INC COM 258278100 807 15,880 SH   SOLE   15,880 0 0
EAGLE BANCORP MONT INC COM 26942G100 95 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 194 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 2,319 144,929 SH   OTR   0 144,929 0
EASTERN CO COM 276317104 3,558 222,345 SH   SOLE   222,345 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 319 27,704 SH   OTR   0 27,704 0
ECOLOGY & ENVRNMT INC CL A 278878103 497 43,170 SH   SOLE   43,170 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 295 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 58 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 2,830 179,252 SH   OTR   0 179,252 0
ESCALADE INC COM 296056104 2,673 169,270 SH   SOLE   169,270 0 0
FNB CORP COM 302520101 335 25,881 SH   OTR   0 25,881 0
FNB CORP COM 302520101 915 70,665 SH   SOLE   70,665 0 0
FIRST MERCHANTS CORP COM 320817109 148 5,655 SH   OTR   0 5,655 0
FIRST MERCHANTS CORP COM 320817109 165 6,305 SH   SOLE   6,305 0 0
FOSTER L B CO COM 350060109 1,039 84,643 SH   OTR   0 84,643 0
FOSTER L B CO COM 350060109 264 21,489 SH   SOLE   21,489 0 0
GANNETT CO INC COM 36473H104 122 8,300 SH   OTR   0 8,300 0
GANNETT CO INC COM 36473H104 246 16,700 SH   SOLE   16,700 0 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 635 173,047 SH   OTR   0 173,047 0
GLOBAL POWER EQUIP GP I COM PAR $0.01 37941P306 1,064 289,862 SH   SOLE   289,862 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,588 315,000 SH   OTR   0 315,000 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,286 453,477 SH   SOLE   453,477 0 0
HORIZON BANCORP INDIANA COM 440407104 124 5,218 SH   OTR   0 5,218 0
HORIZON BANCORP INDIANA COM 440407104 347 14,661 SH   SOLE   14,661 0 0
IBERIABANK CORP COM 450828108 933 16,035 SH   OTR   0 16,035 0
IBERIABANK CORP COM 450828108 575 9,877 SH   SOLE   9,877 0 0
IMMUCELL CORP COM 452525306 33 5,500 SH   SOLE   0 5,500 0
IMMUCELL CORP COM 452525306 54 9,059 SH   OTR   9,059 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,220 804,352 SH   OTR   0 804,352 0
INFUSYSTEM HLDGS INC COM 45685K102 3,540 1,282,712 SH   SOLE   1,282,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 305 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 839 67,990 SH   SOLE   67,990 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 278 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 462 19,442 SH   SOLE   19,442 0 0
JOURNAL MEDIA GROUP INC CL A 48114A102 616 82,082 SH   OTR   0 82,082 0
JOURNAL MEDIA GROUP INC CL A 48114A109 853 113,686 SH   SOLE   113,686 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 3,586 217,199 SH   OTR   0 217,199 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 5,647 342,050 SH   SOLE   342,050 0 0
KOSS CORP COM 500692108 82 38,100 SH   OTR   0 38,100 0
KOSS CORP COM 500692108 148 68,455 SH   SOLE   68,455 0 0
LAKE SHORE BANCORP INC COM 510700107 126 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 272 20,269 SH   SOLE   20,269 0 0
MALVERN BANCORP INC COM 561409103 1,878 120,000 SH   SOLE   120,000 0 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 242 41,113 SH   SOLE   41,113 0 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 45 36,651 SH   OTR   0 36,651 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 229 185,974 SH   SOLE   185,974 0 0
MUTUALFIRST FINL INC COM 62845B104 584 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINL INC COM 62845B104 131 5,666 SH   SOLE   5,666 0 0
NATIONAL PENN BANCSHARES INC COM 637138108 887 75,488 SH   OTR   0 75,488 0
NATIONAL PENN BANCSHARES INC COM 637138108 634 53,948 SH   SOLE   53,948 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,508 112,922 SH   OTR   0 112,922 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,793 209,237 SH   SOLE   209,237 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 584 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 371 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 169 5,973 SH   OTR   0 5,973 0
NORWOOD FINANCIAL CORP COM 669549107 248 8,764 SH   SOLE   8,764 0 0
OCONEE FED FINL CORP COM 675607105 204 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 204 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 547 137,200 SH   OTR   0 137,200 0
ONVIA INC COM NEW 68338T403 1,059 265,353 SH   SOLE   265,353 0 0
PATHFINDER BANCORP INC COM 70319R109 605 55,437 SH   OTR   0 55,437 0
PATHFINDER BANCORP INC COM 70319R109 1,134 103,937 SH   SOLE   103,937 0 0
PDI INC COM 69329V100 17 9,323 SH   OTR   0 9,323 0
PDI INC COM 69329V100 24 12,872 SH   SOLE   12,872 0 0
PROASSURANCE CORP COM 74267C106 944 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 447 9,114 SH   SOLE   9,114 0 0
PROV & WOR RAILRD CO COM 743737108 395 25,500 SH   OTR   0 25,500 0
PROV & WOR RAILRD CO COM 743737108 23 1,500 SH   SOLE   1,500 0 0
PSB HOLDINGS INC COM 69360W108 95 10,152 SH   OTR   0 10,152 0
PSB HOLDINGS INC COM 69360W108 148 15,745 SH   SOLE   15,745 0 0
RAND LOGISTICS INC COM 752182105 1,028 489,613 SH   OTR   0 489,613 0
RAND LOGISTICS INC COM 752182105 1,991 948,331 SH   SOLE   948,331 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 702 20,872 SH   OTR   0 20,872 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,416 42,125 SH   SOLE   42,125 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 4,523 255,980 SH   OTR   0 255,980 0
SCRIPPS E W CO OHIO CL A NEW 811054402 6,380 361,051 SH   SOLE   361,051 0 0
SIFCO INDUSTRIES INC COM 826546103 125 11,100 SH   OTR   0 11,100 0
SIFCO INDUSTRIES INC COM 826546103 261 23,092 SH   SOLE   23,092 0 0
STATE AUTO FINANCIAL CORP COM 855707105 357 15,630 SH   OTR   0 15,630 0
STATE AUTO FINANCIAL CORP COM 855707105 658 28,828 SH   SOLE   28,828 0 0
TRANSCAT INC COM 893529107 1,461 153,794 SH   OTR   0 153,794 0
TRANSCAT INC COM 893529107 2,470 259,960 SH   SOLE   259,960 0 0
TREDEGAR CORP COM 894650100 94 7,177 SH   OTR   0 7,177 0
TREDEGAR CORP COM 894650100 160 12,200 SH   SOLE   12,200 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 462 44,000 SH   OTR   0 44,000 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 390 37,190 SH   SOLE   37,190 0 0
US LIME & MINERAL COM 911922102 2,707 59,009 SH   OTR   0 59,009 0
US LIME & MINERAL COM 911922102 2,854 62,209 SH   SOLE   62,209 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200 433 21,037 SH   SOLE   21,037 0 0
VIRCO MANUFACTURING CO COM 927651109 1,303 440,133 SH   OTR   0 440,133 0
VIRCO MANUFACTURING CO COM 927651109 1,789 604,315 SH   SOLE   604,315 0 0
WATERSTONE FINANCIAL INC MD COM 94188P101 173 12,829 SH   SOLE   12,829 0 0
WPX ENERGY INC COM 98212B103 125 18,900 SH   OTR   0 18,900 0
WPX ENERGY INC COM 98212B103 231 34,900 SH   SOLE   34,900 0 0