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 29 18,100 SH   OTR   0 18,100 0
AEHR TEST SYSTEMS COM 00760J108 66 40,602 SH   SOLE   40,602 0 0
AH BELO CORP COM CL A 001282102 1,711 342,204 SH   OTR   0 342,204 0
AH BELO CORP COM CL A 001282102 2,466 493,271 SH   SOLE   493,271 0 0
AMERISERV FINANC INC COM 03074A102 186 61,700 SH   OTR   0 61,700 0
AMERISERV FINANC INC COM 03074A102 200 66,300 SH   SOLE   66,300 0 0
ASML HOLDING N V NY REG SHS N07059210 1,110 11,187 SH   OTR   0 11,187 0
ASML HOLDING N V NY REG SHS N07059210 117 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 449 13,508 SH   OTR   0 13,508 0
ASTRONICS CORP COM 046433108 664 19,981 SH   SOLE   19,981 0 0
ATRION CORP COM 049904105 76 178 SH   OTR   0 178 0
ATRION CORP COM 049904105 281 656 SH   SOLE   656 0 0
BENEFICIAL BANCORP INC COM 08171T102 36 2,826 SH   OTR   0 2,826 0
BENEFICIAL BANCORP INC COM 08171T102 348 27,405 SH   SOLE   27,405 0 0
BB&T CORP COM 054937107 364 10,214 SH   OTR   0 10,214 0
BB&T CORP COM 054937107 295 8,280 SH   SOLE   8,280 0 0
CAMDEN NATIONAL CORP COM 133034108 3,177 75,651 SH   OTR   0 75,651 0
CAMDEN NATIONAL CORP COM 133034108 1,687 40,185 SH   SOLE   40,185 0 0
CECO ENVIRONMENTAL CORP COM 125141101 801 91,686 SH   OTR   0 91,686 0
CECO ENVIRONMENTAL CORP COM 125141101 1,045 119,525 SH   SOLE   119,525 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,090 26,450 SH   OTR   0 26,450 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 398 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 12,375 209,497 SH   OTR   0 209,497 0
CHASE CORP COM 16150R104 9,953 168,491 SH   SOLE   168,491 0 0
CHARTER FINL CORP MD COM 16122W108 677 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 1,177 88,669 SH   SOLE   88,669 0 0
CHEMICAL FINANCIAL COM 163731102 445 11,930 SH   OTR   0 11,930 0
CHEMICAL FINANCIAL COM 163731102 813 21,805 SH   SOLE   21,805 0 0
CITIZENS & NORTHERN CORP COM 172922106 331 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 535 26,500 SH   SOLE   26,500 0 0
COMMAND SECURITY CORP COM 20050L100 11 4,100 SH   OTR   0 4,100 0
COMMAND SECURITY CORP COM 20050L100 59 21,950 SH   SOLE   21,950 0 0
COMMUNITY BANK SYS INC COM 203607106 689 16,772 SH   OTR   0 16,772 0
COMMUNITY BANK SYS INC COM 203607107 1 27 SH   SOLE   27 0 0
COMPUTER TASK GROUP INC COM 205477102 1,734 348,208 SH   OTR   0 348,208 0
COMPUTER TASK GROUP INC COM 205477102 3,169 636,251 SH   SOLE   636,251 0 0
COMPX INTERNATIONAL CL A 20563P101 51 4,400 SH   OTR   0 4,400 0
COMPX INTERNATIONAL CL A 20563P101 86 7,500 SH   SOLE   7,500 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 1,196 146,889 SH   OTR   0 146,889 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 1,822 223,776 SH   SOLE   223,776 0 0
DELUXE CORP COM 248019101 2,290 34,500 SH   OTR   0 34,500 0
DELUXE CORP COM 248019101 584 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 174 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 153 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 410 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 54 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 1,700 29,760 SH   OTR   0 29,760 0
DORMAN PRODUCTS INC COM 258278100 908 15,880 SH   SOLE   15,880 0 0
EAGLE BANCORP MONT INC COM 26942G100 107 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 218 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 2,403 144,929 SH   OTR   0 144,929 0
EASTERN CO COM 276317104 3,693 222,712 SH   SOLE   222,712 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 319 31,804 SH   OTR   0 31,804 0
ECOLOGY & ENVRNMT INC CL A 278878103 466 46,470 SH   SOLE   46,470 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 305 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 60 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 2,061 201,252 SH   OTR   0 201,252 0
ESCALADE INC COM 296056104 2,199 214,708 SH   SOLE   214,708 0 0
FNB CORP COM 302520101 325 25,881 SH   OTR   0 25,881 0
FNB CORP COM 302520101 886 70,665 SH   SOLE   70,665 0 0
FIRST MERCHANTS CORP COM 320817109 141 5,655 SH   OTR   0 5,655 0
FIRST MERCHANTS CORP COM 320817109 157 6,305 SH   SOLE   6,305 0 0
FOSTER L B CO COM 350060109 922 84,643 SH   OTR   0 84,643 0
FOSTER L B CO COM 350060109 234 21,489 SH   SOLE   21,489 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,435 329,900 SH   OTR   0 329,900 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,155 495,297 SH   SOLE   495,297 0 0
HORIZON BANCORP INDIANA COM 440407104 131 5,218 SH   OTR   0 5,218 0
HORIZON BANCORP INDIANA COM 440407104 368 14,661 SH   SOLE   14,661 0 0
IBERIABANK CORP COM 450828108 926 16,035 SH   OTR   0 16,035 0
IBERIABANK CORP COM 450828108 570 9,877 SH   SOLE   9,877 0 0
IMMUCELL CORP COM 452525306 38 5,500 SH   SOLE   0 5,500 0
IMMUCELL CORP COM 452525306 63 9,059 SH   OTR   9,059 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,091 804,352 SH   OTR   0 804,352 0
INFUSYSTEM HLDGS INC COM 45685K102 3,335 1,282,712 SH   SOLE   1,282,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 274 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 753 67,990 SH   SOLE   67,990 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 317 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 527 19,442 SH   SOLE   19,442 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 2,826 217,199 SH   OTR   0 217,199 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 4,450 342,050 SH   SOLE   342,050 0 0
KOSS CORP COM 500692108 77 38,100 SH   OTR   0 38,100 0
KOSS CORP COM 500692108 164 80,986 SH   SOLE   80,986 0 0
KURA ONCOLOGY INC COM 50127T109 337 124,700 SH   OTR   0 124,700 0
KURA ONCOLOGY INC COM 50127T109 640 237,037 SH   SOLE   237,037 0 0
LAKE SHORE BANCORP INC COM 510700107 122 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 264 20,269 SH   SOLE   20,269 0 0
MALVERN BANCORP INC COM 561409103 1,872 120,000 SH   SOLE   120,000 0 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 62 10,330 SH   SOLE   10,330 0 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 40 36,651 SH   OTR   0 36,651 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 201 185,974 SH   SOLE   185,974 0 0
MUTUALFIRST FINL INC COM 62845B104 691 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINL INC COM 62845B104 155 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,531 133,122 SH   OTR   0 133,122 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,857 248,412 SH   SOLE   248,412 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 667 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 424 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 167 5,973 SH   OTR   0 5,973 0
NORWOOD FINANCIAL CORP COM 669549107 245 8,764 SH   SOLE   8,764 0 0
OCONEE FED FINL CORP COM 675607105 224 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 224 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 550 154,500 SH   OTR   0 154,500 0
ONVIA INC COM NEW 68338T403 1,066 299,553 SH   SOLE   299,553 0 0
PATHFINDER BANCORP INC COM 70319R109 624 55,437 SH   OTR   0 55,437 0
PATHFINDER BANCORP INC COM 70319R109 1,170 103,937 SH   SOLE   103,937 0 0
PB BANCORP INC COM 70454T100 102 12,086 SH   OTR   0 12,086 0
PB BANCORP INC COM 70454T100 158 18,747 SH   SOLE   18,747 0 0
PROASSURANCE CORP COM 74267C106 1,031 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 488 9,114 SH   SOLE   9,114 0 0
PRONAI THERAPETICS INC COM 74346L101 79 39,809 SH   OTR   0 39,809 0
PRONAI THERAPETICS INC COM 74346L101 148 74,500 SH   SOLE   74,500 0 0
PROV & WOR RAILRD CO COM 743737108 408 25,500 SH   OTR   0 25,500 0
PROV & WOR RAILRD CO COM 743737108 24 1,500 SH   SOLE   1,500 0 0
RAND LOGISTICS INC COM 752182105 682 655,726 SH   OTR   0 655,726 0
RAND LOGISTICS INC COM 752182105 1,220 1,172,943 SH   SOLE   1,172,943 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 825 20,872 SH   OTR   0 20,872 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,666 42,125 SH   SOLE   42,125 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 4,055 255,980 SH   OTR   0 255,980 0
SCRIPPS E W CO OHIO CL A NEW 811054402 5,719 361,051 SH   SOLE   361,051 0 0
SIFCO INDUSTRIES INC COM 826546103 125 12,500 SH   OTR   0 12,500 0
SIFCO INDUSTRIES INC COM 826546103 263 26,318 SH   SOLE   26,318 0 0
STATE AUTO FINANCIAL CORP COM 855707105 289 13,230 SH   OTR   0 13,230 0
STATE AUTO FINANCIAL CORP COM 855707105 532 24,322 SH   SOLE   24,322 0 0
SYNALLOY CP DEL COM 871565107 171 22,300 SH   OTR   0 22,300 0
SYNALLOY CP DEL COM 871565107 352 45,955 SH   SOLE   45,955 0 0
TRANSCAT INC COM 893529107 1,539 153,794 SH   OTR   0 153,794 0
TRANSCAT INC COM 893529107 2,602 259,960 SH   SOLE   259,960 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 1,578 144,767 SH   OTR   0 144,767 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,512 230,453 SH   SOLE   230,453 0 0
US LIME & MINERAL COM 911922102 3,996 67,999 SH   OTR   0 67,999 0
US LIME & MINERAL COM 911922102 4,700 79,980 SH   SOLE   79,980 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200 473 21,037 SH   SOLE   21,037 0 0
VIRCO MANUFACTURING CO COM 927651109 1,915 440,133 SH   OTR   0 440,133 0
VIRCO MANUFACTURING CO COM 927651109 2,629 604,315 SH   SOLE   604,315 0 0