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 58 18,100 SH   OTR   0 18,100 0
AEHR TEST SYSTEMS COM 00760J108 130 40,513 SH   SOLE   40,513 0 0
AH BELO CORP COM CL A 001282102 2,711 368,904 SH   OTR   0 368,904 0
AH BELO CORP COM CL A 001282102 3,983 541,969 SH   SOLE   541,969 0 0
AMERISERV FINANC INC COM 03074A102 201 61,700 SH   OTR   0 61,700 0
AMERISERV FINANC INC COM 03074A102 216 66,300 SH   SOLE   66,300 0 0
ASML HOLDING N V NY REG SHS N07059210 1,226 11,187 SH   OTR   0 11,187 0
ASML HOLDING N V NY REG SHS N07059210 129 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 608 13,508 SH   OTR   0 13,508 0
ASTRONICS CORP COM 046433108 899 19,981 SH   SOLE   19,981 0 0
BENEFICIAL BANCORP INC COM 08171T102 42 2,826 SH   OTR   0 2,826 0
BENEFICIAL BANCORP INC COM 08171T102 403 27,405 SH   SOLE   27,405 0 0
BB&T CORP COM 054937107 385 10,214 SH   OTR   0 10,214 0
BB&T CORP COM 054937107 312 8,280 SH   SOLE   8,280 0 0
CAMDEN NATIONAL CORP COM 133034108 3,601 75,651 SH   OTR   0 75,651 0
CAMDEN NATIONAL CORP COM 133034108 1,913 40,185 SH   SOLE   40,185 0 0
CECO ENVIRONMENTAL CORP COM 125141101 1,032 91,686 SH   OTR   0 91,686 0
CECO ENVIRONMENTAL CORP COM 125141101 1,346 119,525 SH   SOLE   119,525 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,198 26,450 SH   OTR   0 26,450 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 438 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 9,897 143,182 SH   OTR   0 143,182 0
CHASE CORP COM 16150R104 11,190 161,891 SH   SOLE   161,891 0 0
CHARTER FINL CORP MD COM 16122W108 656 50,989 SH   OTR   0 50,989 0
CHARTER FINL CORP MD COM 16122W108 1,141 88,669 SH   SOLE   88,669 0 0
CHEMICAL FINANCIAL COM 163731102 71 1,620 SH   OTR   0 1,620 0
CHEMICAL FINANCIAL COM 163731102 389 8,805 SH   SOLE   8,805 0 0
CITIZENS & NORTHERN CORP COM 172922106 360 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 581 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 49 17,950 SH   SOLE   17,950 0 0
COMMUNITY BANK SYS INC COM 203607106 807 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 1,736 369,308 SH   OTR   0 369,308 0
COMPUTER TASK GROUP INC COM 205477102 3,172 674,817 SH   SOLE   674,817 0 0
COMPX INTERNATIONAL CL A 20563P101 51 4,400 SH   OTR   0 4,400 0
COMPX INTERNATIONAL CL A 20563P101 87 7,500 SH   SOLE   7,500 0 0
CSS INDUSTRIES INC COM 125906107 118 4,594 SH   OTR   0 4,594 0
CSS INDUSTRIES INC COM 125906107 300 11,737 SH   SOLE   11,737 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 1,118 146,889 SH   OTR   0 146,889 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 1,703 223,776 SH   SOLE   223,776 0 0
DELUXE CORP COM 248019101 2,305 34,500 SH   OTR   0 34,500 0
DELUXE CORP COM 248019101 588 8,800 SH   SOLE   8,800 0 0
DONEGAL GROUP INC CL B 257701300 187 11,450 SH   OTR   0 11,450 0
DONEGAL GROUP INC CL B 257701300 164 10,056 SH   SOLE   10,056 0 0
DONEGAL GROUP INC CL A 257701201 401 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 53 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 1,780 27,860 SH   OTR   0 27,860 0
DORMAN PRODUCTS INC COM 258278100 944 14,780 SH   SOLE   14,780 0 0
EAGLE BANCORP MONT INC COM 26942G100 119 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 244 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 2,893 144,929 SH   OTR   0 144,929 0
EASTERN CO COM 276317104 4,445 222,712 SH   SOLE   222,712 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 314 31,804 SH   OTR   0 31,804 0
ECOLOGY & ENVRNMT INC CL A 278878103 459 46,470 SH   SOLE   46,470 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 308 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 61 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 2,574 203,490 SH   OTR   0 203,490 0
ESCALADE INC COM 296056104 2,800 221,308 SH   SOLE   221,308 0 0
FNB CORP COM 302520101 318 25,881 SH   OTR   0 25,881 0
FNB CORP COM 302520101 869 70,665 SH   SOLE   70,665 0 0
FIRST MERCHANTS CORP COM 320817109 151 5,655 SH   OTR   0 5,655 0
FIRST MERCHANTS CORP COM 320817109 168 6,305 SH   SOLE   6,305 0 0
FOSTER L B CO COM 350060109 1,017 84,643 SH   OTR   0 84,643 0
FOSTER L B CO COM 350060109 258 21,489 SH   SOLE   21,489 0 0
FSB BANCORP INC COM 30289C102 15 1,200 SH   OTR   0 1,200 0
FSB BANCORP INC COM 30289C102 122 9,734 SH   SOLE   9,734 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 1,482 423,400 SH   OTR   0 423,400 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,369 676,760 SH   SOLE   676,760 0 0
HORIZON BANCORP INDIANA COM 440407104 153 5,218 SH   OTR   0 5,218 0
HORIZON BANCORP INDIANA COM 440407104 430 14,661 SH   SOLE   14,661 0 0
IBERIABANK CORP COM 450828108 1,076 16,035 SH   OTR   0 16,035 0
IBERIABANK CORP COM 450828108 663 9,877 SH   SOLE   9,877 0 0
IMMUCELL CORP COM 452525306 42 5,500 SH   SOLE   0 5,500 0
IMMUCELL CORP COM 452525306 70 9,059 SH   OTR   9,059 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,236 804,352 SH   OTR   0 804,352 0
INFUSYSTEM HLDGS INC COM 45685K102 3,566 1,282,712 SH   SOLE   1,282,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 297 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 816 67,990 SH   SOLE   67,990 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 334 11,703 SH   OTR   0 11,703 0
JACKSONVILLE BANCORP INC MD COM 46924R106 554 19,442 SH   SOLE   19,442 0 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 4,109 217,199 SH   OTR   0 217,199 0
KAPSTONE PAPER & PACKAGING CORP COM 48562P103 6,472 342,050 SH   SOLE   342,050 0 0
KOSS CORP COM 500692108 79 38,100 SH   OTR   0 38,100 0
KOSS CORP COM 500692108 177 85,172 SH   SOLE   85,172 0 0
KURA ONCOLOGY INC COM 50127T109 693 110,800 SH   OTR   0 110,800 0
KURA ONCOLOGY INC COM 50127T109 1,321 211,421 SH   SOLE   211,421 0 0
LAKE SHORE BANCORP INC COM 510700107 125 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 1,968 120,000 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 45 36,651 SH   OTR   0 36,651 0
MER TELEMANAGEMENT SOLUTIONS SHS M69676126 231 185,974 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 957 133,122 SH   OTR   0 133,122 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,786 248,412 SH   SOLE   248,412 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 707 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 449 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 174 5,973 SH   OTR   0 5,973 0
NORWOOD FINANCIAL CORP COM 669549107 255 8,764 SH   SOLE   8,764 0 0
OCONEE FED FINL CORP COM 675607105 258 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 258 11,451 SH   SOLE   11,451 0 0
ONVIA INC COM NEW 68338T403 751 154,500 SH   OTR   0 154,500 0
ONVIA INC COM NEW 68338T403 1,456 299,553 SH   SOLE   299,553 0 0
PATHFINDER BANCORP INC COM 70319R109 674 55,437 SH   OTR   0 55,437 0
PATHFINDER BANCORP INC COM 70319R109 1,264 103,937 SH   SOLE   103,937 0 0
PB BANCORP INC COM 70454T100 104 12,086 SH   OTR   0 12,086 0
PB BANCORP INC COM 70454T100 162 18,747 SH   SOLE   18,747 0 0
PROASSURANCE CORP COM 74267C106 1,010 19,244 SH   OTR   0 19,244 0
PROASSURANCE CORP COM 74267C106 478 9,114 SH   SOLE   9,114 0 0
PRONAI THERAPETICS INC COM 74346L101 72 39,809 SH   OTR   0 39,809 0
PRONAI THERAPETICS INC COM 74346L101 136 74,500 SH   SOLE   74,500 0 0
PROV & WOR RAILRD CO COM 743737108 632 25,500 SH   OTR   0 25,500 0
PROV & WOR RAILRD CO COM 743737108 37 1,500 SH   SOLE   1,500 0 0
RAND LOGISTICS INC COM 752182105 492 655,726 SH   OTR   0 655,726 0
RAND LOGISTICS INC COM 752182105 880 1,172,943 SH   SOLE   1,172,943 0 0
SAEXPLORATION HOLDINGS INC COM NEW 78636X204 369 44,783 SH   OTR   0 44,783 0
SAEXPLORATION HOLDINGS INC COM NEW 78636X204 607 73,681 SH   SOLE   73,681 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 946 20,872 SH   OTR   0 20,872 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,910 42,125 SH   SOLE   42,125 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 4,070 255,980 SH   OTR   0 255,980 0
SCRIPPS E W CO OHIO CL A NEW 811054402 5,741 361,051 SH   SOLE   361,051 0 0
SIFCO INDUSTRIES INC COM 826546103 124 12,500 SH   OTR   0 12,500 0
SIFCO INDUSTRIES INC COM 826546103 261 26,318 SH   SOLE   26,318 0 0
STATE AUTO FINANCIAL CORP COM 855707105 315 13,230 SH   OTR   0 13,230 0
STATE AUTO FINANCIAL CORP COM 855707105 578 24,322 SH   SOLE   24,322 0 0
SYNALLOY CP DEL COM 871565107 263 28,100 SH   OTR   0 28,100 0
SYNALLOY CP DEL COM 871565107 530 56,655 SH   SOLE   56,655 0 0
TRANSCAT INC COM 893529107 1,546 153,794 SH   OTR   0 153,794 0
TRANSCAT INC COM 893529107 2,613 259,960 SH   SOLE   259,960 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 1,563 148,897 SH   OTR   0 148,897 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,512 239,265 SH   SOLE   239,265 0 0
US LIME & MINERAL COM 911922102 4,428 67,999 SH   OTR   0 67,999 0
US LIME & MINERAL COM 911922102 5,208 79,980 SH   SOLE   79,980 0 0
VILLAGE BANK & TRUST FIN CO COM 92705T200 491 21,037 SH   SOLE   21,037 0 0
VIRCO MANUFACTURING CO COM 927651109 1,813 440,133 SH   OTR   0 440,133 0
VIRCO MANUFACTURING CO COM 927651109 2,490 604,315 SH   SOLE   604,315 0 0