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
ADAMS RESOURCES & ENERGY INC COM NEW 006351308 84 2,481 SH   OTR   0 2,481 0
ADAMS RESOURCES & ENERGY INC COM NEW 006351308 247 7,345 SH   SOLE   7,345 0 0
AEHR TEST SYSTEMS COM 00760J108 13 8,600 SH   OTR   0 8,600 0
AEHR TEST SYSTEMS COM 00760J108 25 16,713 SH   SOLE   16,713 0 0
AH BELO CORP COM CL A 001282102 1,366 370,064 SH   OTR   0 370,064 0
AH BELO CORP COM CL A 001282102 2,194 594,605 SH   SOLE   594,605 0 0
AMERISERV FINANC INC COM 03074A102 254 61,700 SH   OTR   0 61,700 0
AMERISERV FINANC INC COM 03074A102 272 66,300 SH   SOLE   66,300 0 0
ASML HOLDING N V NY REG SHS N07059210 131 631 SH   OTR   0 631 0
ASML HOLDING N V NY REG SHS N07059210 245 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 515 12,808 SH   OTR   0 12,808 0
ASTRONICS CORP COM 046433108 878 21,839 SH   SOLE   21,839 0 0
BB&T CORP COM 054937107 417 8,488 SH   SOLE   8,488 0 0
CAMDEN NATIONAL CORP COM 133034108 4,563 99,971 SH   OTR   0 99,971 0
CAMDEN NATIONAL CORP COM 133034108 2,679 58,687 SH   SOLE   58,687 0 0
CECO ENVIRONMENTAL CORP COM 125141101 339 35,458 SH   OTR   0 35,458 0
CECO ENVIRONMENTAL CORP COM 125141101 1,085 113,371 SH   SOLE   113,371 0 0
CENTERSTART BANK CORP COM 15201P109 835 36,260 SH   OTR   0 36,260 0
CENTERSTART BANK CORP COM 15201P109 1,538 66,817 SH   SOLE   66,817 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 2,005 22,950 SH   OTR   0 22,950 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 844 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 4,581 42,557 SH   OTR   0 42,557 0
CHASE CORP COM 16150R104 13,639 126,713 SH   SOLE   126,713 0 0
CHEMICAL FINANCIAL COM 163731102 67 1,620 SH   OTR   0 1,620 0
CHEMICAL FINANCIAL COM 163731102 362 8,805 SH   SOLE   8,805 0 0
CITIZENS & NORTHERN CORP COM 172922106 429 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 693 26,500 SH   SOLE   26,500 0 0
COLUMBIA FINANCIAL INC COM 197641103 530 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106 1,104 16,772 SH   OTR   0 16,772 0
COMMUNITY BANK SYS INC COM 203607106 2 27 SH   SOLE   27 0 0
COMPUTER TASK GROUP INC COM 205477102 1,489 371,361 SH   OTR   0 371,361 0
COMPUTER TASK GROUP INC COM 205477102 3,456 861,799 SH   SOLE   861,799 0 0
COMPX INTERNATIONAL CL A 20563P101 85 5,000 SH   OTR   0 5,000 0
COMPX INTERNATIONAL CL A 20563P101 204 12,048 SH   SOLE   12,048 0 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 188 11,726 SH   OTR   0 11,726 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 434 27,114 SH   SOLE   27,114 0 0
CSS INDUSTRIES INC COM 125906107 32 6,603 SH   OTR   0 6,603 0
CSS INDUSTRIES INC COM 125906107 37 7,535 SH   SOLE   7,535 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 189 78,014 SH   OTR   0 78,014 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 774 319,749 SH   SOLE   319,749 0 0
DELUXE CORP COM 248019101 1,008 24,800 SH   OTR   0 24,800 0
DELUXE CORP COM 248019101 386 9,500 SH   SOLE   9,500 0 0
DLH HOLDINGS CORP COM 23335Q100 99 20,000 SH   OTR   0 20,000 0
DLH HOLDINGS CORP COM 23335Q100 292 59,192 SH   SOLE   59,192 0 0
DONEGAL GROUP INC CL B 257701300 162 12,450 SH   OTR   0 12,450 0
DONEGAL GROUP INC CL B 257701300 174 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201 380 24,882 SH   OTR   0 24,882 0
DONEGAL GROUP INC CL A 257701201 50 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 888 10,190 SH   OTR   0 10,190 0
DORMAN PRODUCTS INC COM 258278100 1,288 14,780 SH   SOLE   14,780 0 0
EAGLE BANCORP MONT INC COM 26942G100 139 8,400 SH   OTR   0 8,400 0
EAGLE BANCORP MONT INC COM 26942G100 285 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 3,904 139,316 SH   OTR   0 139,316 0
EASTERN CO COM 276317104 6,100 217,685 SH   SOLE   217,685 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 589 54,027 SH   OTR   0 54,027 0
ECOLOGY & ENVRNMT INC CL A 278878103 1,534 140,726 SH   SOLE   140,726 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 401 12,824 SH   OTR   0 12,824 0
EMCLAIRE FINANCIAL CORP COM 290828102 79 2,535 SH   SOLE   2,535 0 0
ENTERCOM COMMUNICATIONS COM 293639100 905 156,500 SH   OTR   0 156,500 0
ENTERCOM COMMUNICATIONS COM 293639100 2,121 366,902 SH   SOLE   366,902 0 0
ESCALADE INC COM 296056104 2,268 201,634 SH   OTR   0 201,634 0
ESCALADE INC COM 296056104 2,511 223,164 SH   SOLE   223,164 0 0
FIRST MERCHANTS CORP COM 320817109 185 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 268 7,085 SH   SOLE   7,085 0 0
FIVE STAR SENIOR LIVING INC COM 33832D106 122 265,166 SH   OTR   0 265,166 0
FIVE STAR SENIOR LIVING INC COM 33832D106 488 1,058,545 SH   SOLE   1,058,545 0 0
FLOTEK INDUSTRIES INC DEL COM 343389102 127 38,500 SH   OTR   0 38,500 0
FLOTEK INDUSTRIES INC DEL COM 343389102 382 115,500 SH   SOLE   115,500 0 0
FNB CORP COM 302520101 263 22,378 SH   OTR   0 22,378 0
FNB CORP COM 302520101 873 74,170 SH   SOLE   74,170 0 0
FOSTER L B CO COM 350060109 2,115 77,743 SH   OTR   0 77,743 0
FOSTER L B CO COM 350060109 612 22,489 SH   SOLE   22,489 0 0
FREIGHTCAR AMERICA INC COM 357023100 107 18,273 SH   OTR   0 18,273 0
FREIGHTCAR AMERICA INC COM 357023100 320 54,771 SH   SOLE   54,771 0 0
FSB BANCORP INC COM 30289C102 23 1,306 SH   OTR   0 1,306 0
FSB BANCORP INC COM 30289C102 173 9,734 SH   SOLE   9,734 0 0
GP STRATEGIES CORP COM 36225V104 167 11,104 SH   OTR   0 11,104 0
GP STRATEGIES CORP COM 36225V104 359 23,804 SH   SOLE   23,804 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 4,503 409,000 SH   OTR   0 409,000 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 7,380 670,333 SH   SOLE   670,333 0 0
HORIZON BANCORP INDIANA COM 440407104 191 11,702 SH   OTR   0 11,702 0
HORIZON BANCORP INDIANA COM 440407104 539 32,986 SH   SOLE   32,986 0 0
HV BANCORP INC COM 40441H105 390 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 175 12,655 SH   OTR   0 12,655 0
ICC HOLDINGS INC COM 44931Q104 240 17,345 SH   SOLE   17,345 0 0
IMMUCELL CORP COM 452525306 36 5,500 SH   OTR   0 5,500 0
IMMUCELL CORP COM 452525306 59 9,059 SH   SOLE   9,059 0 0
INFORMATION SVCS GROUP COM 45675Y104 41 12,995 SH   OTR   0 12,995 0
INFORMATION SVCS GROUP COM 45675Y104 45 14,299 SH   SOLE   14,299 0 0
INFUSYSTEM HLDGS INC COM 45685K102 3,343 777,352 SH   OTR   0 777,352 0
INFUSYSTEM HLDGS INC COM 45685K102 5,804 1,349,712 SH   SOLE   1,349,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 275 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 757 67,990 SH   SOLE   67,990 0 0
KOSS CORP COM 500692108 115 57,706 SH   OTR   0 57,706 0
KOSS CORP COM 500692108 344 172,163 SH   SOLE   172,163 0 0
KURA ONCOLOGY INC COM 50127T109 819 41,600 SH   OTR   0 41,600 0
KURA ONCOLOGY INC COM 50127T109 921 46,779 SH   SOLE   46,779 0 0
LAKE SHORE BANCORP INC COM 510700107 141 9,400 SH   OTR   0 9,400 0
LAKE SHORE BANCORP INC COM 510700107 303 20,269 SH   SOLE   20,269 0 0
LGL GROUP INC COM 50186A108 228 28,014 SH   OTR   0 28,014 0
LGL GROUP INC COM 50186A108 431 52,865 SH   SOLE   52,865 0 0
MACKINAC FINANCIAL CORP COM 554571109 306 19,972 SH   SOLE   19,972 0 0
MACKINAC FINANCIAL CORP COM 554571109 160 10,422 SH   OTR   0 10,422 0
MALVERN BANCORP INC COM 561409103 986 44,781 SH   SOLE   44,781 0 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 105 10,330 SH   SOLE   10,330 0 0
MID PENN BANCORP COM 59540G107 459 18,397 SH   OTR   0 18,397 0
MID PENN BANCORP COM 59540G107 779 31,240 SH   SOLE   31,240 0 0
MID SOUTHERN BANCORP COM 59548Q107 112 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 161 12,791 SH   SOLE   12,791 0 0
MUTUALFIRST FINANCIAL INC COM 62845B104 849 25,260 SH   OTR   0 25,260 0
MUTUALFIRST FINANCIAL INC COM 62845B104 190 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,357 144,969 SH   OTR   0 144,969 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,395 255,912 SH   SOLE   255,912 0 0
NI HOLDINGS INC COM 65342T106 960 54,500 SH   OTR   0 54,500 0
NI HOLDINGS INC COM 65342T106 1,768 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 790 45,000 SH   OTR   0 45,000 0
NORTHWEST BANCSHARES INC MD COM 667340103 502 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 225 6,859 SH   OTR   0 6,859 0
NORWOOD FINANCIAL CORP COM 669549107 294 8,952 SH   SOLE   8,952 0 0
NUVERRA ENVIRONMENTAL COM 67091K302 38 9,239 SH   OTR   0 9,239 0
NUVERRA ENVIRONMENTAL COM 67091K302 53 13,007 SH   SOLE   13,007 0 0
OCONEE FED FINL CORP COM 675607105 262 11,451 SH   OTR   0 11,451 0
OCONEE FED FINL CORP COM 675607105 262 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 1,179 80,950 SH   OTR   0 80,950 0
PATHFINDER BANCORP INC COM 70319R109 2,651 182,106 SH   SOLE   182,106 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1,043 61,338 SH   OTR   0 61,338 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 3,230 189,987 SH   SOLE   189,987 0 0
PB BANCORP INC COM 70454T100 105 9,111 SH   OTR   0 9,111 0
PB BANCORP INC COM 70454T100 250 21,722 SH   SOLE   21,722 0 0
PROASSURANCE CORP COM 74267C106 689 19,084 SH   OTR   0 19,084 0
PROASSURANCE CORP COM 74267C106 314 8,700 SH   SOLE   8,700 0 0
RAND CAPITAL CORP COM 752185108 31 12,225 SH   OTR   0 12,225 0
RAND CAPITAL CORP COM 752185108 5 1,820 SH   SOLE   1,820 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 237 22,321 SH   OTR   0 22,321 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 432 40,692 SH   SOLE   40,692 0 0
SAEXPLORATION HOLDINGS INC COM PAR 78636X873 117 32,585 SH   OTR   0 32,585 0
SAEXPLORATION HOLDINGS INC COM PAR 78636X873 42 11,562 SH   SOLE   11,562 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,203 39,157 SH   OTR   0 39,157 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 2,972 96,757 SH   SOLE   96,757 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 3,727 243,602 SH   OTR   0 243,602 0
SCRIPPS E W CO OHIO CL A NEW 811054402 5,820 380,382 SH   SOLE   380,382 0 0
SIFCO INDUSTRIES INC COM 826546103 163 56,233 SH   OTR   0 56,233 0
SIFCO INDUSTRIES INC COM 826546103 439 151,746 SH   SOLE   151,746 0 0
STATE AUTO FINANCIAL CORP COM 855707105 150 4,280 SH   OTR   0 4,280 0
STATE AUTO FINANCIAL CORP COM 855707105 516 14,743 SH   SOLE   14,743 0 0
SUNLINK HEALTH SYSTEMS INC COM 86737U102 69 46,733 SH   SOLE   46,733 0 0
SYNALLOY CP DEL COM 871565107 426 27,300 SH   OTR   0 27,300 0
SYNALLOY CP DEL COM 871565107 860 55,055 SH   SOLE   55,055 0 0
TRANSCAT INC COM 893529107 3,642 142,034 SH   OTR   0 142,034 0
TRANSCAT INC COM 893529107 6,432 250,858 SH   SOLE   250,858 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,531 158,597 SH   OTR   0 158,597 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 4,627 289,892 SH   SOLE   289,892 0 0
US LIME & MINERAL COM 911922102 5,195 65,759 SH   OTR   0 65,759 0
US LIME & MINERAL COM 911922102 6,540 82,780 SH   SOLE   82,780 0 0
VERSO CORP CL A 92531L207 459 24,100 SH   OTR   0 24,100 0
VERSO CORP CL A 92531L207 842 44,200 SH   SOLE   44,200 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 707 21,547 SH   SOLE   21,547 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 56 1,698 SH   OTR   0 1,698 0
VIRCO MANUFACTURING CO COM 927651109 2,044 421,499 SH   OTR   0 421,499 0
VIRCO MANUFACTURING CO COM 927651109 3,099 638,868 SH   SOLE   638,868 0 0
VOLT INFORMATION SCIENCES COM 928703107 31 7,000 SH   OTR   0 7,000 0
VOLT INFORMATION SCIENCES COM 928703107 60 13,300 SH   SOLE   13,300 0 0
WSFS FINANCIAL CORP COM 929328102 33 800 SH   OTR   0 800 0
WSFS FINANCIAL CORP COM 929328102 341 8,257 SH   SOLE   8,257 0 0