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 243 7,823 SH   OTR   0 7,823 0
ADAMS RESOURCES & ENERGY INC COM NEW 006351308 740 23,870 SH   SOLE   23,870 0 0
AEHR TEST SYSTEMS COM 00760J108 14 8,115 SH   OTR   0 8,115 0
AEHR TEST SYSTEMS COM 00760J108 29 16,713 SH   SOLE   16,713 0 0
AH BELO CORP COM CL A 001282102 1,388 370,064 SH   OTR   0 370,064 0
AH BELO CORP COM CL A 001282102 2,230 594,605 SH   SOLE   594,605 0 0
AMERISERV FINANC INC COM 03074A102 245 59,583 SH   OTR   0 59,583 0
AMERISERV FINANC INC COM 03074A102 273 66,300 SH   SOLE   66,300 0 0
ASML HOLDING N V NY REG SHS N07059210 157 631 SH   OTR   0 631 0
ASML HOLDING N V NY REG SHS N07059210 292 1,176 SH   SOLE   1,176 0 0
ASTRONICS CORP COM 046433108 362 12,328 SH   OTR   0 12,328 0
ASTRONICS CORP COM 046433108 642 21,839 SH   SOLE   21,839 0 0
BB&T CORP COM 054937107 453 8,488 SH   SOLE   8,488 0 0
CAMDEN NATIONAL CORP COM 133034108 4,172 96,654 SH   OTR   0 96,654 0
CAMDEN NATIONAL CORP COM 133034108 2,533 58,687 SH   SOLE   58,687 0 0
CECO ENVIRONMENTAL CORP COM 125141101 247 35,458 SH   OTR   0 35,458 0
CECO ENVIRONMENTAL CORP COM 125141101 791 113,371 SH   SOLE   113,371 0 0
CENTERSTART BANK CORP COM 15201P109 846 35,278 SH   OTR   0 35,278 0
CENTERSTART BANK CORP COM 15201P109 1,602 66,817 SH   SOLE   66,817 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,938 22,159 SH   OTR   0 22,159 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 845 9,663 SH   SOLE   9,663 0 0
CHASE CORP COM 16150R104 4,655 42,557 SH   OTR   0 42,557 0
CHASE CORP COM 16150R104 13,861 126,713 SH   SOLE   126,713 0 0
CITIZENS & NORTHERN CORP COM 172922106 430 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 694 26,500 SH   SOLE   26,500 0 0
COLUMBIA FINANCIAL INC COM 197641103 534 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106 999 16,199 SH   OTR   0 16,199 0
COMMUNITY BANK SYS INC COM 203607106 2 27 SH   SOLE   27 0 0
COMPUTER TASK GROUP INC COM 205477102 1,794 362,506 SH   OTR   0 362,506 0
COMPUTER TASK GROUP INC COM 205477102 4,315 871,799 SH   SOLE   871,799 0 0
COMPX INTERNATIONAL CL A 20563P101 93 6,501 SH   OTR   0 6,501 0
COMPX INTERNATIONAL CL A 20563P101 274 19,115 SH   SOLE   19,115 0 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 174 11,548 SH   OTR   0 11,548 0
CONTINENTAL MATERIALS CORP COM PAR $0.25 211615307 408 27,114 SH   SOLE   27,114 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 165 78,014 SH   OTR   0 78,014 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 675 319,749 SH   SOLE   319,749 0 0
DELUXE CORP COM 248019101 1,189 24,185 SH   OTR   0 24,185 0
DELUXE CORP COM 248019101 467 9,500 SH   SOLE   9,500 0 0
DLH HOLDINGS CORP COM 23335Q100 95 22,000 SH   OTR   0 22,000 0
DLH HOLDINGS CORP COM 23335Q100 281 65,192 SH   SOLE   65,192 0 0
DONEGAL GROUP INC CL B 257701300 150 12,001 SH   OTR   0 12,001 0
DONEGAL GROUP INC CL B 257701300 167 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201 351 23,929 SH   OTR   0 23,929 0
DONEGAL GROUP INC CL A 257701201 48 3,280 SH   SOLE   3,280 0 0
DORMAN PRODUCTS INC COM 258278100 811 10,190 SH   OTR   0 10,190 0
DORMAN PRODUCTS INC COM 258278100 1,176 14,780 SH   SOLE   14,780 0 0
EAGLE BANCORP MONT INC COM 26942G100 139 8,145 SH   OTR   0 8,145 0
EAGLE BANCORP MONT INC COM 26942G100 293 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 3,353 135,090 SH   OTR   0 135,090 0
EASTERN CO COM 276317104 5,403 217,685 SH   SOLE   217,685 0 0
ECOLOGY & ENVRNMT INC CL A 278878103 806 53,182 SH   OTR   0 53,182 0
ECOLOGY & ENVRNMT INC CL A 278878103 2,132 140,726 SH   SOLE   140,726 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 385 12,383 SH   OTR   0 12,383 0
EMCLAIRE FINANCIAL CORP COM 290828102 79 2,535 SH   SOLE   2,535 0 0
ENTERCOM COMMUNICATIONS COM 293639100 515 154,243 SH   OTR   0 154,243 0
ENTERCOM COMMUNICATIONS COM 293639100 1,225 366,902 SH   SOLE   366,902 0 0
ESCALADE INC COM 296056104 2,126 195,617 SH   OTR   0 195,617 0
ESCALADE INC COM 296056104 2,426 223,164 SH   SOLE   223,164 0 0
FIRST MERCHANTS CORP COM 320817109 183 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 267 7,085 SH   SOLE   7,085 0 0
FIVE STAR SENIOR LIVING INC COM 33832D106 120 265,166 SH   OTR   0 265,166 0
FIVE STAR SENIOR LIVING INC COM 33832D106 477 1,058,545 SH   SOLE   1,058,545 0 0
FLOTEK INDUSTRIES INC DEL COM 343389102 85 38,654 SH   OTR   0 38,654 0
FLOTEK INDUSTRIES INC DEL COM 343389102 281 127,500 SH   SOLE   127,500 0 0
FNB CORP COM 302520101 251 21,775 SH   OTR   0 21,775 0
FNB CORP COM 302520101 855 74,170 SH   SOLE   74,170 0 0
FOSTER L B CO COM 350060109 1,623 75,205 SH   OTR   0 75,205 0
FOSTER L B CO COM 350060109 485 22,489 SH   SOLE   22,489 0 0
FREIGHTCAR AMERICA INC COM 357023100 253 52,194 SH   OTR   0 52,194 0
FREIGHTCAR AMERICA INC COM 357023100 794 163,796 SH   SOLE   163,796 0 0
FSB BANCORP INC COM 30289C102 23 1,306 SH   OTR   0 1,306 0
FSB BANCORP INC COM 30289C102 168 9,734 SH   SOLE   9,734 0 0
GP STRATEGIES CORP COM 36225V104 143 11,104 SH   OTR   0 11,104 0
GP STRATEGIES CORP COM 36225V104 306 23,804 SH   SOLE   23,804 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 4,128 395,012 SH   OTR   0 395,012 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 6,964 666,433 SH   SOLE   666,433 0 0
HORIZON BANCORP INDIANA COM 440407104 199 11,438 SH   OTR   0 11,438 0
HORIZON BANCORP INDIANA COM 440407104 573 32,986 SH   SOLE   32,986 0 0
HV BANCORP INC COM 40441H105 382 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 167 12,382 SH   OTR   0 12,382 0
ICC HOLDINGS INC COM 44931Q104 234 17,345 SH   SOLE   17,345 0 0
IMMUCELL CORP COM 452525306 29 5,500 SH   OTR   0 5,500 0
IMMUCELL CORP COM 452525306 48 9,059 SH   SOLE   9,059 0 0
INFORMATION SVCS GROUP COM 45675Y104 31 12,425 SH   OTR   0 12,425 0
INFORMATION SVCS GROUP COM 45675Y104 35 14,299 SH   SOLE   14,299 0 0
INFUSYSTEM HLDGS INC COM 45685K102 4,112 777,352 SH   OTR   0 777,352 0
INFUSYSTEM HLDGS INC COM 45685K102 7,140 1,349,712 SH   SOLE   1,349,712 0 0
INVESTORS BANCORP INC NEW COM 46146L101 280 24,711 SH   OTR   0 24,711 0
INVESTORS BANCORP INC NEW COM 46146L101 772 67,990 SH   SOLE   67,990 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 156 10,000 SH   SOLE   10,000 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 51 3,300 SH   OTR   0 3,300 0
KOSS CORP COM 500692108 111 55,460 SH   OTR   0 55,460 0
KOSS CORP COM 500692108 344 172,163 SH   SOLE   172,163 0 0
KURA ONCOLOGY INC COM 50127T109 596 39,308 SH   OTR   0 39,308 0
KURA ONCOLOGY INC COM 50127T109 710 46,779 SH   SOLE   46,779 0 0
LAKE SHORE BANCORP INC COM 510700107 131 9,192 SH   OTR   0 9,192 0
LAKE SHORE BANCORP INC COM 510700107 289 20,269 SH   SOLE   20,269 0 0
LGL GROUP INC COM 50186A108 248 24,109 SH   OTR   0 24,109 0
LGL GROUP INC COM 50186A108 458 44,465 SH   SOLE   44,465 0 0
MACKINAC FINANCIAL CORP COM 554571109 309 19,972 SH   SOLE   19,972 0 0
MACKINAC FINANCIAL CORP COM 554571109 157 10,116 SH   OTR   0 10,116 0
MALVERN BANCORP INC COM 561409103 978 44,781 SH   SOLE   44,781 0 0
MAM SOFTWARE GROUP INC COM NEW 55277Q201 125 10,330 SH   SOLE   10,330 0 0
MID PENN BANCORP COM 59540G107 455 17,794 SH   OTR   0 17,794 0
MID PENN BANCORP COM 59540G107 798 31,240 SH   SOLE   31,240 0 0
MID SOUTHERN BANCORP COM 59548Q107 117 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 167 12,791 SH   SOLE   12,791 0 0
MUTUALFIRST FINANCIAL INC COM 62845B104 751 23,834 SH   OTR   0 23,834 0
MUTUALFIRST FINANCIAL INC COM 62845B104 179 5,666 SH   SOLE   5,666 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 1,508 141,163 SH   OTR   0 141,163 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,733 255,912 SH   SOLE   255,912 0 0
NI HOLDINGS INC COM 65342T106 910 53,089 SH   OTR   0 53,089 0
NI HOLDINGS INC COM 65342T106 1,721 100,400 SH   SOLE   100,400 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 695 42,460 SH   OTR   0 42,460 0
NORTHWEST BANCSHARES INC MD COM 667340103 469 28,625 SH   SOLE   28,625 0 0
NORWOOD FINANCIAL CORP COM 669549107 209 6,739 SH   OTR   0 6,739 0
NORWOOD FINANCIAL CORP COM 669549107 277 8,952 SH   SOLE   8,952 0 0
NUVERRA ENVIRONMENTAL COM 67091K302 30 7,258 SH   OTR   0 7,258 0
NUVERRA ENVIRONMENTAL COM 67091K302 54 12,997 SH   SOLE   12,997 0 0
OCONEE FED FINL CORP COM 675607105 236 10,805 SH   OTR   0 10,805 0
OCONEE FED FINL CORP COM 675607105 250 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 1,045 78,859 SH   OTR   0 78,859 0
PATHFINDER BANCORP INC COM 70319R109 2,414 182,166 SH   SOLE   182,166 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 1,062 61,324 SH   OTR   0 61,324 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 3,289 189,987 SH   SOLE   189,987 0 0
PB BANCORP INC COM 70454T100 102 8,856 SH   OTR   0 8,856 0
PB BANCORP INC COM 70454T100 250 21,722 SH   SOLE   21,722 0 0
PROASSURANCE CORP COM 74267C106 745 18,488 SH   OTR   0 18,488 0
PROASSURANCE CORP COM 74267C106 350 8,700 SH   SOLE   8,700 0 0
RAND CAPITAL CORP COM 752185108 30 12,107 SH   OTR   0 12,107 0
RAND CAPITAL CORP COM 752185108 5 1,820 SH   SOLE   1,820 0 0
RICHMOND MUTUAL BANCORP COM 76525P100 420 30,000 SH   SOLE   30,000 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 241 21,830 SH   OTR   0 21,830 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 450 40,692 SH   SOLE   40,692 0 0
SAEXPLORATION HOLDINGS INC COM PAR 78636X873 56 30,476 SH   OTR   0 30,476 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,192 40,084 SH   OTR   0 40,084 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 2,989 100,458 SH   SOLE   100,458 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 3,139 236,557 SH   OTR   0 236,557 0
SCRIPPS E W CO OHIO CL A NEW 811054402 5,048 380,382 SH   SOLE   380,382 0 0
SIFCO INDUSTRIES INC COM 826546103 149 55,077 SH   OTR   0 55,077 0
SIFCO INDUSTRIES INC COM 826546103 411 151,746 SH   SOLE   151,746 0 0
STATE AUTO FINANCIAL CORP COM 855707105 70 2,180 SH   OTR   0 2,180 0
STATE AUTO FINANCIAL CORP COM 855707105 257 7,943 SH   SOLE   7,943 0 0
SUNLINK HEALTH SYSTEMS INC COM 86737U102 53 46,733 SH   SOLE   46,733 0 0
SYNALLOY CP DEL COM 871565107 425 26,668 SH   OTR   0 26,668 0
SYNALLOY CP DEL COM 871565107 878 55,055 SH   SOLE   55,055 0 0
TCF FINANCIAL CORPORATION COM 872307103 62 1,620 SH   OTR   0 1,620 0
TCF FINANCIAL CORPORATION COM 872307103 335 8,805 SH   SOLE   8,805 0 0
TRANSCAT INC COM 893529107 3,525 137,919 SH   OTR   0 137,919 0
TRANSCAT INC COM 893529107 6,412 250,858 SH   SOLE   250,858 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 2,379 154,451 SH   OTR   0 154,451 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 4,464 289,892 SH   SOLE   289,892 0 0
US LIME & MINERAL COM 911922102 4,834 63,892 SH   OTR   0 63,892 0
US LIME & MINERAL COM 911922102 6,263 82,780 SH   SOLE   82,780 0 0
VERSO CORP CL A 92531L207 298 24,100 SH   OTR   0 24,100 0
VERSO CORP CL A 92531L207 547 44,200 SH   SOLE   44,200 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 740 21,547 SH   SOLE   21,547 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 58 1,698 SH   OTR   0 1,698 0
VIRCO MANUFACTURING CO COM 927651109 1,564 409,423 SH   OTR   0 409,423 0
VIRCO MANUFACTURING CO COM 927651109 2,452 641,889 SH   SOLE   641,889 0 0
VOLT INFORMATION SCIENCES COM 928703107 21 6,700 SH   OTR   0 6,700 0
VOLT INFORMATION SCIENCES COM 928703107 42 13,300 SH   SOLE   13,300 0 0
WSFS FINANCIAL CORP COM 929328102 33 752 SH   OTR   0 752 0
WSFS FINANCIAL CORP COM 929328102 364 8,257 SH   SOLE   8,257 0 0