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 102 3,355 SH   OTR   0 3,355 0
ADAMS RESOURCES & ENERGY INC COM NEW 006351308 163 5,376 SH   SOLE   5,376 0 0
AMERISERV FINANC INC COM 03074A102 66 17,000 SH   OTR   0 17,000 0
AMERISERV FINANC INC COM 03074A102 159 41,200 SH   SOLE   41,200 0 0
ARCA BIOPHARMA INC COM 00211Y506 10 3,300 SH   OTR   0 3,300 0
ARCA BIOPHARMA INC COM 00211Y506 20 6,700 SH   SOLE   6,700 0 0
ASTRONICS CORP COM 046433108 963 68,487 SH   OTR   0 68,487 0
ASTRONICS CORP COM 046433108 3,843 273,300 SH   SOLE   273,300 0 0
AUDACY INC CL A 05070N103 294 79,900 SH   OTR   0 79,900 0
AUDACY INC CL A 05070N103 258 70,000 SH   SOLE   70,000 0 0
CAMDEN NATIONAL CORP COM 133034108 1,914 39,968 SH   OTR   0 39,968 0
CAMDEN NATIONAL CORP COM 133034108 2,539 53,000 SH   SOLE   53,000 0 0
CECO ENVIRONMENTAL CORP COM 125141101 250 35,458 SH   OTR   0 35,458 0
CECO ENVIRONMENTAL CORP COM 125141101 798 113,371 SH   SOLE   113,371 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 1,028 8,950 SH   OTR   0 8,950 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 929 8,084 SH   SOLE   8,084 0 0
CHASE CORP COM 16150R104 3,516 34,420 SH   OTR   0 34,420 0
CHASE CORP COM 16150R104 8,768 85,833 SH   SOLE   85,833 0 0
CITIZENS & NORTHERN CORP COM 172922106 414 16,400 SH   OTR   0 16,400 0
CITIZENS & NORTHERN CORP COM 172922106 670 26,500 SH   SOLE   26,500 0 0
COLUMBIA FINANCIAL INC COM 197641103 625 33,794 SH   SOLE   33,794 0 0
COMMUNITY BANK SYS INC COM 203607106 453 6,618 SH   OTR   0 6,618 0
COMPUTER TASK GROUP INC COM 205477102 1,963 246,303 SH   OTR   0 246,303 0
COMPUTER TASK GROUP INC COM 205477102 7,740 971,101 SH   SOLE   971,101 0 0
COMPX INTERNATIONAL CL A 20563P101 158 7,597 SH   OTR   0 7,597 0
COMPX INTERNATIONAL CL A 20563P101 462 22,250 SH   SOLE   22,250 0 0
DALLASNEWS CORPORATION COM SER A 235050101 246 36,248 SH   OTR   0 36,248 0
DALLASNEWS CORPORATION COM SER A 235050101 857 126,000 SH   SOLE   126,000 0 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 178 72,036 SH   OTR   0 72,036 0
DAWSON GEOPHYSICAL CO NEW COM 239360100 707 286,300 SH   SOLE   286,300 0 0
DELUXE CORP COM 248019101 499 13,900 SH   OTR   0 13,900 0
DLH HOLDINGS CORP COM 23335Q100 418 34,679 SH   OTR   0 34,679 0
DLH HOLDINGS CORP COM 23335Q100 1,416 117,499 SH   SOLE   117,499 0 0
DONEGAL GROUP INC CL B 257701300 59 4,500 SH   OTR   0 4,500 0
DONEGAL GROUP INC CL B 257701300 174 13,356 SH   SOLE   13,356 0 0
DONEGAL GROUP INC CL A 257701201 145 10,001 SH   OTR   0 10,001 0
DONEGAL GROUP INC CL A 257701201 129 8,880 SH   SOLE   8,880 0 0
DORMAN PRODUCTS INC COM 258278100 811 8,590 SH   OTR   0 8,590 0
DORMAN PRODUCTS INC COM 258278100 803 8,500 SH   SOLE   8,500 0 0
EAGLE BANCORP MONT INC COM 26942G100 87 3,900 SH   OTR   0 3,900 0
EAGLE BANCORP MONT INC COM 26942G100 383 17,198 SH   SOLE   17,198 0 0
EASTERN CO COM 276317104 1,852 74,098 SH   OTR   0 74,098 0
EASTERN CO COM 276317104 6,321 252,839 SH   SOLE   252,839 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 131 5,019 SH   OTR   0 5,019 0
EMCLAIRE FINANCIAL CORP COM 290828102 66 2,535 SH   SOLE   2,535 0 0
ESCALADE INC COM 296056104 2,140 113,157 SH   OTR   0 113,157 0
ESCALADE INC COM 296056104 4,820 254,898 SH   SOLE   254,898 0 0
FIRST MERCHANTS CORP COM 320817109 204 4,875 SH   OTR   0 4,875 0
FIRST MERCHANTS CORP COM 320817109 209 5,000 SH   SOLE   5,000 0 0
FNB CORP COM 302520101 136 11,690 SH   OTR   0 11,690 0
FNB CORP COM 302520101 674 58,000 SH   SOLE   58,000 0 0
FOSTER L B CO COM 350060109 508 32,774 SH   OTR   0 32,774 0
FOSTER L B CO COM 350060109 348 22,489 SH   SOLE   22,489 0 0
FREIGHTCAR AMERICA INC COM 357023100 728 161,676 SH   OTR   0 161,676 0
FREIGHTCAR AMERICA INC COM 357023100 2,036 452,445 SH   SOLE   452,445 0 0
GP STRATEGIES CORP COM 36225V104 2,031 98,108 SH   OTR   0 98,108 0
GP STRATEGIES CORP COM 36225V104 5,171 249,827 SH   SOLE   249,827 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 3,213 212,900 SH   OTR   0 212,900 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 11,614 769,640 SH   SOLE   769,640 0 0
GSE SYSTEMS INC COM 36227K106 145 98,712 SH   OTR   0 98,712 0
GSE SYSTEMS INC COM 36227K106 632 429,606 SH   SOLE   429,606 0 0
HORIZON BANCORP INDIANA COM 440407104 128 7,052 SH   OTR   0 7,052 0
HORIZON BANCORP INDIANA COM 440407104 509 28,000 SH   SOLE   28,000 0 0
HV BANCORP INC COM 40441H105 568 25,890 SH   SOLE   25,890 0 0
ICC HOLDINGS INC COM 44931Q104 135 8,414 SH   OTR   0 8,414 0
ICC HOLDINGS INC COM 44931Q104 399 24,953 SH   SOLE   24,953 0 0
IMMUCELL CORP COM 452525306 41 4,554 SH   OTR   0 4,554 0
IMMUCELL CORP COM 452525306 66 7,404 SH   SOLE   7,404 0 0
INFUSYSTEM HLDGS INC COM 45685K102 2,396 183,884 SH   OTR   0 183,884 0
INFUSYSTEM HLDGS INC COM 45685K102 8,632 662,467 SH   SOLE   662,467 0 0
INVESTORS BANCORP INC NEW COM 46146L101 339 22,411 SH   OTR   0 22,411 0
INVESTORS BANCORP INC NEW COM 46146L101 861 57,000 SH   SOLE   57,000 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 1,318 102,942 SH   SOLE   102,942 0 0
KEWAUNEE SCIENTIFIC CORP COM 492854104 454 35,450 SH   OTR   0 35,450 0
LAKE SHORE BANCORP INC COM 510700107 85 5,700 SH   OTR   0 5,700 0
LAKE SHORE BANCORP INC COM 510700107 208 14,000 SH   SOLE   14,000 0 0
LGL GROUP INC COM 50186A108 66 4,901 SH   OTR   0 4,901 0
LGL GROUP INC COM 50186A108 107 8,000 SH   SOLE   8,000 0 0
LUMOS PHARMA INC COM 55028X109 128 13,549 SH   OTR   0 13,549 0
LUMOS PHARMA INC COM 55028X109 193 20,466 SH   SOLE   20,466 0 0
MALVERN BANCORP INC COM 561409103 814 48,000 SH   SOLE   48,000 0 0
MALVERN BANCORP INC COM 561409103 88 5,206 SH   OTR   0 5,206 0
MID PENN BANCORP COM 59540G107 212 7,726 SH   OTR   0 7,726 0
MID PENN BANCORP COM 59540G107 857 31,225 SH   SOLE   31,225 0 0
MID SOUTHERN BANCORP COM 59548Q107 134 8,915 SH   OTR   0 8,915 0
MID SOUTHERN BANCORP COM 59548Q107 193 12,791 SH   SOLE   12,791 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 688 77,747 SH   OTR   0 77,747 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,274 256,965 SH   SOLE   256,965 0 0
NICOLET BANKSHARES INC COM 65406E102 85 1,141 SH   OTR   0 1,141 0
NICOLET BANKSHARES INC COM 65406E102 328 4,420 SH   SOLE   4,420 0 0
NI HOLDINGS INC COM 65342T106 518 29,500 SH   OTR   0 29,500 0
NI HOLDINGS INC COM 65342T106 1,763 100,400 SH   SOLE   100,400 0 0
NORTHEAST CMNTY BANCORP INC COM 664121100 18 1,639 SH   OTR   0 1,639 0
NORTHEAST CMNTY BANCORP INC COM 664121100 271 25,000 SH   SOLE   25,000 0 0
NORTHWEST BANCSHARES INC MD COM 667340103 505 38,000 SH   SOLE   38,000 0 0
NORWOOD FINANCIAL CORP COM 669549107 119 4,729 SH   OTR   0 4,729 0
NORWOOD FINANCIAL CORP COM 669549107 226 8,952 SH   SOLE   8,952 0 0
OCONEE FED FINL CORP COM 675607105 270 11,451 SH   SOLE   11,451 0 0
PATHFINDER BANCORP INC COM 70319R109 802 49,795 SH   OTR   0 49,795 0
PATHFINDER BANCORP INC COM 70319R109 3,288 204,250 SH   SOLE   204,250 0 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 605 53,506 SH   OTR   0 53,506 0
PATRIOT TRANSPORTATION HOLDING INC COM 70338W105 2,709 239,564 SH   SOLE   239,564 0 0
PROASSURANCE CORP COM 74267C106 203 8,534 SH   OTR   0 8,534 0
PROASSURANCE CORP COM 74267C106 207 8,700 SH   SOLE   8,700 0 0
RICHMOND MUTUAL BANCORP COM 76525P100 473 30,000 SH   SOLE   30,000 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 142 10,922 SH   OTR   0 10,922 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 269 20,700 SH   SOLE   20,700 0 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 1,193 53,060 SH   OTR   0 53,060 0
SAGA COMMUNICATIONS INC CL A NEW 786598300 3,222 143,277 SH   SOLE   143,277 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 2,253 124,707 SH   OTR   0 124,707 0
SCRIPPS E W CO OHIO CL A NEW 811054402 7,205 398,700 SH   SOLE   398,700 0 0
SIFCO INDUSTRIES INC COM 826546103 659 76,608 SH   OTR   0 76,608 0
SIFCO INDUSTRIES INC COM 826546103 2,658 309,100 SH   SOLE   309,100 0 0
SOUTH STATE CORP COM 840441109 423 5,661 SH   OTR   0 5,661 0
STARRETT L S CO CL A 855668109 203 16,237 SH   OTR   0 16,237 0
STARRETT L S CO CL A 855668109 525 42,000 SH   SOLE   42,000 0 0
STATE AUTO FINL CORP COM 855707105 497 9,755 SH   OTR   0 9,755 0
STATE AUTO FINL CORP COM 855707105 2,119 41,583 SH   SOLE   41,583 0 0
SYNALLOY CP DEL COM 871565107 136 12,600 SH   OTR   0 12,600 0
SYNALLOY CP DEL COM 871565107 466 43,250 SH   SOLE   43,250 0 0
THRYV HOLDINGS INC COM NEW 886029206 291 9,703 SH   OTR   0 9,703 0
THRYV HOLDINGS INC COM NEW 886029206 1,507 50,000 SH   SOLE   50,000 0 0
TRANSCAT INC COM 893529107 173 2,717 SH   OTR   0 2,717 0
TRANSCAT INC COM 893529107 115 1,800 SH   SOLE   1,800 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 1,431 141,724 SH   OTR   0 141,724 0
UNIVERSAL STAINLESS & ALLOY COM 913837100 5,550 549,529 SH   SOLE   549,529 0 0
US LIME & MINERAL COM 911922102 1,538 12,780 SH   OTR   0 12,780 0
US LIME & MINERAL COM 911922102 3,211 26,681 SH   SOLE   26,681 0 0
VERSO CORP CL A 92531L207 500 24,100 SH   OTR   0 24,100 0
VERSO CORP CL A 92531L207 917 44,200 SH   SOLE   44,200 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 897 17,947 SH   SOLE   17,947 0 0
VILLAGE BANK & TRUST FIN CO COM NEW 92705T200 90 1,798 SH   OTR   0 1,798 0
VIRCO MANUFACTURING CO COM 927651109 708 207,569 SH   OTR   0 207,569 0
VIRCO MANUFACTURING CO COM 927651109 2,223 651,877 SH   SOLE   651,877 0 0
VOLT INFORMATION SCIENCES COM 928703107 169 48,265 SH   OTR   0 48,265 0
VOLT INFORMATION SCIENCES COM 928703107 565 161,000 SH   SOLE   161,000 0 0
WILLIAMS INDUSTRIAL SERVICES GROUP INC COM 96951A104 1,780 418,840 SH   OTR   0 418,840 0
WILLIAMS INDUSTRIAL SERVICES GROUP INC COM 96951A104 6,076 1,429,610 SH   SOLE   1,429,610 0 0