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
AMBAC FINL GROUP INC COM NEW 023139884 2,589 209,787 SH   DFND   209,787 0 0
AMBAC FINL GROUP INC COM NEW 023139884 1,747 141,564 SH   DFND 1 141,564 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 1,421 116,610 SH   DFND   116,610 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 1,317 108,000 SH Call DFND 1 0 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 611 50,100 SH Call DFND 2 0 0 0
AMERISERV FINL INC COM 03074A102 1,900 725,134 SH   DFND 2 725,134 0 0
ANAVEX LIFE SCIENCES CORP COM NEW 032797300 63 19,971 SH   DFND 2 19,971 0 0
AVADEL PHARMACEUTICALS PLC SPONSORED ADR 05337M104 2,059 259,279 SH   DFND   259,279 0 0
AVADEL PHARMACEUTICALS PLC SPONSORED ADR 05337M104 2,336 294,237 SH   DFND 1 294,237 0 0
BK OF AMERICA CORP COM 060505104 6,172 290,701 SH   DFND   290,701 0 0
BK OF AMERICA CORP COM 060505104 212 10,000 SH   DFND 2 10,000 0 0
BROADWIND ENERGY INC COM NEW 11161T207 175 124,930 SH   DFND   124,930 0 0
BLUELINX HLDGS INC COM NEW 09624H208 860 173,679 SH   DFND   173,679 0 0
BLUELINX HLDGS INC COM NEW 09624H208 1,801 363,799 SH   DFND 1 363,799 0 0
BLUE RIDGE BANKSHARES INC VA COM 095825105 988 61,965 SH   DFND 2 61,965 0 0
CAMPING WORLD HLDGS INC CL A 13462K109 493 86,560 SH   DFND   86,560 0 0
CAVCO INDS INC DEL COM 149568107 1,842 12,709 SH   DFND   12,709 0 0
CAVCO INDS INC DEL COM 149568107 456 3,143 SH   DFND 1 3,143 0 0
CB FINL SVCS INC COM 12479G101 653 33,839 SH   DFND 2 33,839 0 0
CIT GROUP INC COM NEW 125581801 173 10,000 SH   DFND   10,000 0 0
CITIGROUP INC COM NEW 172967424 5,602 133,010 SH   DFND   133,010 0 0
CITIGROUP INC COM NEW 172967424 211 5,000 SH   DFND 2 5,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 342 52,964 SH   DFND 1 52,964 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,371 212,601 SH   DFND 2 212,601 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 133 8,862 SH   DFND 2 8,862 0 0
COLONY BANKCORP INC COM 19623P101 1,386 110,864 SH   DFND 2 110,864 0 0
CONTURA ENERGY INC COM 21241B100 287 122,044 SH   DFND   122,044 0 0
CONTURA ENERGY INC COM 21241B100 1,737 739,007 SH   DFND 1 739,007 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 411 266,599 SH   DFND 1 266,599 0 0
COUNTY BANCORP INC COM 221907108 2,718 146,894 SH   DFND 2 146,894 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,605 56,250 SH   DFND   56,250 0 0
DIXIE GROUP INC CL A 255519100 666 1,023,943 SH   DFND 1 1,023,943 0 0
EMCLAIRE FINL CORP COM 290828102 255 10,951 SH   DFND 2 10,951 0 0
ENERSYS COM 29275Y102 3,536 71,405 SH   DFND   71,405 0 0
ESSA BANCORP INC COM 29667D104 2,793 204,641 SH   DFND 2 204,641 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 496 71,482 SH   DFND 2 71,482 0 0
FIRST UTD CORP COM 33741H107 2,499 174,890 SH   DFND 2 174,890 0 0
FIRST US BANCSHARES INC COM 33744V103 963 156,762 SH   DFND 2 156,762 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,630 88,852 SH   DFND 2 88,852 0 0
HC2 HLDGS INC COM 404139107 630 406,649 SH   DFND 2 406,649 0 0
HMN FINL INC COM 40424G108 5,258 292,133 SH   DFND 2 292,133 0 0
IES HLDGS INC COM 44951W106 172,081 9,749,646 SH   DFND   9,749,646 0 0
IES HLDGS INC COM 44951W106 38,848 2,200,996 SH   DFND 1 2,200,996 0 0
II-VI INC COM 902104108 1,839 64,533 SH   DFND   64,533 0 0
IF BANCORP INC COM 44951J105 107 6,715 SH   DFND 1 6,715 0 0
IF BANCORP INC COM 44951J105 1,772 110,730 SH   DFND 2 110,730 0 0
JPMORGAN CHASE & CO COM 46625H100 3,601 40,000 SH   DFND   40,000 0 0
LSB INDS INC COM 502160104 159 75,935 SH   DFND   75,935 0 0
LSB INDS INC COM 502160104 1,490 709,371 SH   DFND 1 709,371 0 0
MACKINAC FINL CORP COM 554571109 1,918 183,498 SH   DFND 2 183,498 0 0
MID PENN BANCORP INC COM 59540G107 1,879 92,784 SH   DFND 2 92,784 0 0
MVB FINANCIAL CORP COM 553810102 158 12,416 SH   DFND 2 12,416 0 0
OWENS CORNING NEW COM 690742101 3,660 94,300 SH   DFND   94,300 0 0
PATRICK INDS INC COM 703343103 10,645 378,006 SH   DFND   378,006 0 0
PATRICK INDS INC COM 703343103 1,807 64,168 SH   DFND 1 64,168 0 0
PEOPLES BANCORP N C INC COM 710577107 4,024 197,651 SH   DFND 2 197,651 0 0
PREMIER FINL BANCORP INC COM 74050M105 890 71,801 SH   DFND 2 71,801 0 0
REPUBLIC BANCORP KY CL A 760281204 94 2,859 SH   DFND 1 2,859 0 0
REPUBLIC BANCORP KY CL A 760281204 3,930 118,976 SH   DFND 2 118,976 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 1,510 233,369 SH   DFND 2 233,369 0 0
SB FINL GROUP INC COM 78408D105 410 36,845 SH   DFND 2 36,845 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 1,971 307,006 SH   DFND 2 307,006 0 0
SHORE BANCSHARES INC COM 825107105 869 80,138 SH   DFND 2 80,138 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 88 4,140 SH   DFND 2 4,140 0 0
SUNCOKE ENERGY INC COM 86722A103 1,538 399,558 SH   DFND   399,558 0 0
SUNCOKE ENERGY INC COM 86722A103 2,351 610,703 SH   DFND 1 610,703 0 0
UNITED BANCSHARES INC OHIO COM 909458101 4,756 292,682 SH   DFND 2 292,682 0 0
WVS FINL CORP COM 929358109 1,631 123,546 SH   DFND 2 123,546 0 0