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
AMERICAN AIRLS GROUP INC COM 02376R102 7,106 221,300 SH   DFND   221,300 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 11,249 350,313 SH   DFND 1 350,313 0 0
AMBAC FINL GROUP INC COM NEW 023139884 3,047 176,740 SH   DFND   176,740 0 0
AMBAC FINL GROUP INC COM NEW 023139884 11,452 664,246 SH   DFND 1 664,246 0 0
AMBAC FINL GROUP INC COM NEW 023139884 323 18,746 SH   DFND 2 18,746 0 0
AMERISERV FINL INC COM 03074A102 1,776 440,605 SH   DFND 2 440,605 0 0
BANK OF AMERICA CORP COM 060505104 4,699 190,701 SH   DFND   190,701 0 0
BANK OF AMERICA CORP COM 060505104 6,283 255,000 SH   DFND 1 255,000 0 0
BANK OF AMERICA CORP COM 060505104 924 37,500 SH   DFND 2 37,500 0 0
BANK OF AMERICA CORP COM 060505904 4,928 200,000 SH Call DFND 1 0 0 0
BROADWIND ENERGY INC COM 11161T207 202 155,741 SH   DFND   155,741 0 0
BLUELINX HOLDINGS INC COM 09624H208 1,485 60,113 SH   DFND   60,113 0 0
BLUELINX HOLDINGS INC COM 09624H208 9,317 377,039 SH   DFND 1 377,039 0 0
CAVCO INDUSTRIES INC COM 149568107 926 7,100 SH   DFND   7,100 0 0
CAVCO INDUSTRIES INC COM 149568107 9,242 70,884 SH   DFND 1 70,884 0 0
CB FINANCIAL SERVICES INC COM 12479G101 1,041 41,995 SH   DFND 2 41,995 0 0
CITIGROUP INC COM NEW 172967424 6,222 119,510 SH   DFND   119,510 0 0
CITIGROUP INC COM NEW 172967424 3,292 63,233 SH   DFND 2 63,233 0 0
CITIGROUP INC COM NEW 172967904 16,034 308,000 SH Call DFND 1 0 0 0
COLONY BANKCORP COM 19623P101 1,651 113,052 SH   DFND 1 113,052 0 0
COLONY BANKCORP COM 19623P101 1,726 118,200 SH   DFND 2 118,200 0 0
CIT GROUP INC COM NEW 125581801 574 15,000 SH   DFND 1 15,000 0 0
CIT GROUP INC COM NEW 125581801 1,598 41,744 SH   DFND 2 41,744 0 0
CIT GROUP INC COM NEW 125581901 5,082 132,800 SH Call DFND 1 0 0 0
CIT GROUP INC COM NEW 125581901 1,056 27,600 SH Call DFND 2 0 0 0
CONTURA ENERGY INC COM 21241B100 5,051 76,827 SH   DFND   76,827 0 0
CONTURA ENERGY INC COM 21241B100 17,629 268,155 SH   DFND 1 268,155 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 2,443 343,565 SH   DFND 1 343,565 0 0
CITIZENS FIRST CORP COM 17462Q107 1,945 90,778 SH   DFND 2 90,778 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 1,345 123,430 SH   DFND 1 123,430 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 2,343 214,911 SH   DFND 2 214,911 0 0
DELTA AIR LINES INC COM 247361702 5,614 112,500 SH   DFND   112,500 0 0
DELTA AIR LINES INC COM 247361702 10,730 215,030 SH   DFND 1 215,030 0 0
DEUTSCHE BANK AG-REGISTERED COM D18190908 14,551 1,785,400 SH Call DFND 1 0 0 0
DEUTSCHE BANK AG-REGISTERED COM D18190908 1,426 175,000 SH Call DFND 2 0 0 0
ENTEGRA FINANCIAL CORP COM 29363J108 709 34,145 SH   DFND 2 34,145 0 0
ESSA BANCORP INC COM 29667D104 2,511 160,839 SH   DFND 2 160,839 0 0
FIDELITY SOUTHERN CORP COM 316394105 463 17,795 SH   DFND 2 17,795 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 1,087 89,716 SH   DFND 2 89,716 0 0
FIRST UNITED CORP COM 33741H107 3,107 195,134 SH   DFND 1 195,134 0 0
FIRST UNITED CORP COM 33741H107 1,603 100,692 SH   DFND 2 100,692 0 0
FIRST US BANCSHARES INC COM 33744V103 109 13,744 SH   DFND 1 13,744 0 0
FIRST US BANCSHARES INC COM 33744V103 236 29,745 SH   DFND 2 29,745 0 0
HMN FINANCIAL INC COM 40424G108 5,362 273,282 SH   DFND 2 273,282 0 0
HAWTHORN BANCSHARES INC COM 420476103 4,480 213,033 SH   DFND 2 213,033 0 0
IES HOLDINGS INC COM 44951W106 151,607 9,749,646 SH   DFND   9,749,646 0 0
IES HOLDINGS INC COM 44951W106 39,954 2,569,418 SH   DFND 1 2,569,418 0 0
IF BANCORP INC COM 44951J105 188 9,334 SH   DFND 1 9,334 0 0
IF BANCORP INC COM 44951J105 1,373 68,227 SH   DFND 2 68,227 0 0
LOUISIANA-PACIFIC CORP COM 546347105 1,555 70,000 SH   DFND   70,000 0 0
LOUISIANA-PACIFIC CORP COM 546347105 590 26,536 SH   DFND 1 26,536 0 0
LSB INDUSTRIES INC COM 502160104 1,182 214,062 SH   DFND   214,062 0 0
LSB INDUSTRIES INC COM 502160104 12,297 2,227,754 SH   DFND 1 2,227,754 0 0
MACKINAC FINANCIAL CORP COM 554571109 3,538 259,189 SH   DFND 2 259,189 0 0
MID PENN BANCORP INC COM 59540G107 3,610 156,841 SH   DFND 2 156,841 0 0
MVB FINANCIAL CORP COM 553810102 461 25,544 SH   DFND 2 25,544 0 0
OWENS CORNING COM 690742101 2,608 59,300 SH   DFND   59,300 0 0
OWENS CORNING COM 690742101 1,761 40,040 SH   DFND 1 40,040 0 0
PATRICK INDUSTRIES INC COM 703343103 18,378 620,665 SH   DFND   620,665 0 0
PATRICK INDUSTRIES INC COM 703343103 7,230 244,160 SH   DFND 1 244,160 0 0
PEOPLES BANCORP OF NC COM 710577107 3,534 144,475 SH   DFND 1 144,475 0 0
PEOPLES BANCORP OF NC COM 710577107 9,489 387,936 SH   DFND 2 387,936 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 1,312 87,998 SH   DFND 2 87,998 0 0
REPUBLIC BANCORP INC-CLASS A COM 760281204 4,425 114,276 SH   DFND 2 114,276 0 0
REPUBLIC BANCORP INC-CLASS A COM 760281204 1,033 26,686 SH   DFND 1 26,686 0 0
RIVERVIEW FINANCIAL CORP NEW COM 76940Q105 2,479 227,401 SH   DFND 2 227,401 0 0
SB FINANCIAL GROUP INC COM 78408D105 488 29,649 SH   DFND 2 29,649 0 0
SEVERN BANCORP INC/MD COM 81811M100 2,033 254,745 SH   DFND 2 254,745 0 0
SHORE BANCSHARES INC COM 825107105 541 37,201 SH   DFND 2 37,201 0 0
SPDR S&P REGIONAL BANKING COM 78464A698 12,165 260,000 SH   DFND 2 260,000 0 0
SKYLINE CHAMPION CORP COM 830830105 1,289 87,760 SH   DFND   87,760 0 0
SKYLINE CHAMPION CORP COM 830830105 16,720 1,138,170 SH   DFND 1 1,138,170 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 1,610 83,394 SH   DFND 2 83,394 0 0
SUNCOKE ENERGY INC COM 86722A103 8,010 936,853 SH   DFND 1 936,853 0 0
THOR INDUSTRIES INC COM 885160101 1,133 21,792 SH   DFND 1 21,792 0 0
TRONOX LTD-CL A COM Q9235V101 141 18,167 SH   DFND   18,167 0 0
TRONOX LTD-CL A COM Q9235V101 1,621 208,294 SH   DFND 1 208,294 0 0
UNITED CONTINENTAL HOLDINGS COM 910047109 5,454 65,132 SH   DFND   65,132 0 0
UNITED CONTINENTAL HOLDINGS COM 910047109 6,698 80,000 SH   DFND 1 80,000 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 6,084 303,888 SH   DFND 2 303,888 0 0
UNIVERSAL FOREST PRODUCTS COM 913543104 319 12,284 SH   DFND   12,284 0 0
UNIVERSAL FOREST PRODUCTS COM 913543104 1,892 72,872 SH   DFND 1 72,872 0 0
WINNEBAGO INDUSTRIES COM 974637100 11,278 465,832 SH   DFND 1 465,832 0 0
WHIRLPOOL CORP COM 963320106 1,763 16,500 SH   DFND   16,500 0 0
WVS FINANCIAL CORP COM 929358109 1,560 105,652 SH   DFND 2 105,652 0 0