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 FINANCIAL GROUP INC COM NEW 023139884 1,772 138,793 SH   DFND 1 138,793 0 0
AMERISERV FINANCIAL INC COM 03074A102 2,071 737,188 SH   DFND 2 737,188 0 0
BANK OF AMERICA CORP COM 060505104 1,265 52,500 SH   DFND 2 52,500 0 0
BLUE RIDGE BANKSHARES INC COM 095825105 765 56,493 SH   DFND 2 56,493 0 0
BLUELINX HOLDINGS INC COM NEW 09624H208 9,538 443,021 SH   DFND 1 443,021 0 0
CITIGROUP INC COM NEW 172967424 431 10,000 SH   DFND 2 10,000 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 370 53,637 SH   DFND 1 53,637 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 1,465 212,601 SH   DFND 2 212,601 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 236 18,862 SH   DFND 2 18,862 0 0
CLEVELAND-CLIFFS INC COM 185899101 8,280 1,289,695 SH   DFND 1 1,289,695 0 0
COLONY BANKCORP COM 19623P101 1,089 101,322 SH   DFND 2 101,322 0 0
CONTURA ENERGY INC COM 21241B100 5,696 778,100 SH   DFND 1 778,100 0 0
CORE MOLDING TECHNOLOGIES IN COM 218683100 2,029 228,955 SH   DFND 1 228,955 0 0
DIXIE GROUP INC CL A 255519100 1,184 1,317,210 SH   DFND 1 1,317,210 0 0
EMCLAIRE FINANCIAL CORP COM 290828102 275 10,951 SH   DFND 2 10,951 0 0
ESSA BANCORP INC COM 29667D104 2,576 208,946 SH   DFND 2 208,946 0 0
FIRST BANK/HAMILTON NJ COM 31931U102 443 71,482 SH   DFND 2 71,482 0 0
FIRST UNITED CORP COM 33741H107 1,495 127,701 SH   DFND 2 127,701 0 0
FIRST US BANCSHARES INC COM 33744V103 1,152 173,704 SH   DFND 2 173,704 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,330 70,208 SH   DFND 2 70,208 0 0
HC2 HOLDINGS INC COM 404139107 1,431 592,059 SH   DFND 2 592,059 0 0
HMN FINANCIAL INC COM 40424G108 3,927 296,133 SH   DFND 2 296,133 0 0
IES HOLDINGS INC COM 44951W106 309,746 9,749,646 SH   DFND   9,749,646 0 0
IES HOLDINGS INC COM 44951W106 54,292 1,708,893 SH   DFND 1 1,708,893 0 0
IF BANCORP INC COM 44951J105 111 7,201 SH   DFND 1 7,201 0 0
IF BANCORP INC COM 44951J105 2,167 140,093 SH   DFND 2 140,093 0 0
LSB INDUSTRIES INC COM 502160104 39 24,236 SH   DFND 1 24,236 0 0
MACKINAC FINANCIAL CORP COM 554571109 1,771 183,498 SH   DFND 2 183,498 0 0
MID PENN BANCORP INC COM 59540G107 1,549 89,466 SH   DFND 2 89,466 0 0
NESCO HOLDINGS INC COM 64083J104 42 10,000 SH   DFND 2 10,000 0 0
PATRICK INDUSTRIES INC COM 703343103 10,554 183,488 SH   DFND   183,488 0 0
PATRICK INDUSTRIES INC COM 703343103 2,122 36,900 SH   DFND 1 36,900 0 0
PEOPLES BANCORP OF NC COM 710577107 3,026 196,104 SH   DFND 2 196,104 0 0
PREMIER FINANCIAL BANCORP COM 74050M105 763 70,621 SH   DFND 2 70,621 0 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204 2,779 98,691 SH   DFND 2 98,691 0 0
RIVERVIEW FINANCIAL CORP COM 76940Q105 1,578 233,369 SH   DFND 2 233,369 0 0
SB FINANCIAL GROUP INC COM 78408D105 392 29,045 SH   DFND 2 29,045 0 0
SEVERN BANCORP INC/MD COM 81811M100 1,992 307,006 SH   DFND 2 307,006 0 0
SHORE BANCSHARES INC COM 825107105 1,017 92,619 SH   DFND 2 92,619 0 0
SUNCOKE ENERGY INC COM 86722A103 4,478 1,309,237 SH   DFND 1 1,309,237 0 0
UNITED BANCSHARES INC/OHIO COM 909458101 6,293 292,682 SH   DFND 2 292,682 0 0
WVS FINANCIAL CORP COM 929358109 1,673 125,641 SH   DFND 2 125,641 0 0
AVADEL PHARMACEUTICALS-ADR SPONSORED ADR 05337M104 4,351 863,196 SH   DFND 1 863,196 0 0
AVADEL PHARMACEUTICALS-ADR SPONSORED ADR 05337M104 1,270 252,015 SH   DFND 2 252,015 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 9,549 63,750 SH   DFND 1 63,750 0 0
ISHARES RUSSELL 2000 ETF COM 464287655 4,906 32,750 SH   DFND 2 32,750 0 0