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
Expires: July 31, 2015
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
ADVANCED MICRO DEVICES COM 007903107 60,995,550 105,000 SH DFND 1 0 105,000 0
ADVANCED MICRO DEVICES COM 007903107 20,331,850 35,000 SH DFND 2 0 35,000 0
ALCOA CORP COM 013872106 17,206,200 330,000 SH DFND 1 0 330,000 0
ALCOA CORP COM 013872106 5,735,400 110,000 SH DFND 2 0 110,000 0
ALERUS FINANCIAL CORP COM 01446U103 7,268,070 233,700 SH DFND 2 0 233,700 0
ALKERMES PLC COM G01767105 15,556,652 296,911 SH DFND 1 0 296,911 0
ALKERMES PLC COM G01767105 5,185,586 98,971 SH DFND 2 0 98,971 0
ALPHA METALLURGICAL RESOURCE COM 020764106 71,721,025 434,831 SH DFND 1 0 434,831 0
ALPHA METALLURGICAL RESOURCE COM 020764106 27,449,975 166,424 SH DFND 2 0 166,424 0
AMERISERV FINANCIAL INC COM 03074A102 6,346,427 1,635,677 SH DFND 2 0 1,635,677 0
AMPHENOL CORP-CL A COM 032095101 78,087,720 442,875 SH DFND 1 0 442,875 0
AMPHENOL CORP-CL A COM 032095101 26,029,240 147,625 SH DFND 2 0 147,625 0
APPLE INC COM 037833100 68,361,300 236,250 SH DFND 1 0 236,250 0
APPLE INC COM 037833100 22,787,100 78,750 SH DFND 2 0 78,750 0
APPLE INC COM 037833100 195,318,000 675,000 SH Call DFND 1 0 0 0
APPLE INC COM 037833100 65,106,000 225,000 SH Call DFND 2 0 0 0
ASSURED GUARANTY LTD COM G0585R106 43,655,376 544,603 SH DFND 1 0 544,603 0
ASSURED GUARANTY LTD COM G0585R106 14,551,685 181,533 SH DFND 2 0 181,533 0
ATKORE INC COM 047649108 23,664,180 311,207 SH DFND 1 0 311,207 0
ATKORE INC COM 047649108 6,768,092 89,007 SH DFND 2 0 89,007 0
AVANTOR INC COM 05352A100 56,484,183 5,705,473 SH DFND 1 0 5,705,473 0
AVANTOR INC COM 05352A100 18,827,790 1,901,797 SH DFND 2 0 1,901,797 0
BABCOCK & WILCOX ENTERPR COM 05614L209 55,202,445 3,915,067 SH DFND 1 0 3,915,067 0
BABCOCK & WILCOX ENTERPR COM 05614L209 17,313,545 1,227,911 SH DFND 2 0 1,227,911 0
BAUSCH HEALTH COS INC COM 071734107 14,927,404 3,027,871 SH DFND 1 0 3,027,871 0
BAUSCH HEALTH COS INC COM 071734107 4,975,455 1,009,220 SH DFND 2 0 1,009,220 0
BAXTER INTERNATIONAL INC COM 071813109 28,076,798 1,316,923 SH DFND 1 0 1,316,923 0
BAXTER INTERNATIONAL INC COM 071813109 9,358,947 438,975 SH DFND 2 0 438,975 0
BED BATH & BEYOND INC COM 690370101 2,692,350 465,000 SH DFND 1 0 465,000 0
BED BATH & BEYOND INC COM 690370101 897,450 155,000 SH DFND 2 0 155,000 0
BLUE RIDGE BANKSHARES INC COM 095825105 757,566 214,608 SH DFND 2 0 214,608 0
BLUELINX HOLDINGS INC COM 09624H208 32,752,651 529,293 SH DFND 1 0 529,293 0
BLUELINX HOLDINGS INC COM 09624H208 14,548,792 235,113 SH DFND 2 0 235,113 0
BOEING CO/THE COM 097023105 17,858,775 82,500 SH DFND 1 0 82,500 0
BOEING CO/THE COM 097023105 5,952,925 27,500 SH DFND 2 0 27,500 0
BV FINANCIAL INC COM 05603E208 2,991,929 141,262 SH DFND 2 0 141,262 0
CAMDEN NATIONAL CORP COM 133034108 3,322,005 61,269 SH DFND 2 0 61,269 0
CHAMPION HOMES INC COM 830830105 28,112,042 319,020 SH DFND 1 0 319,020 0
CHAMPION HOMES INC COM 830830105 9,370,681 106,340 SH DFND 2 0 106,340 0
CHOICEONE FINANCIAL SVCS INC COM 170386106 5,050,632 148,548 SH DFND 2 0 148,548 0
CITIZENS COMMUNITY BANCORP I COM 174903104 5,808,181 248,319 SH DFND 2 0 248,319 0
CIVISTA BANCSHARES INC COM 178867107 282,200 10,000 SH DFND 2 0 10,000 0
COHERENT CORP COM 19247G107 4,980,973 12,627 SH DFND 1 0 12,627 0
COHERENT CORP COM 19247G107 5,917,050 15,000 SH DFND 2 0 15,000 0
CONAGRA BRANDS INC COM 205887102 5,168,640 384,000 SH DFND 1 0 384,000 0
CONAGRA BRANDS INC COM 205887102 1,722,880 128,000 SH DFND 2 0 128,000 0
CORE LABORATORIES INC COM 21867A105 9,518,912 817,074 SH DFND 1 0 817,074 0
CORE LABORATORIES INC COM 21867A105 3,190,923 273,899 SH DFND 2 0 273,899 0
CORE NATURAL RESOURCES INC COM 218937100 24,820,444 310,178 SH DFND 1 0 310,178 0
CORE NATURAL RESOURCES INC COM 218937100 8,273,428 103,392 SH DFND 2 0 103,392 0
CORNING INC COM 219350105 53,640,300 210,000 SH DFND 1 0 210,000 0
CORNING INC COM 219350105 29,374,450 115,000 SH DFND 2 0 115,000 0
CUMMINS INC COM 231021106 10,698,150 15,000 SH DFND 1 0 15,000 0
CUMMINS INC COM 231021106 5,163,640 7,240 SH DFND 2 0 7,240 0
DRILLING TOOLS INTERNATIONAL CL A 26205E107 722,793 374,504 SH DFND 1 0 374,504 0
DRILLING TOOLS INTERNATIONAL CL A 26205E107 3,806,199 1,972,124 SH DFND 2 0 1,972,124 0
ENERSYS COM 29275Y102 7,617,856 32,580 SH DFND 1 0 32,580 0
ENERSYS COM 29275Y102 1,169,100 5,000 SH DFND 2 0 5,000 0
EQT CORP COM 26884L109 14,754,675 277,500 SH DFND 1 0 277,500 0
EQT CORP COM 26884L109 4,918,225 92,500 SH DFND 2 0 92,500 0
FERROGLOBE PLC COM G33856108 3,915,598 1,231,320 SH DFND 1 0 1,231,320 0
FERROGLOBE PLC COM G33856108 1,304,932 410,356 SH DFND 2 0 410,356 0
FIRST BANK/HAMILTON NJ COM 31931U102 867,688 48,939 SH DFND 2 0 48,939 0
FIRST MID BANCSHARES INC COM 320866106 6,611,077 137,473 SH DFND 2 0 137,473 0
FIRST TRUST NATURAL GAS ETF COM 33733E807 19,957,500 750,000 SH DFND 1 0 750,000 0
FIRST TRUST NATURAL GAS ETF COM 33733E807 3,991,500 150,000 SH DFND 2 0 150,000 0
FIRST UNITED CORP COM 33741H107 7,867,107 178,352 SH DFND 2 0 178,352 0
FIRST US BANCSHARES INC COM 33744V103 6,577,864 397,454 SH DFND 2 0 397,454 0
FLEX LTD COM Y2573F102 44,974,425 277,500 SH DFND 1 0 277,500 0
FLEX LTD COM Y2573F102 14,991,475 92,500 SH DFND 2 0 92,500 0
FMC CORP COM 302491303 12,031,795 1,046,243 SH DFND 1 0 1,046,243 0
FMC CORP COM 302491303 4,010,706 348,757 SH DFND 2 0 348,757 0
FRIEDMAN INDUSTRIES COM 358435105 8,622,695 267,952 SH DFND 1 0 267,952 0
FRIEDMAN INDUSTRIES COM 358435105 2,787,560 86,624 SH DFND 2 0 86,624 0
GE VERNOVA INC COM 36828A101 13,217,175 11,250 SH DFND 1 0 11,250 0
GE VERNOVA INC COM 36828A101 4,405,725 3,750 SH DFND 2 0 3,750 0
GENERAL MILLS INC COM 370334104 7,516,800 216,000 SH DFND 1 0 216,000 0
GENERAL MILLS INC COM 370334104 2,505,600 72,000 SH DFND 2 0 72,000 0
GENWORTH FINANCIAL INC COM 37247D106 50,723,820 5,356,264 SH DFND 1 0 5,356,264 0
GENWORTH FINANCIAL INC COM 37247D106 16,903,704 1,784,974 SH DFND 2 0 1,784,974 0
GOODYEAR TIRE & RUBBER CO COM 382550101 33,118,925 5,018,019 SH DFND 1 0 5,018,019 0
GOODYEAR TIRE & RUBBER CO COM 382550101 11,040,473 1,672,799 SH DFND 2 0 1,672,799 0
HALLIBURTON CO COM 406216101 24,889,322 733,117 SH DFND 1 0 733,117 0
HALLIBURTON CO COM 406216101 8,296,429 244,372 SH DFND 2 0 244,372 0
IES HOLDINGS INC COM 44951W106 3,016,682,197 4,106,229 SH DFND 0 4,106,229 0
IES HOLDINGS INC COM 44951W106 521,335,306 709,628 SH DFND 1 0 709,628 0
IES HOLDINGS INC COM 44951W106 4,024,225,777 5,477,671 SH DFND 3 0 5,477,671 0
INDIVIOR PHARMACEUTICALS INC COM 45579U109 25,984,094 633,295 SH DFND 1 0 633,295 0
INDIVIOR PHARMACEUTICALS INC COM 45579U109 18,998,859 463,048 SH DFND 2 0 463,048 0
INNOSPEC INC COM 45768S105 16,457,791 202,209 SH DFND 1 0 202,209 0
INNOSPEC INC COM 45768S105 9,953,590 122,295 SH DFND 2 0 122,295 0
INNOVEX INTERNATIONAL INC COM 457651107 7,417,854 299,107 SH DFND 1 0 299,107 0
INNOVEX INTERNATIONAL INC COM 457651107 1,422,354 57,353 SH DFND 2 0 57,353 0
INSEEGO CORP COM 45782B302 5,244,934 507,738 SH DFND 1 0 507,738 0
INSEEGO CORP COM 45782B302 2,402,696 232,594 SH DFND 2 0 232,594 0
INTERFACE INC COM 458665304 896,000 25,000 SH DFND 2 0 25,000 0
INVESCO S&P SMALLCAP ENERGY COM 46138G474 3,763,371 68,469 SH DFND 2 0 68,469 0
KLX ENERGY SERVICES HOLDING COM 48253L205 4,097,817 1,588,301 SH DFND 1 0 1,588,301 0
KLX ENERGY SERVICES HOLDING COM 48253L205 717,034 277,920 SH DFND 2 0 277,920 0
LIBERTY ENERGY INC COM 53115L104 19,642,500 750,000 SH DFND 1 0 750,000 0
LITTELFUSE INC COM 537008104 28,301,947 62,157 SH DFND 1 0 62,157 0
LITTELFUSE INC COM 537008104 683,450 1,501 SH DFND 2 0 1,501 0
LUMEN TECHNOLOGIES INC COM 550241103 32,191,334 4,191,580 SH DFND 1 0 4,191,580 0
LUMEN TECHNOLOGIES INC COM 550241103 6,102,804 794,636 SH DFND 2 0 794,636 0
MATERION CORP COM 576690101 7,194,756 24,193 SH DFND 1 0 24,193 0
MATERION CORP COM 576690101 14,007,961 47,103 SH DFND 2 0 47,103 0
MATRIX SERVICE CO COM 576853105 12,881,288 940,240 SH DFND 1 0 940,240 0
MATRIX SERVICE CO COM 576853105 3,456,359 252,289 SH DFND 2 0 252,289 0
MICRON TECHNOLOGY INC COM 595112103 112,543,275 97,500 SH DFND 1 0 97,500 0
MICRON TECHNOLOGY INC COM 595112103 37,514,425 32,500 SH DFND 2 0 32,500 0
MID PENN BANCORP INC COM 59540G107 3,772,162 108,271 SH DFND 2 0 108,271 0
MILLERKNOLL INC COM 600544100 12,298,179 601,084 SH DFND 1 0 601,084 0
MILLERKNOLL INC COM 600544100 4,099,386 200,361 SH DFND 2 0 200,361 0
MOHAWK INDUSTRIES INC COM 608190104 48,892,107 402,968 SH DFND 1 0 402,968 0
MOHAWK INDUSTRIES INC COM 608190104 18,732,381 154,392 SH DFND 2 0 154,392 0
NABORS INDUSTRIES LTD COM G6359F137 27,460,769 326,875 SH DFND 1 0 326,875 0
NABORS INDUSTRIES LTD COM G6359F137 1,794,370 21,359 SH DFND 2 0 21,359 0
NINE ENERGY SERVICE INC COM 65441V200 5,910,014 454,267 SH DFND 1 0 454,267 0
NINE ENERGY SERVICE INC COM 65441V200 2,081,119 159,963 SH DFND 2 0 159,963 0
NOV INC COM 62955J103 3,710,000 200,000 SH DFND 1 0 200,000 0
OCTAVE SPECIALTY GROUP INC COM 023139884 2,724,359 436,596 SH DFND 1 0 436,596 0
OCTAVE SPECIALTY GROUP INC COM 023139884 358,775 57,496 SH DFND 2 0 57,496 0
OIL STATES INTERNATIONAL INC COM 678026105 1,911,619 238,654 SH DFND 1 0 238,654 0
OIL STATES INTERNATIONAL INC COM 678026105 477,901 59,663 SH DFND 2 0 59,663 0
ON SEMICONDUCTOR COM 682189105 40,415,850 427,500 SH DFND 1 0 427,500 0
ON SEMICONDUCTOR COM 682189105 13,471,950 142,500 SH DFND 2 0 142,500 0
OPTICAL CABLE CORP COM 683827208 8,211,768 391,596 SH DFND 2 0 391,596 0
ORACLE CORP COM 68389X105 94,682,291 646,075 SH DFND 1 0 646,075 0
ORACLE CORP COM 68389X105 31,570,534 215,425 SH DFND 2 0 215,425 0
ORION GROUP HOLDINGS INC COM 68628V308 14,208,863 844,760 SH DFND 1 0 844,760 0
ORION GROUP HOLDINGS INC COM 68628V308 4,365,463 259,540 SH DFND 2 0 259,540 0
OWENS CORNING COM 690742101 120,115,740 755,635 SH DFND 1 0 755,635 0
OWENS CORNING COM 690742101 40,007,053 251,680 SH DFND 2 0 251,680 0
PATRICK INDUSTRIES INC COM 703343103 9,434,801 105,088 SH DFND 0 105,088 0
PEABODY ENERGY CORP COM 704551100 26,659,510 1,153,093 SH DFND 1 0 1,153,093 0
PEABODY ENERGY CORP COM 704551100 19,670,496 850,800 SH DFND 2 0 850,800 0
PEOPLES BANCORP INC COM 709789101 214,673 5,589 SH DFND 2 0 5,589 0
PEOPLES BANCORP OF NC COM 710577107 9,383,408 217,763 SH DFND 2 0 217,763 0
PROSPECT CAPITAL CORP COM 74348T102 4,684,370 2,027,866 SH DFND 1 0 2,027,866 0
PROSPECT CAPITAL CORP COM 74348T102 4,578,503 1,982,036 SH DFND 2 0 1,982,036 0
REPUBLIC BANCORP INC-CLASS A CL A 760281204 12,923,894 142,916 SH DFND 2 0 142,916 0
SANDISK CORP COM 80004C200 272,847,600 120,000 SH DFND 1 0 120,000 0
SANDISK CORP COM 80004C200 68,211,900 30,000 SH DFND 2 0 30,000 0
SB FINANCIAL GROUP INC COM 78408D105 1,169,647 46,286 SH DFND 2 0 46,286 0
SELECT WATER SOLUTIONS INC COM 81617J301 10,915,254 546,309 SH DFND 1 0 546,309 0
SELECT WATER SOLUTIONS INC COM 81617J301 3,375,821 168,960 SH DFND 2 0 168,960 0
SHORE BANCSHARES INC COM 825107105 3,140,478 136,840 SH DFND 2 0 136,840 0
SLB LTD COM 806857108 29,288,700 630,000 SH DFND 1 0 630,000 0
SLB LTD COM 806857108 11,622,500 250,000 SH DFND 2 0 250,000 0
SMART SAND INC COM 83191H107 15,162,099 3,026,367 SH DFND 1 0 3,026,367 0
SMART SAND INC COM 83191H107 2,059,646 411,107 SH DFND 2 0 411,107 0
SOUTHLAND HOLDINGS INC COM 84445C100 500,804 754,564 SH DFND 1 0 754,564 0
SOUTHLAND HOLDINGS INC COM 84445C100 1,040,737 1,568,084 SH DFND 2 0 1,568,084 0
SS SPDR S&P BIOTECH ETF COM 78464A870 30,463,125 192,500 SH DFND 1 0 192,500 0
SS SPDR S&P BIOTECH ETF COM 78464A870 11,042,369 69,778 SH DFND 2 0 69,778 0
STEPAN CO COM 858586100 6,917,805 124,153 SH DFND 1 0 124,153 0
STEPAN CO COM 858586100 2,304,969 41,367 SH DFND 2 0 41,367 0
SUNCOKE ENERGY INC COM 86722A103 16,710,584 2,075,849 SH DFND 1 0 2,075,849 0
SUNCOKE ENERGY INC COM 86722A103 5,645,183 701,265 SH DFND 2 0 701,265 0
TECHNIPFMC PLC COM G87110105 15,912,000 240,000 SH DFND 1 0 240,000 0
TECHNIPFMC PLC COM G87110105 5,304,000 80,000 SH DFND 2 0 80,000 0
TECOGEN INC/WALTHAM MA COM 87876P201 260,076 49,823 SH DFND 1 0 49,823 0
TETRA TECHNOLOGIES INC COM 88162F105 23,049,979 2,034,420 SH DFND 1 0 2,034,420 0
TETRA TECHNOLOGIES INC COM 88162F105 5,665,000 500,000 SH DFND 2 0 500,000 0
TOWER SEMICONDUCTOR LTD COM M87915274 3,909,600 15,000 SH DFND 1 0 15,000 0
TOWER SEMICONDUCTOR LTD COM M87915274 15,638,400 60,000 SH DFND 2 0 60,000 0
TRANSOCEAN LTD COM H8817H100 50,805,873 10,389,749 SH DFND 1 0 10,389,749 0
TRANSOCEAN LTD COM H8817H100 16,937,904 3,463,784 SH DFND 2 0 3,463,784 0
TUTOR PERINI CORP COM 901109108 95,619,855 1,152,463 SH DFND 1 0 1,152,463 0
TUTOR PERINI CORP COM 901109108 32,082,674 386,678 SH DFND 2 0 386,678 0
UFP INDUSTRIES INC COM 90278Q108 51,132,444 563,505 SH DFND 1 0 563,505 0
UFP INDUSTRIES INC COM 90278Q108 17,044,148 187,835 SH DFND 2 0 187,835 0
UNIVERSAL TECHNICAL INSTITUT COM 913915104 2,937,829 68,689 SH DFND 1 0 68,689 0
UNIVERSAL TECHNICAL INSTITUT COM 913915104 979,262 22,896 SH DFND 2 0 22,896 0
VANECK OIL SERVICES ETF COM 92189H607 69,363,133 186,445 SH DFND 1 0 186,445 0
VANECK OIL SERVICES ETF COM 92189H607 23,119,804 62,145 SH DFND 2 0 62,145 0
VISTANCE NETWORKS INC COM 20337X109 18,068,441 1,413,806 SH DFND 1 0 1,413,806 0
VISTANCE NETWORKS INC COM 20337X109 6,022,831 471,270 SH DFND 2 0 471,270 0
WESTERN DIGITAL CORP COM 958102105 71,861,748 112,509 SH DFND 1 0 112,509 0
WESTERN DIGITAL CORP COM 958102105 23,952,000 37,500 SH DFND 2 0 37,500 0
WHITE MOUNTAINS INSURANCE GP COM G9618E107 85,971,043 41,464 SH DFND 1 0 41,464 0
WHITE MOUNTAINS INSURANCE GP COM G9618E107 36,862,801 17,779 SH DFND 2 0 17,779 0
WINNEBAGO INDUSTRIES COM 974637100 7,534,276 241,174 SH DFND 1 0 241,174 0
WINNEBAGO INDUSTRIES COM 974637100 2,511,384 80,390 SH DFND 2 0 80,390 0