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
ADVANTAGE OIL AND GAS COM 00765F101 63,687 16,164,160 SH   SOLE 0 12,351,380 0 0
AXCELIS TECHNOLOGY COM 054540109 19,303 10,605,887 SH   DFND 2 0 7,748,087 0
AERCAP HOLDINGS COM N00985106 181,082 10,371,253 SH   DFND 2 0 5,232,742 0
AIR FRANCE-KLM COM 009119108 142,792 15,778,152 SH   DFND 2 0 7,717,947 0
AMERICAN INTERNATIONAL GROUP COM 026874784 100,204 2,241,694 SH   DFND 2 0 1,600,494 0
AMERICAN NATIONAL COM 028591105 158,285 1,591,286 SH   DFND 2 0 979,537 0
ALLIANCE ONE COM 018772103 30,720 8,084,091 SH   DFND 2 0 6,223,494 0
AURICO GOLD COM 05155C105 71,004 16,248,026 SH   DFND 2 0 10,449,577 0
YAMANA GOLD COM 98462Y100 137,351 14,442,835 SH   DFND 2 0 3,421,089 0
AIRCASTLE COM G0129K104 90,458 5,657,171 SH   DFND 2 0 4,095,398 0
BANNER CORPORATION COM 06652V208 14,379 425,544 SH   DFND 2 0 374,038 0
BRIDGEPOINT EDUCATION COM 10807M105 21,080 1,730,726 SH   DFND 2 0 374,038 0
BASSETT FURNITURE COM 070203104 10,684 687,964 SH   DFND 2 0 687,964 0
COEUR MINING COM 192108504 101,123 7,603,259 SH   DFND 2 0 4,571,539 0
CENTURY ALUMINUM COMPANY COM 156431108 5,821 627,284 SH   DFND 2 0 599,039 0
CELESTICA COM 15101Q108 116,255 12,302,151 SH   DFND 2 0 7,346,582 0
CNA FINANCIAL CORP. COM 126117100 120,710 3,700,493 SH   DFND 2 0 861,487 0
CST BRANDS COM 12646R105 2,246 72,885 SH   SOLE 0 41,386 0 0
COVENANT TRANSPORT COM 22284P105 7,478 1,198,403 SH   DFND 2 1,198,403 0 0
DANA HOLDING CORP COM 235825205 45,917 2,384,055 SH   DFND 2 0 621,578 0
DILLARD'S INC. COM 254067101 74,614 910,264 SH   DFND 2 0 239,849 0
DIAMONDROCK HOSPITALITY COM 252784301 21,933 2,353,288 SH   DFND 2 0 2,006,281 0
EXELON CORP COM 30161N101 70,096 2,269,955 SH   DFND 2 0 528,678 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 135,753 3,929,165 SH   DFND 2 0 2,532,960 0
HORACE MANN EDUCATORS COM 440327104 56,807 2,330,057 SH   DFND 2 0 1,618,209 0
HUTCHINSON TECHNOLOGY COM 448407106 458 96,800 SH   DFND 2 0 96,800 0
HAVERTY'S FURNITURE COM 419596101 22,684 985,813 SH   DFND 2 0 814,913 0
INGRAM MICRO COM 457153104 259,387 13,659,131 SH   DFND 2 0 5,996,375 0
IMATION CORP COM 45245A107 1,366 322,833 SH   SOLE 0 322,833 0 0
INTEGRATED SILICON SOLUTIONS, INC COM 45812P107 27,830 2,539,231 SH   DFND 2 0 2,447,769 0
JETBLUE AIRWAYS COM 477143101 184,383 29,313,713 SH   DFND 2 0 13,272,267 0
KIMBALL COM 494274103 16,516 1,700,882 SH   DFND 2 0 1,632,899 0
KANSAS CITY LIFE COM 484836101 4,160 108,712 SH   SOLE 0 108,712 0 0
KOREA ELECTRIC POWER CORP COM 500631106 30,648 2,709,782 SH   DFND 2 0 2,299,025 0
LOEWS CORP COM 540424108 30,466 686,178 SH   DFND 2 0 245,678 0
SOUTHWEST AIRLINES COM 844741108 191,640 14,867,327 SH   DFND 2 0 5,054,903 0
MFA FINANCIAL INC. COM 55272X102 13,448 1,591,514 SH   DFND 2 0 1,446,514 0
M/I HOMES COM 55305B101 10,751 468,238 SH   DFND 2 0 468,238 0
MONTPELIER RE HOLDINGS COM G62185106 67,502 2,698,982 SH   DFND 2 0 1,424,934 0
MICRON TECHNOLOGY COM 595112103 387,271 27,025,194 SH   DFND 2 0 9,632,278 0
NORDIC AMERICAN TANKERS COM G65773106 9,134 1,206,591 SH   DFND 2 0 1,159,691 0
NABORS INDUSTRIES COM G6359F103 22,417 1,464,231 SH   DFND 2 0 105,331 0
NORD RESOURCES COM 655555100 10 507,100 SH   SOLE 0 507,100 0 0
NRG ENERGY COM 629377508 76,466 2,863,898 SH   DFND 2 0 1,221,299 0
NATUZZI SPA COM 63905A101 4,546 2,094,722 SH   DFND 2 0 2,094,722 0
OLD REPUBLIC INTL COM 680223104 12,739 989,806 SH   DFND 2 0 669,821 0
OVERSEAS SHIPHOLDG GRP COM 690368105 17,544 4,227,487 SH   DFND 2 0 2,833,240 0
PEPBOYS AUTO COM 713278109 13,895 1,199,874 SH   DFND 2 0 1,120,974 0
PARKER DRILLING COMPANY COM 701081101 28,462 5,715,309 SH   DFND 2 0 2,966,827 0
PHOTRONICS COM 719405102 47,691 5,916,965 SH   DFND 2 0 4,802,566 0
PNM RESOURCES COM 69349H107 11,638 524,485 SH   DFND 2 0 156,795 0
PRIMERO MINING CORP COM 74164W106 6,600 1,469,962 SH   SOLE 0 1,469,962 0 0
PATTERSON-UTI ENERGY INC COM 703481101 5,342 276,005 SH   DFND 2 0 1,005 0
PLATINUM UNDERWRITERS COM G7127P100 159,570 2,788,718 SH   DFND 2 0 1,533,882 0
P.A.M. TRANSPORTATION SVCS COM 693149106 3,994 389,703 SH   SOLE 0 389,703 0 0
ROYAL CARIBBEAN CRUISES COM V7780T103 83,901 2,516,538 SH   DFND 2 0 1,002,625 0
EVEREST RE GROUP COM G3223R108 64,886 505,891 SH   DFND 2 0 116,454 0
RESOLUTE FOREST PRODUCTS COM 76117W109 128,119 9,728,069 SH   DFND 2 0 7,045,298 0
RADIOSHACK CORP COM 750438103 31,531 9,978,081 SH   DFND 2 0 6,487,110 0
RUBY TUESDAY COM 781182100 16,619 1,800,510 SH   DFND 2 0 1,550,510 0
SANMINA CORPORATION COM 801056102 113,928 7,939,250 SH   DFND 2 0 5,598,615 0
STANCORP FINANCIAL GROUP COM 852891100 15,555 314,812 SH   DFND 2 0 213,516 0
SCORPIO TANKERS COM 050183041 4,133 460,259 SH   SOLE 0 460,259 0 0
STEEL EXCEL INC COM 858122104 2,591 89,360 SH   SOLE 0 89,360 0 0
TECHDATA COM 878237106 79,953 1,697,877 SH   DFND 2 0 1,016,702 0
TECUMSEH PRODUCTS - A COM 878895200 13,061 1,194,950 SH   DFND 2 0 1,104,950 0
TECUMSEH PRODUCTS - B COM 878895101 5,345 483,239 SH   DFND 2 0 340,536 0
TOYOTA MOTOR CORP COM 892331307 35,949 297,935 SH   DFND 2 0 297,935 0
TRIQUINT SEMICONDUCTOR COM 89674K103 14,968 2,159,864 SH   DFND 2 0 1,775,164 0
TESORO CORP COM 881609101 19,655 375,668 SH   DFND 2 0 305,668 0
TUESDAY MORNING COM 899035505 62 5,938 SH   SOLE 0 5,938 0 0
UNIFI INC COM 904677200 9,014 436,115 SH   DFND 2 0 436,115 0
UNUM GROUP COM 91529Y106 115,513 3,933,021 SH   DFND 2 0 1,169,431 0
USA TRUCK INC COM 902925106 5,546 861,240 SH   DFND 2 0 764,240 0
USEC, INC. COM 90333E207 996 3,396,850 SH   DFND 2 0 2,994,793 0
UTSTARCOM COM G9310A114 687 258,300 SH   SOLE 0 258,300 0 0
VALERO ENERGY CORP COM 91913Y100 22,892 658,397 SH   DFND 2 0 374,897 0
VOXX INTERNATIONAL CORP COM 91829F104 1,382 112,600 SH   DFND 2 0 112,600 0
WPX ENERGY INC COM 98212B103 182,964 9,660,214 SH   DFND 2 0 4,224,949 0
XL GROUP COM G98290102 117,182 3,864,853 SH   DFND 2 0 1,195,772 0
HORSEHEAD HOLDING CORP COM 440694305 6,222 485,721 SH   DFND 2 0 390,495 0
Marriott International Fractional cusip WTS EKE55U103 0 84,954 SH   SOLE 0 0 84,954 0
Kinder Morgan fractional cusip WTS FHB903208 0 3,667 SH   SOLE 0 0 3,667 0
ALLIED NEVADA COM 019344100 981 151,350 SH   DFND 2 0 151,350 0
GENERAL MOTORS COM 37045V100 8,027 240,971 SH   DFND 2 0 240,971 0
U S AIRWAYS GROUP INC COM 90341W108 21,424 1,304,777 SH   DFND 2 0 1,304,777 0
MATTSON TECHNOLOGY COM 577223100 7,957 3,633,556 SH   DFND 2 0 3,633,556 0
NEWMONT MINING COM 651639106 3,715 124,040 SH   DFND 2 0 124,040 0
STANLEY FURNITURE COM 854305208 485 121,292 SH   DFND 2 0 121,292 0
SYPRIS SOLUTIONS COM 871655106 460 143,212 SH   DFND 2 0 143,212 0
CARROL'S RESTAURANT GROUP COM 14574X104 1,364 211,143 SH   DFND 2 0 211,143 0