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 52,283 9,754,277 SH   DFND 2 0 7,667,251 0
AXCELIS TECHNOLOGY COM 054540109 25,451 10,693,546 SH   DFND 2 0 9,337,045 0
AERCAP HOLDINGS COM N00985106 457,910 10,490,491 SH   DFND 2 0 4,390,603 0
AIR FRANCE-KLM COM 009119108 169,229 19,429,238 SH   DFND 2 0 8,543,933 0
AMERICAN INTERNATIONAL GROUP COM 026874784 124,585 2,273,861 SH   DFND 2 0 1,639,661 0
AMERICAN NATIONAL COM 028591105 165,761 1,684,739 SH   DFND 2 0 1,036,814 0
ALLIANCE ONE COM 018772103 9,768 8,880,447 SH   DFND 2 0 7,811,158 0
AURICO GOLD COM 05155C105 57,769 20,855,283 SH   DFND 2 0 15,138,318 0
YAMANA GOLD COM 98462Y100 123,531 34,409,676 SH   DFND 2 0 11,085,535 0
AIRCASTLE COM G0129K104 44,003 1,959,164 SH   DFND 2 0 1,959,164 0
BRIDGEPOINT EDUCATION COM 10807M105 4,086 423,396 SH   DFND 2 0 423,396 0
BASSETT FURNITURE COM 070203104 1,846 64,734 SH   SOLE 0 64,734 0 0
COEUR MINING COM 192108504 47,821 10,152,984 SH   DFND 2 0 7,034,898 0
CELESTICA COM 15101Q108 85,451 7,691,374 SH   DFND 2 0 2,942,838 0
CNA FINANCIAL CORP. COM 126117100 91,594 2,210,815 SH   DFND 2 0 45,471 0
DANA HOLDING CORP COM 235825205 24,091 1,138,536 SH   DFND 2 0 104,259 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 109,967 3,144,623 SH   DFND 2 0 2,178,218 0
HORACE MANN EDUCATORS COM 440327104 56,648 1,656,384 SH   DFND 2 0 1,088,992 0
INGRAM MICRO COM 457153104 209,358 8,334,296 SH   DFND 2 0 2,770,365 0
IMATION CORP COM 45245A107 619 153,538 SH   SOLE 0 153,538 0 0
INTEGRATED SILICON SOLUTIONS, INC COM 45812P107 35,465 1,982,379 SH   DFND 2 0 1,786,917 0
JETBLUE AIRWAYS COM 477143101 174,905 9,085,988 SH   DFND 2 0 1,521,259 0
KIMBALL COM 494274103 10,565 1,008,104 SH   DFND 2 0 990,199 0
KANSAS CITY LIFE COM 484836101 4,166 90,712 SH   SOLE 0 90,712 0 0
KOREA ELECTRIC POWER CORP COM 500631106 81,658 3,983,320 SH   DFND 2 0 2,851,472 0
LOEWS CORP COM 540424108 48,496 1,187,753 SH   DFND 2 0 528,153 0
MFA FINANCIAL INC. COM 55272X102 7,326 932,006 SH   DFND 2 0 932,006 0
M/I HOMES COM 55305B101 10,868 455,891 SH   DFND 2 0 455,891 0
MONTPELIER RE HOLDINGS COM G62185106 86,010 2,237,519 SH   DFND 2 0 1,446,771 0
MICRON TECHNOLOGY COM 595112103 415,340 15,309,246 SH   DFND 2 0 4,242,658 0
NORDIC AMERICAN TANKERS COM G65773106 9,616 807,388 SH   DFND 2 0 773,678 0
NABORS INDUSTRIES COM G6359F103 13,016 953,567 SH   DFND 2 0 3,567 0
NORD RESOURCES COM 655555100 2 507,100 SH   SOLE 0 507,100 0 0
NRG ENERGY COM 629377508 41,772 1,658,291 SH   DFND 2 0 462,589 0
NATUZZI SPA COM 63905A101 5,168 3,039,834 SH   DFND 2 0 2,769,834 0
PEPBOYS AUTO COM 713278109 11,524 1,197,892 SH   DFND 2 0 1,165,392 0
PARKER DRILLING COMPANY COM 701081101 20,049 5,744,825 SH   DFND 2 0 4,671,673 0
PHOTRONICS COM 719405102 54,102 6,364,976 SH   DFND 2 0 5,358,624 0
PRIMERO MINING CORP COM 74164W106 8,735 2,546,746 SH   DFND 2 0 2,301,433 0
RENAISSANCERE HOLDINGS COM G7496G103 77,027 772,356 SH   DFND 2 0 505,300 0
ROYAL CARIBBEAN CRUISES COM V7780T103 91,119 1,113,248 SH   DFND 2 0 48,635 0
EVEREST RE GROUP COM G3223R108 71,971 413,628 SH   DFND 2 0 38,413 0
RESOLUTE FOREST PRODUCTS COM 76117W109 134,393 7,790,890 SH   DFND 2 0 5,988,631 0
RUBY TUESDAY COM 781182100 11,828 1,967,988 SH   DFND 2 0 1,697,204 0
SANMINA CORPORATION COM 801056102 178,931 7,396,915 SH   DFND 2 0 5,456,848 0
TECHDATA COM 878237106 65,092 1,126,752 SH   DFND 2 0 644,356 0
TECUMSEH PRODUCTS COM 878895309 4,324 1,549,808 SH   DFND 2 0 1,418,883 0
TOYOTA MOTOR CORP COM 892331307 85,167 608,813 SH   DFND 2 0 608,813 0
UNUM GROUP COM 91529Y106 219,897 6,519,320 SH   DFND 2 0 2,363,030 0
UTSTARCOM COM G9310A114 362 136,417 SH   SOLE 0 136,417 0 0
VALERO ENERGY CORP COM 91913Y100 23,814 374,323 SH   DFND 2 0 193,323 0
WPX ENERGY INC COM 98212B103 116,875 10,693,089 SH   DFND 2 0 2,688,903 0
XL GROUP COM G98290102 200,724 5,454,464 SH   DFND 2 0 551,225 0
GENERAL MOTORS COM 37045V100 8,999 239,963 SH   DFND 2 0 239,963 0
MATTSON TECHNOLOGY COM 577223100 10,983 2,787,460 SH   DFND 2 0 2,787,460 0
STANLEY FURNITURE COM 854305208 382 121,292 SH   DFND 2 0 121,292 0
SYPRIS SOLUTIONS COM 871655106 572 260,098 SH   DFND 2 0 260,098 0
ARDMORE SHIPPING CORP COM Y0207T100 26,155 2,597,342 SH   DFND 2 0 2,145,926 0
BLUE CAPITAL REINSURANCE COM G1190F107 14,433 833,774 SH   DFND 2 0 749,374 0
NEW GOLD INC. COM 644535106 23,610 6,964,710 SH   DFND 2 0 1,791,302 0
PAN AMERICAN SILVER COM 697900108 18,953 2,161,082 SH   DFND 2 0 1,668,210 0
NOBLE CORP COM G65431101 70,723 4,952,564 SH   DFND 2 0 915,248 0
TIDEWATER INC COM 886423102 20,028 1,046,415 SH   DFND 2 0 353,628 0
SEACOR HOLDINGS COM 811904101 13,486 193,565 SH   DFND 2 0 180,565 0
NEWS CORP - CLASS B COM 65249B208 13,679 861,924 SH   DFND 2 0 3,224 0
VALIDUS HOLDINGS COM G9319H102 66,074 1,569,454 SH   DFND 2 0 8,754 0
PEABODY ENERGY CORP COM 704549104 8,587 1,745,229 SH   DFND 2 0 6,529 0
CLOUD PEAK ENERGY COM 18911Q102 4,545 780,921 SH   DFND 2 0 735,921 0
HUDBAY MINERALS INC. COM 443628102 8,211 1,003,755 SH   DFND 2 0 866,855 0
KINROSS GOLD CORP COM 496902404 83,663 37,349,678 SH   DFND 2 0 10,477,767 0
PARAGON OFFSHORE LTD COM G6S01W108 10,869 8,360,591 SH   DFND 2 0 5,473,521 0
VERITIV CORP COM 923454102 23,089 523,193 SH   DFND 2 0 346,290 0
KIMBALL ELECTRONICS COM 49428J109 15,464 1,093,612 SH   DFND 2 0 1,020,125 0
ASPEN INSURANCE HOLDINGS COM G05384105 23,615 500,000 SH   SOLE 0 258,768 0 0
BIGLARI HOLDINGS COM 08986R101 5,983 14,449 SH   DFND 2 0 11,812 0
B2GOLD CORP COM 11777Q209 8,341 5,487,490 SH   SOLE 0 618,900 0 0
EURONAV SA COM B38564108 3,398 281,770 SH   SOLE 0 258,465 0 0