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 46,903 9,791,917 SH   DFND 2 0 7,628,291 0
AXCELIS TECHNOLOGY COM 054540109 28,507 11,135,496 SH   DFND 2 0 8,904,496 0
AERCAP HOLDINGS COM N00985106 422,323 10,879,013 SH   DFND 2 0 4,611,525 0
AIR FRANCE-KLM COM 009119108 188,613 19,916,894 SH   DFND 2 0 8,891,589 0
AMERICAN INTERNATIONAL GROUP COM 026874784 133,326 2,380,390 SH   DFND 2 0 1,621,190 0
AMERICAN NATIONAL COM 028591105 173,055 1,514,570 SH   DFND 2 0 879,848 0
ALLIANCE ONE COM 018772103 13,999 8,860,288 SH   DFND 2 0 7,636,404 0
AURICO GOLD COM 05155C105 77,075 23,498,445 SH   DFND 2 0 17,055,946 0
YAMANA GOLD COM 98462Y100 138,328 34,410,065 SH   DFND 2 0 11,085,924 0
AIRCASTLE COM G0129K104 47,565 2,225,785 SH   DFND 2 0 2,178,367 0
BRIDGEPOINT EDUCATION COM 10807M105 4,565 403,296 SH   DFND 2 0 403,296 0
BASSETT FURNITURE COM 070203104 5,723 293,344 SH   DFND 2 0 293,344 0
COEUR MINING COM 192108504 51,459 10,070,238 SH   DFND 2 0 7,292,049 0
CELESTICA COM 15101Q108 101,548 8,649,742 SH   DFND 2 0 3,803,506 0
CNA FINANCIAL CORP. COM 126117100 85,589 2,211,020 SH   DFND 2 0 45,676 0
DANA HOLDING CORP COM 235825205 27,301 1,255,796 SH   DFND 2 0 104,814 0
EXELON CORP COM 30161N101 4,056 109,388 SH   DFND 2 0 35,665 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 116,202 3,268,689 SH   DFND 2 0 2,178,984 0
HORACE MANN EDUCATORS COM 440327104 60,697 1,829,329 SH   DFND 2 0 1,160,015 0
INGRAM MICRO COM 457153104 215,639 7,801,689 SH   DFND 2 0 2,237,758 0
IMATION CORP COM 45245A107 582 153,538 SH   SOLE 0 153,538 0 0
INTEGRATED SILICON SOLUTIONS, INC COM 45812P107 33,600 2,027,733 SH   DFND 2 0 1,787,271 0
JETBLUE AIRWAYS COM 477143101 152,332 9,604,821 SH   DFND 2 0 1,565,092 0
KIMBALL COM 494274103 13,030 1,428,682 SH   DFND 2 0 1,330,699 0
KANSAS CITY LIFE COM 484836101 4,357 90,712 SH   SOLE 0 90,712 0 0
KOREA ELECTRIC POWER CORP COM 500631106 59,498 3,073,262 SH   DFND 2 0 2,070,628 0
LOEWS CORP COM 540424108 45,360 1,079,477 SH   DFND 2 0 453,777 0
MFA FINANCIAL INC. COM 55272X102 8,610 1,077,650 SH   DFND 2 0 932,650 0
M/I HOMES COM 55305B101 10,466 455,833 SH   DFND 2 0 455,833 0
MONTPELIER RE HOLDINGS COM G62185106 81,189 2,266,581 SH   DFND 2 0 1,439,133 0
MICRON TECHNOLOGY COM 595112103 547,577 15,640,594 SH   DFND 2 0 4,244,006 0
NORDIC AMERICAN TANKERS COM G65773106 16,453 1,633,854 SH   DFND 2 0 1,236,954 0
NABORS INDUSTRIES COM G6359F103 12,378 953,656 SH   DFND 2 0 3,656 0
NORD RESOURCES COM 655555100 3 507,100 SH   SOLE 0 507,100 0 0
NRG ENERGY COM 629377508 44,695 1,658,444 SH   DFND 2 0 462,742 0
NATUZZI SPA COM 63905A101 4,712 3,039,834 SH   DFND 2 0 2,769,834 0
PEPBOYS AUTO COM 713278109 11,763 1,197,813 SH   DFND 2 0 1,165,313 0
PARKER DRILLING COMPANY COM 701081101 18,642 6,072,212 SH   DFND 2 0 4,673,460 0
PHOTRONICS COM 719405102 51,848 6,239,283 SH   DFND 2 0 5,092,384 0
PRIMERO MINING CORP COM 74164W106 9,588 2,496,978 SH   DFND 2 0 2,251,665 0
PLATINUM UNDERWRITERS COM G7127P100 146,840 2,000,005 SH   DFND 2 0 1,323,172 0
ROYAL CARIBBEAN CRUISES COM V7780T103 91,841 1,114,169 SH   DFND 2 0 49,556 0
EVEREST RE GROUP COM G3223R108 72,869 427,889 SH   DFND 2 0 38,452 0
RESOLUTE FOREST PRODUCTS COM 76117W109 149,450 8,486,646 SH   DFND 2 0 6,446,419 0
RUBY TUESDAY COM 781182100 8,093 1,183,165 SH   DFND 2 0 928,887 0
SANMINA CORPORATION COM 801056102 165,421 7,030,229 SH   DFND 2 0 5,161,447 0
TECHDATA COM 878237106 58,488 925,008 SH   DFND 2 0 582,712 0
TECUMSEH PRODUCTS COM 878895309 4,970 1,608,270 SH   DFND 2 0 1,422,983 0
TOYOTA MOTOR CORP COM 892331307 83,344 664,199 SH   DFND 2 0 611,402 0
UNUM GROUP COM 91529Y106 206,850 5,930,346 SH   DFND 2 0 2,144,056 0
UTSTARCOM COM G9310A114 386 136,417 SH   SOLE 0 136,417 0 0
VALERO ENERGY CORP COM 91913Y100 26,858 542,580 SH   DFND 2 0 237,580 0
WPX ENERGY INC COM 98212B103 124,372 10,694,082 SH   DFND 2 0 2,689,896 0
XL GROUP COM G98290102 242,998 7,070,062 SH   DFND 2 0 1,525,211 0
ALLIED NEVADA COM 019344100 131 150,350 SH   DFND 2 0 150,350 0
GENERAL MOTORS COM 37045V100 8,340 238,913 SH   DFND 2 0 238,913 0
MATTSON TECHNOLOGY COM 577223100 8,745 2,572,160 SH   DFND 2 0 2,572,160 0
STANLEY FURNITURE COM 854305208 332 121,292 SH   DFND 2 0 121,292 0
SYPRIS SOLUTIONS COM 871655106 612 230,098 SH   DFND 2 0 230,098 0
ARDMORE SHIPPING CORP COM Y0207T100 31,469 2,629,027 SH   DFND 2 0 2,139,727 0
BLUE CAPITAL REINSURANCE COM G1190F107 14,806 834,156 SH   DFND 2 0 749,756 0
NEW GOLD INC. COM 644535106 41,102 9,558,621 SH   DFND 2 0 2,416,800 0
PAN AMERICAN SILVER COM 697900108 22,515 2,447,305 SH   DFND 2 0 1,837,605 0
NOBLE CORP COM G65431101 82,072 4,953,024 SH   DFND 2 0 915,708 0
TIDEWATER INC COM 886423102 34,487 1,064,079 SH   DFND 2 0 353,792 0
SEACOR HOLDINGS COM 811904101 15,471 209,604 SH   DFND 2 0 180,645 0
NEWS CORP - CLASS B COM 65249B208 12,999 862,004 SH   DFND 2 0 3,304 0
VALIDUS HOLDINGS COM G9319H102 70,012 1,684,610 SH   DFND 2 0 8,910 0
PEABODY ENERGY CORP COM 704549104 13,509 1,745,391 SH   DFND 2 0 6,691 0
CLOUD PEAK ENERGY COM 18911Q102 8,294 903,463 SH   DFND 2 0 736,463 0
HUDBAY MINERALS INC. COM 443628102 8,713 1,003,848 SH   DFND 2 0 866,948 0
KINROSS GOLD CORP COM 496902404 86,604 30,710,659 SH   DFND 2 0 8,336,648 0
PARAGON OFFSHORE LTD COM G6S01W108 23,395 8,445,690 SH   DFND 2 0 5,474,620 0
VERITIV CORP COM 923454102 32,517 626,898 SH   DFND 2 0 399,755 0
KIMBALL ELECTRONICS COM 49428J109 13,146 1,093,714 SH   DFND 2 0 1,020,227 0