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 44,444 8,731,639 SH   DFND 2 0 6,568,013 0
AXCELIS TECHNOLOGY COM 054540109 21,099 10,602,318 SH   DFND 2 0 8,371,318 0
AERCAP HOLDINGS COM N00985106 350,774 8,576,374 SH   DFND 2 0 4,329,263 0
AIR FRANCE-KLM COM 009119108 176,551 18,922,986 SH   DFND 2 0 8,247,681 0
AMERICAN INTERNATIONAL GROUP COM 026874784 126,626 2,344,067 SH   DFND 2 0 1,584,867 0
AMERICAN NATIONAL COM 028591105 169,135 1,504,759 SH   DFND 2 0 871,344 0
ALLIANCE ONE COM 018772103 17,454 8,859,906 SH   DFND 2 0 7,636,022 0
AURICO GOLD COM 05155C105 78,643 22,533,711 SH   DFND 2 0 16,091,212 0
YAMANA GOLD COM 98462Y100 177,420 29,570,012 SH   DFND 2 0 7,594,887 0
AIRCASTLE COM G0129K104 34,770 2,125,309 SH   DFND 2 0 2,077,891 0
BRIDGEPOINT EDUCATION COM 10807M105 4,501 403,296 SH   DFND 2 0 403,296 0
BASSETT FURNITURE COM 070203104 9,008 659,459 SH   DFND 2 0 659,459 0
COEUR MINING COM 192108504 51,516 10,386,275 SH   DFND 2 0 7,508,086 0
CELESTICA COM 15101Q108 93,037 9,166,214 SH   DFND 2 0 4,384,978 0
CNA FINANCIAL CORP. COM 126117100 84,163 2,213,074 SH   DFND 2 0 47,730 0
DANA HOLDING CORP COM 235825205 24,073 1,255,742 SH   DFND 2 0 104,760 0
DIAMONDROCK HOSPITALITY COM 252784301 6,117 482,378 SH   DFND 2 0 482,378 0
EXELON CORP COM 30161N101 52,941 1,552,973 SH   DFND 2 0 297,296 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 113,546 3,288,341 SH   DFND 2 0 2,179,559 0
HORACE MANN EDUCATORS COM 440327104 54,833 1,923,300 SH   DFND 2 0 1,253,986 0
INGRAM MICRO COM 457153104 173,838 6,735,286 SH   DFND 2 0 1,880,855 0
IMATION CORP COM 45245A107 453 153,538 SH   SOLE 0 153,538 0 0
INTEGRATED SILICON SOLUTIONS, INC COM 45812P107 26,481 1,927,267 SH   DFND 2 0 1,731,805 0
JETBLUE AIRWAYS COM 477143101 111,017 10,453,607 SH   DFND 2 0 1,902,942 0
KIMBALL COM 494274103 21,501 1,428,620 SH   DFND 2 0 1,330,637 0
KANSAS CITY LIFE COM 484836101 4,023 90,712 SH   SOLE 0 90,712 0 0
KOREA ELECTRIC POWER CORP COM 500631106 54,642 2,435,037 SH   DFND 2 0 1,890,879 0
LOEWS CORP COM 540424108 43,444 1,042,832 SH   DFND 2 0 417,132 0
MFA FINANCIAL INC. COM 55272X102 8,384 1,077,604 SH   DFND 2 0 932,604 0
M/I HOMES COM 55305B101 8,513 429,500 SH   DFND 2 0 429,500 0
MONTPELIER RE HOLDINGS COM G62185106 70,627 2,271,703 SH   DFND 2 0 1,444,255 0
MICRON TECHNOLOGY COM 595112103 566,488 16,534,957 SH   DFND 2 0 4,540,369 0
NORDIC AMERICAN TANKERS COM G65773106 12,989 1,633,784 SH   DFND 2 0 1,236,884 0
NABORS INDUSTRIES COM G6359F103 21,704 953,615 SH   DFND 2 0 3,615 0
NORD RESOURCES COM 655555100 7 507,100 SH   SOLE 0 507,100 0 0
NRG ENERGY COM 629377508 50,547 1,658,373 SH   DFND 2 0 462,671 0
NATUZZI SPA COM 63905A101 6,194 3,051,400 SH   DFND 2 0 2,781,400 0
PEPBOYS AUTO COM 713278109 10,231 1,148,264 SH   DFND 2 0 1,115,764 0
PARKER DRILLING COMPANY COM 701081101 29,635 5,998,944 SH   DFND 2 0 4,600,192 0
PHOTRONICS COM 719405102 47,501 5,900,744 SH   DFND 2 0 4,753,845 0
PRIMERO MINING CORP COM 74164W106 11,132 2,295,349 SH   DFND 2 0 2,050,036 0
PLATINUM UNDERWRITERS COM G7127P100 122,662 2,015,144 SH   DFND 2 0 1,338,311 0
ROYAL CARIBBEAN CRUISES COM V7780T103 93,836 1,394,499 SH   DFND 2 0 138,786 0
EVEREST RE GROUP COM G3223R108 69,628 429,778 SH   DFND 2 0 40,341 0
RESOLUTE FOREST PRODUCTS COM 76117W109 132,725 8,486,281 SH   DFND 2 0 6,446,054 0
RUBY TUESDAY COM 781182100 22,990 3,903,211 SH   DFND 2 0 3,418,211 0
SANMINA CORPORATION COM 801056102 134,349 6,440,511 SH   DFND 2 0 4,721,729 0
TECHDATA COM 878237106 54,444 924,968 SH   DFND 2 0 582,672 0
TECUMSEH PRODUCTS COM 878895309 6,924 1,610,259 SH   DFND 2 0 1,424,972 0
TOYOTA MOTOR CORP COM 892331307 76,502 650,917 SH   DFND 2 0 598,120 0
UNUM GROUP COM 91529Y106 158,657 4,614,793 SH   DFND 2 0 1,528,403 0
UTSTARCOM COM G9310A114 416 136,417 SH   SOLE 0 136,417 0 0
VALERO ENERGY CORP COM 91913Y100 25,104 542,557 SH   DFND 2 0 237,557 0
WPX ENERGY INC COM 98212B103 255,840 10,633,413 SH   DFND 2 0 2,629,227 0
XL GROUP COM G98290102 252,678 7,617,657 SH   DFND 2 0 2,060,406 0
ALLIED NEVADA COM 019344100 498 150,350 SH   DFND 2 0 150,350 0
GENERAL MOTORS COM 37045V100 7,664 239,945 SH   DFND 2 0 239,945 0
MATTSON TECHNOLOGY COM 577223100 7,441 3,012,550 SH   DFND 2 0 3,012,550 0
STANLEY FURNITURE COM 854305208 340 121,292 SH   DFND 2 0 121,292 0
SYPRIS SOLUTIONS COM 871655106 757 230,098 SH   DFND 2 0 230,098 0
ARDMORE SHIPPING CORP COM Y0207T100 28,527 2,617,188 SH   DFND 2 0 2,127,888 0
BLUE CAPITAL REINSURANCE COM G1190F107 14,750 833,815 SH   DFND 2 0 749,415 0
NEW GOLD INC. COM 644535106 49,131 9,728,850 SH   DFND 2 0 1,925,280 0
PAN AMERICAN SILVER COM 697900108 19,497 1,775,698 SH   DFND 2 0 1,165,998 0
NOBLE CORP COM G65431101 88,923 4,001,938 SH   DFND 2 0 495,622 0
TIDEWATER INC COM 886423102 32,740 838,847 SH   DFND 2 0 351,616 0
SEACOR HOLDINGS COM 811904101 15,663 209,400 SH   DFND 2 0 180,441 0
NEWS CORP - CLASS B COM 65249B208 13,881 860,564 SH   DFND 2 0 1,864 0
OPLINK COMMUNICATIONS COM 68375q403 5,172 307,498 SH   SOLE 0 307,498 0 0
VALIDUS HOLDINGS COM G9319H102 65,933 1,684,538 SH   DFND 2 0 8,838 0
PEABODY ENERGY CORP COM 704549104 9,458 764,000 SH   SOLE 0 0 0 0
CLOUD PEAK ENERGY COM 18911Q102 10,096 800,000 SH   SOLE 0 633,000 0 0
HUDBAY MINERALS INC. COM 443628102 5,362 626,400 SH   SOLE 0 626,400 0 0
KINROSS GOLD CORP COM 496902404 14,402 4,364,367 SH   SOLE 0 300,000 0 0
PARAGON OFFSHORE LTD COM G6S01W108 51,936 8,444,938 SH   DFND 2 0 5,473,868 0
VERITIV CORP COM 923454102 31,381 626,871 SH   DFND 2 0 399,728 0