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 61,669 9,176,927 SH   DFND 2 0 7,013,301 0
AXCELIS TECHNOLOGY COM 054540109 20,607 10,303,509 SH   DFND 2 0 8,072,509 0
AERCAP HOLDINGS COM N00985106 393,667 8,595,356 SH   DFND 2 0 4,448,245 0
AIR FRANCE-KLM COM 009119108 237,477 18,862,360 SH   DFND 2 0 8,251,455 0
AMERICAN INTERNATIONAL GROUP COM 026874784 127,966 2,344,551 SH   DFND 2 0 1,585,351 0
AMERICAN NATIONAL COM 028591105 171,371 1,500,621 SH   DFND 2 0 876,737 0
ALLIANCE ONE COM 018772103 22,079 8,831,619 SH   DFND 2 0 7,607,735 0
AURICO GOLD COM 05155C105 93,657 21,985,271 SH   DFND 2 0 15,662,772 0
YAMANA GOLD COM 98462Y100 226,787 27,589,638 SH   DFND 2 0 6,755,392 0
AIRCASTLE COM G0129K104 37,762 2,125,066 SH   DFND 2 0 2,077,648 0
BANNER CORPORATION COM 06652V208 2,478 62,541 SH   DFND 2 0 62,541 0
BRIDGEPOINT EDUCATION COM 10807M105 5,356 403,296 SH   DFND 2 0 403,296 0
BASSETT FURNITURE COM 070203104 8,679 659,471 SH   DFND 2 0 659,471 0
COEUR MINING COM 192108504 95,350 10,386,723 SH   DFND 2 0 7,508,534 0
CELESTICA COM 15101Q108 103,598 8,248,224 SH   DFND 2 0 4,456,341 0
CNA FINANCIAL CORP. COM 126117100 89,471 2,213,532 SH   DFND 2 0 48,188 0
COVENANT TRANSPORT COM 22284P105 7,371 572,277 SH   DFND 2 0 572,277 0
DANA HOLDING CORP COM 235825205 30,672 1,256,002 SH   DFND 2 0 105,020 0
DIAMONDROCK HOSPITALITY COM 252784301 20,696 1,614,371 SH   DFND 2 0 1,614,371 0
EXELON CORP COM 30161N101 56,646 1,552,794 SH   DFND 2 0 297,117 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 125,279 3,366,815 SH   DFND 2 0 2,221,110 0
HORACE MANN EDUCATORS COM 440327104 60,154 1,923,698 SH   DFND 2 0 1,254,384 0
INGRAM MICRO COM 457153104 198,520 6,796,297 SH   DFND 2 0 6,796,297 0
IMATION CORP COM 45245A107 528 153,538 SH   SOLE 0 153,538 0 0
INTEGRATED SILICON SOLUTIONS, INC COM 45812P107 30,540 2,061,633 SH   DFND 2 0 1,866,171 0
JETBLUE AIRWAYS COM 477143101 202,879 18,698,496 SH   DFND 2 0 7,906,218 0
KIMBALL COM 494274103 24,899 1,489,157 SH   DFND 2 0 1,391,174 0
KANSAS CITY LIFE COM 484836101 4,126 90,712 SH   SOLE 0 90,712 0 0
KOREA ELECTRIC POWER CORP COM 500631106 43,878 2,384,687 SH   DFND 2 0 1,966,330 0
LOEWS CORP COM 540424108 42,366 962,636 SH   DFND 2 0 336,936 0
SOUTHWEST AIRLINES COM 844741108 141 5,237 SH   DFND 2 0 5,237 0
MFA FINANCIAL INC. COM 55272X102 8,849 1,077,827 SH   DFND 2 0 932,827 0
M/I HOMES COM 55305B101 10,426 429,589 SH   DFND 2 0 429,589 0
MONTPELIER RE HOLDINGS COM G62185106 70,992 2,221,972 SH   DFND 2 0 1,394,524 0
MICRON TECHNOLOGY COM 595112103 615,880 18,691,359 SH   DFND 2 0 5,620,359 0
NORDIC AMERICAN TANKERS COM G65773106 15,573 1,634,122 SH   DFND 2 0 1,237,222 0
NABORS INDUSTRIES COM G6359F103 30,962 1,054,213 SH   DFND 2 0 4,213 0
NORD RESOURCES COM 655555100 20 507,100 SH   SOLE 0 507,100 0 0
NRG ENERGY COM 629377508 62,869 1,690,040 SH   DFND 2 0 494,338 0
NATUZZI SPA COM 63905A101 7,779 3,026,659 SH   DFND 2 0 2,756,659 0
PEPBOYS AUTO COM 713278109 13,162 1,148,501 SH   DFND 2 0 1,116,001 0
PARKER DRILLING COMPANY COM 701081101 30,453 4,670,727 SH   DFND 2 0 3,388,975 0
PHOTRONICS COM 719405102 50,500 5,872,146 SH   DFND 2 0 4,725,247 0
PRIMERO MINING CORP COM 74164W106 16,787 2,095,782 SH   DFND 2 0 1,850,469 0
PLATINUM UNDERWRITERS COM G7127P100 132,580 2,044,416 SH   DFND 2 0 1,367,583 0
ROYAL CARIBBEAN CRUISES COM V7780T103 85,220 1,532,739 SH   DFND 2 0 277,026 0
EVEREST RE GROUP COM G3223R108 69,009 429,991 SH   DFND 2 0 40,554 0
RESOLUTE FOREST PRODUCTS COM 76117W109 142,822 8,511,471 SH   DFND 2 0 6,471,244 0
RUBY TUESDAY COM 781182100 29,631 3,904,018 SH   DFND 2 0 3,419,018 0
SANMINA CORPORATION COM 801056102 156,521 6,870,965 SH   DFND 2 0 5,152,183 0
TECHDATA COM 878237106 73,714 1,179,041 SH   DFND 2 0 811,745 0
TECUMSEH PRODUCTS COM 878895309 8,198 1,610,591 SH   DFND 2 0 1,425,304 0
TOYOTA MOTOR CORP COM 892331307 77,905 651,052 SH   DFND 2 0 598,255 0
TESORO CORP COM 881609101 36 619 SH   DFND 2 0 619 0
UNUM GROUP COM 91529Y106 140,645 4,046,171 SH   DFND 2 0 1,129,581 0
UTSTARCOM COM G9310A114 479 163,586 SH   SOLE 0 163,586 0 0
VALERO ENERGY CORP COM 91913Y100 27,188 542,669 SH   DFND 2 0 237,669 0
WPX ENERGY INC COM 98212B103 302,245 12,640,948 SH   DFND 2 0 43,654,994 0
XL GROUP COM G98290102 249,377 7,619,232 SH   DFND 2 0 2,061,981 0
ALLIED NEVADA COM 019344100 565 150,350 SH   DFND 2 0 150,350 0
GENERAL MOTORS COM 37045V100 8,710 239,945 SH   DFND 2 0 239,945 0
MATTSON TECHNOLOGY COM 577223100 6,597 3,012,550 SH   DFND 2 0 3,012,550 0
STANLEY FURNITURE COM 854305208 325 121,292 SH   DFND 2 0 121,292 0
SYPRIS SOLUTIONS COM 871655106 1,284 230,098 SH   DFND 2 0 230,098 0
CARROL'S RESTAURANT GROUP COM 14574X104 1,503 211,143 SH   DFND 2 0 211,143 0
ARDMORE SHIPPING CORP COM Y0207T100 36,203 2,617,729 SH   DFND 2 0 2,128,429 0
BLUE CAPITAL REINSURANCE COM G1190F107 16,424 833,684 SH   DFND 2 0 749,284 0
NEW GOLD INC. COM 644535106 61,986 9,730,860 SH   DFND 2 0 1,927,290 0
PAN AMERICAN SILVER COM 697900108 27,262 1,776,045 SH   DFND 2 0 1,166,345 0
NOBLE CORP COM G65431101 128,826 3,838,679 SH   DFND 2 0 482,363 0
TIDEWATER INC COM 886423102 28,188 502,006 SH   DFND 2 0 348,119 0
SEACOR HOLDINGS COM 811904101 5,315 64,626 SH   SOLE 0 64,626 0 0
NEWS CORP - CLASS B COM 65249B208 5,235 300,000 SH   SOLE 0 0 0 0
OPLINK COMMUNICATIONS COM 68375q403 5,218 307,498 SH   SOLE 0 307,498 0 0
VALIDUS HOLDINGS COM g9319h102 31,224 816,534 SH   DFND 2 0 3,534 0