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 73,576 16,953,110 SH   DFND 2 0 13,464,184 0
AXCELIS TECHNOLOGY COM 054540109 26,472 10,849,200 SH   DFND 2 0 7,991,400 0
AERCAP HOLDINGS COM N00985106 365,419 9,528,538 SH   DFND 2 0 5,005,227 0
AIR FRANCE-KLM COM 009119108 202,195 19,311,805 SH   DFND 2 0 9,214,900 0
AMERICAN INTERNATIONAL GROUP COM 026874784 110,483 2,164,214 SH   DFND 2 0 1,523,014 0
AMERICAN NATIONAL COM 028591105 173,397 1,513,853 SH   DFND 2 0 940,308 0
ALLIANCE ONE COM 018772103 27,446 8,998,790 SH   DFND 2 0 7,588,574 0
AURICO GOLD COM 05155C105 85,902 23,470,517 SH   DFND 2 0 15,327,369 0
YAMANA GOLD COM 98462Y100 156,254 18,126,878 SH   DFND 2 0 3,286,632 0
AIRCASTLE COM G0129K104 47,513 2,479,800 SH   DFND 2 0 1,697,809 0
BANNER CORPORATION COM 06652V208 3,618 80,732 SH   DFND 2 0 80,732 0
BRIDGEPOINT EDUCATION COM 10807M105 7,904 446,316 SH   DFND 2 0 446,316 0
BASSETT FURNITURE COM 070203104 10,511 687,885 SH   DFND 2 0 687,885 0
COEUR MINING COM 192108504 79,216 7,301,002 SH   DFND 2 0 4,539,282 0
CENTURY ALUMINUM COMPANY COM 156431108 2,291 218,992 SH   SOLE 0 218,992 0 0
CELESTICA COM 15101Q108 89,871 8,641,437 SH   DFND 2 0 4,065,469 0
CNA FINANCIAL CORP. COM 126117100 97,570 2,274,891 SH   DFND 2 0 223,972 0
COVENANT TRANSPORT COM 22284P105 9,838 1,198,264 SH   DFND 2 0 1,198,264 0
DANA HOLDING CORP COM 235825205 36,671 1,869,068 SH   DFND 2 0 106,591 0
DILLARD'S INC. COM 254067101 64,978 668,430 SH   DFND 2 0 247,234 0
DIAMONDROCK HOSPITALITY COM 252784301 27,177 2,353,016 SH   DFND 2 0 2,278,016 0
EXELON CORP COM 30161N101 64,943 2,371,047 SH   DFND 2 0 609,770 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 135,984 3,726,600 SH   DFND 2 0 2,459,395 0
HORACE MANN EDUCATORS COM 440327104 66,814 2,118,376 SH   DFND 2 0 1,509,987 0
HAVERTY'S FURNITURE COM 419596101 6,000 191,708 SH   DFND 2 0 191,708 0
INGRAM MICRO COM 457153104 190,848 8,135,039 SH   DFND 2 0 2,613,870 0
IMATION CORP COM 45245A107 1,392 297,333 SH   SOLE 0 297,333 0 0
INTEGRATED SILICON SOLUTIONS, INC COM 45812P107 28,675 2,371,770 SH   DFND 2 0 2,280,308 0
JETBLUE AIRWAYS COM 477143101 223,527 26,174,069 SH   DFND 2 0 11,986,337 0
KIMBALL COM 494274103 22,317 1,484,798 SH   DFND 2 0 1,416,815 0
KANSAS CITY LIFE COM 484836101 5,190 108,712 SH   SOLE 0 108,712 0 0
KOREA ELECTRIC POWER CORP COM 500631106 43,034 2,590,851 SH   DFND 2 0 2,196,994 0
LOEWS CORP COM 540424108 33,097 686,099 SH   DFND 2 0 245,599 0
SOUTHWEST AIRLINES COM 844741108 135,956 7,216,338 SH   DFND 2 0 1,196,573 0
MFA FINANCIAL INC. COM 55272X102 9,023 1,278,026 SH   DFND 2 0 1,133,026 0
M/I HOMES COM 55305B101 11,563 454,332 SH   DFND 2 0 454,332 0
MONTPELIER RE HOLDINGS COM G62185106 76,109 2,615,430 SH   DFND 2 0 1,540,782 0
MICRON TECHNOLOGY COM 595112103 441,979 20,320,887 SH   DFND 2 0 6,772,887 0
NORDIC AMERICAN TANKERS COM G65773106 12,436 1,282,112 SH   DFND 2 0 1,235,212 0
NABORS INDUSTRIES COM G6359F103 26,579 1,564,416 SH   DFND 2 0 105,516 0
NORD RESOURCES COM 655555100 12 507,100 SH   SOLE 0 507,100 0 0
NRG ENERGY COM 629377508 58,119 2,023,627 SH   DFND 2 0 793,521 0
NATUZZI SPA COM 63905A101 8,433 3,256,110 SH   DFND 2 0 3,256,110 0
OVERSEAS SHIPHOLDG GRP COM 690368105 31,863 4,165,056 SH   DFND 2 0 2,884,749 0
PEPBOYS AUTO COM 713278109 14,502 1,194,523 SH   DFND 2 0 1,115,623 0
PARKER DRILLING COMPANY COM 701081101 46,463 5,714,950 SH   DFND 2 0 3,459,641 0
PHOTRONICS COM 719405102 48,985 5,424,685 SH   DFND 2 0 4,439,286 0
PRIMERO MINING CORP COM 74164W106 8,684 1,955,847 SH   DFND 2 0 1,955,847 0
PATTERSON-UTI ENERGY INC COM 703481101 6,988 275,973 SH   DFND 2 0 973 0
PLATINUM UNDERWRITERS COM G7127P100 128,394 2,095,202 SH   DFND 2 0 1,173,745 0
P.A.M. TRANSPORTATION SVCS COM 693149106 7,979 385,082 SH   DFND 2 0 385,082 0
ROYAL CARIBBEAN CRUISES COM V7780T103 76,573 1,614,781 SH   DFND 2 0 387,668 0
EVEREST RE GROUP COM G3223R108 66,784 428,460 SH   DFND 2 0 39,023 0
RESOLUTE FOREST PRODUCTS COM 76117W109 145,528 9,084,165 SH   DFND 2 0 6,659,701 0
RADIOSHACK CORP COM 750438103 26,110 10,042,423 SH   DFND 2 0 6,976,452 0
RUBY TUESDAY COM 781182100 23,637 3,410,804 SH   DFND 2 0 3,272,804 0
SANMINA CORPORATION COM 801056102 133,804 8,012,186 SH   DFND 2 0 5,972,037 0
TECHDATA COM 878237106 105,929 2,052,885 SH   DFND 2 0 1,292,801 0
TECUMSEH PRODUCTS - A COM 878895200 10,062 1,111,811 SH   DFND 2 0 1,021,811 0
TECUMSEH PRODUCTS - B COM 878895101 4,028 463,389 SH   DFND 2 0 328,102 0
TOYOTA MOTOR CORP COM 892331307 53,728 440,684 SH   DFND 2 0 415,887 0
TRIQUINT SEMICONDUCTOR COM 89674K103 16,588 1,989,014 SH   DFND 2 0 1,805,514 0
TESORO CORP COM 881609101 20,804 355,625 SH   DFND 2 0 355,625 0
UNIFI INC COM 904677200 223 8,178 SH   DFND 2 0 8,178 0
UNUM GROUP COM 91529Y106 137,356 3,915,507 SH   DFND 2 0 1,151,917 0
UTSTARCOM COM G9310A114 1,291 465,920 SH   SOLE 0 465,920 0 0
VALERO ENERGY CORP COM 91913Y100 40,481 803,185 SH   DFND 2 0 398,685 0
WPX ENERGY INC COM 98212B103 261,041 12,808,677 SH   DFND 2 0 4,213,328 0
XL GROUP COM G98290102 191,742 6,022,052 SH   DFND 2 0 1,489,201 0
ALLIED NEVADA COM 019344100 534 150,350 SH   DFND 2 0 150,350 0
GENERAL MOTORS COM 37045V100 9,850 241,006 SH   DFND 2 0 241,006 0
MATTSON TECHNOLOGY COM 577223100 8,841 3,226,777 SH   DFND 2 0 3,226,777 0
NEWMONT MINING COM 651639106 276 12,000 SH   DFND 2 0 12,000 0
STANLEY FURNITURE COM 854305208 466 121,292 SH   DFND 2 0 121,292 0
SYPRIS SOLUTIONS COM 871655106 743 242,703 SH   DFND 2 0 242,703 0
CARROL'S RESTAURANT GROUP COM 14574X104 1,396 211,143 SH   DFND 2 0 211,143 0
ARDMORE SHIPPING CORP COM Y0207T100 28,107 1,806,370 SH   DFND 2 0 1,295,070 0
BLUE CAPITAL REINSURANCE COM G1190F107 13,087 712,396 SH   DFND 2 0 712,396 0
NEW GOLD INC. COM 644535106 26,404 5,038,877 SH   DFND 2 0 1,859,507 0
PAN AMERICAN SILVER COM 697900108 17,066 1,458,656 SH   DFND 2 0 990,356 0