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 64,720 16,898,260 SH   DFND 2 0 12,660,480 0
AXCELIS TECHNOLOGY COM 054540109 22,886 10,846,575 SH   DFND 2 0 7,988,775 0
AERCAP HOLDINGS COM N00985106 197,595 10,153,916 SH   DFND 2 0 5,015,405 0
AIR FRANCE-KLM COM 009119108 194,844 19,484,437 SH   DFND 2 0 9,118,232 0
AMERICAN INTERNATIONAL GROUP COM 026874784 105,235 2,164,001 SH   DFND 2 0 1,522,801 0
AMERICAN NATIONAL COM 028591105 149,577 1,525,673 SH   DFND 2 0 913,924 0
ALLIANCE ONE COM 018772103 24,554 8,437,929 SH   DFND 2 0 6,428,514 0
AURICO GOLD COM 05155C105 74,696 19,605,247 SH   DFND 2 0 12,470,462 0
YAMANA GOLD COM 98462Y100 188,484 18,123,467 SH   DFND 2 0 3,283,221 0
AIRCASTLE COM G0129K104 56,582 3,249,980 SH   DFND 2 0 2,150,967 0
BANNER CORPORATION COM 06652V208 16,233 425,403 SH   DFND 2 0 373,897 0
BRIDGEPOINT EDUCATION COM 10807M105 18,839 1,044,302 SH   DFND 2 0 1,044,302 0
BASSETT FURNITURE COM 070203104 11,134 687,735 SH   DFND 2 0 687,735 0
COEUR MINING COM 192108504 85,799 7,120,221 SH   DFND 2 0 4,088,501 0
CENTURY ALUMINUM COMPANY COM 156431108 2,841 353,817 SH   SOLE 0 353,817 0 0
CELESTICA COM 15101Q108 103,142 9,351,087 SH   DFND 2 0 4,417,923 0
CNA FINANCIAL CORP. COM 126117100 109,650 2,871,923 SH   DFND 2 0 223,972 0
CST BRANDS COM 12646R105 1,815 60,909 SH   SOLE 0 29,610 0 0
COVENANT TRANSPORT COM 22284P105 7,595 1,198,005 SH   DFND 2 0 1,198,005 0
DANA HOLDING CORP COM 235825205 44,015 1,927,115 SH   DFND 2 0 164,638 0
DILLARD'S INC. COM 254067101 73,074 933,258 SH   DFND 2 0 262,843 0
DIAMONDROCK HOSPITALITY COM 252784301 25,101 2,352,506 SH   DFND 2 0 2,005,499 0
EXELON CORP COM 30161N101 67,289 2,270,201 SH   DFND 2 0 528,924 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 136,684 3,834,050 SH   DFND 2 0 2,437,845 0
HORACE MANN EDUCATORS COM 440327104 64,049 2,256,838 SH   DFND 2 0 1,544,990 0
HAVERTY'S FURNITURE COM 419596101 18,869 769,205 SH   DFND 2 0 598,305 0
INGRAM MICRO COM 457153104 220,479 9,565,236 SH   DFND 2 0 3,153,677 0
IMATION CORP COM 45245A107 1,324 322,833 SH   SOLE 0 322,833 0 0
INTEGRATED SILICON SOLUTIONS, INC COM 45812P107 26,725 2,454,119 SH   DFND 2 0 2,362,657 0
JETBLUE AIRWAYS COM 477143101 191,817 28,779,721 SH   DFND 2 0 12,738,275 0
KIMBALL COM 494274103 18,126 1,634,416 SH   DFND 2 0 1,566,433 0
KANSAS CITY LIFE COM 484836101 4,807 108,712 SH   SOLE 0 108,712 0 0
KOREA ELECTRIC POWER CORP COM 500631106 36,610 2,607,528 SH   DFND 2 0 2,196,771 0
LOEWS CORP COM 540424108 32,061 685,950 SH   DFND 2 0 245,450 0
SOUTHWEST AIRLINES COM 844741108 211,018 14,493,018 SH   DFND 2 0 4,680,594 0
MFA FINANCIAL INC. COM 55272X102 11,853 1,590,985 SH   DFND 2 0 1,445,985 0
M/I HOMES COM 55305B101 9,366 454,234 SH   DFND 2 0 454,234 0
MONTPELIER RE HOLDINGS COM G62185106 67,358 2,585,736 SH   DFND 2 0 1,311,688 0
MICRON TECHNOLOGY COM 595112103 393,098 22,502,594 SH   DFND 2 0 7,841,594 0
NORDIC AMERICAN TANKERS COM G65773106 10,562 1,281,834 SH   DFND 2 0 1,234,934 0
NABORS INDUSTRIES COM G6359F103 25,119 1,564,077 SH   DFND 2 0 105,177 0
NORD RESOURCES COM 655555100 13 507,100 SH   SOLE 0 507,100 0 0
NRG ENERGY COM 629377508 66,287 2,425,442 SH   DFND 2 0 823,579 0
NATUZZI SPA COM 63905A101 5,756 3,197,686 SH   DFND 2 0 3,197,686 0
OLD REPUBLIC INTL COM 680223104 12,261 796,157 SH   DFND 2 0 476,172 0
OVERSEAS SHIPHOLDG GRP COM 690368105 7,346 4,197,719 SH   DFND 2 0 2,803,472 0
PEPBOYS AUTO COM 713278109 14,926 1,196,973 SH   DFND 2 0 1,118,073 0
PARKER DRILLING COMPANY COM 701081101 32,568 5,713,711 SH   DFND 2 0 2,965,229 0
PHOTRONICS COM 719405102 44,425 5,666,413 SH   DFND 2 0 4,552,014 0
PNM RESOURCES COM 69349H107 5,246 231,806 SH   SOLE 0 144,779 0 0
PRIMERO MINING CORP COM 74164W106 10,654 1,954,885 SH   DFND 2 0 1,954,885 0
PATTERSON-UTI ENERGY INC COM 703481101 5,899 275,913 SH   DFND 2 0 913 0
PLATINUM UNDERWRITERS COM G7127P100 129,390 2,166,255 SH   DFND 2 0 1,140,598 0
P.A.M. TRANSPORTATION SVCS COM 693149106 6,839 390,997 SH   DFND 2 0 390,997 0
ROYAL CARIBBEAN CRUISES COM V7780T103 93,675 2,447,096 SH   DFND 2 0 933,183 0
EVEREST RE GROUP COM G3223R108 69,175 475,723 SH   DFND 2 0 86,286 0
RESOLUTE FOREST PRODUCTS COM 76117W109 122,467 9,263,791 SH   DFND 2 0 6,581,020 0
RADIOSHACK CORP COM 750438103 34,092 9,997,731 SH   DFND 2 0 6,506,760 0
RUBY TUESDAY COM 781182100 12,928 1,723,735 SH   DFND 2 0 1,473,735 0
SANMINA CORPORATION COM 801056102 130,991 7,489,508 SH   DFND 2 0 5,148,873 0
TECHDATA COM 878237106 94,881 1,901,034 SH   DFND 2 0 1,115,950 0
TECUMSEH PRODUCTS - A COM 878895200 10,267 1,147,159 SH   DFND 2 0 1,057,159 0
TECUMSEH PRODUCTS - B COM 878895101 4,026 463,239 SH   DFND 2 0 320,536 0
TOYOTA MOTOR CORP COM 892331307 38,132 297,836 SH   DFND 2 0 297,836 0
TRIQUINT SEMICONDUCTOR COM 89674K103 16,147 1,988,582 SH   DFND 2 0 1,603,882 0
TESORO CORP COM 881609101 16,516 375,543 SH   DFND 2 0 305,543 0
UNIFI INC COM 904677200 7,844 335,805 SH   DFND 2 0 335,805 0
UNUM GROUP COM 91529Y106 119,376 3,921,681 SH   DFND 2 0 1,158,091 0
USA TRUCK INC COM 902925106 6,590 735,487 SH   SOLE 0 638,487 0 0
USEC, INC. COM 90333E207 1,425 135,473 SH   SOLE 0 119,391 0 0
UTSTARCOM COM G9310A114 1,098 399,454 SH   SOLE 0 399,454 0 0
VALERO ENERGY CORP COM 91913Y100 25,687 752,179 SH   DFND 2 0 372,179 0
WPX ENERGY INC COM 98212B103 261,558 13,580,392 SH   DFND 2 0 4,946,059 0
XL GROUP COM G98290102 115,438 3,745,570 SH   DFND 2 0 1,076,489 0
HORSEHEAD HOLDING CORP COM 440694305 4,360 349,952 SH   SOLE 0 254,726 0 0
ALLIED NEVADA COM 019344100 628 150,350 SH   DFND 2 0 150,350 0
GENERAL MOTORS COM 37045V100 8,652 240,522 SH   DFND 2 0 240,522 0
U S AIRWAYS GROUP INC COM 90341W108 29,915 1,577,777 SH   DFND 2 0 1,577,777 0
MATTSON TECHNOLOGY COM 577223100 8,684 3,633,556 SH   DFND 2 0 3,633,556 0
NEWMONT MINING COM 651639106 337 12,000 SH   DFND 2 0 12,000 0
STANLEY FURNITURE COM 854305208 450 121,292 SH   DFND 2 0 121,292 0
SYPRIS SOLUTIONS COM 871655106 699 223,933 SH   DFND 2 0 223,933 0
CARROL'S RESTAURANT GROUP COM 14574X104 1,286 211,143 SH   DFND 2 0 211,143 0
ARDMORE SHIPPING CORP COM Y0207T100 21,923 1,805,860 SH   DFND 2 0 1,228,060 0
MOTORCAR PARTS OF AMERICA COM 620071100 1,647 130,023 SH   DFND 2 0 130,023 0