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 28,156 4,171,187 SH   DFND 2 0 3,957,907 0
AXCELIS TECHNOLOGY COM 054540208 40,806 2,804,540 SH   DFND 2 0 2,628,140 0
AERCAP HOLDINGS COM N00985106 373,891 8,985,613 SH   DFND 2 0 4,222,325 0
AIR FRANCE-KLM COM 009119108 97,063 18,108,763 SH   DFND 2 0 8,626,178 0
ALAMOS GOLD COM 011532108 7,873 1,151,034 SH   DFND 2 0 1,151,034 0
ASPEN INSURANCE HOLDINGS COM G05384105 40,960 744,725 SH   DFND 2 0 371,384 0
AMERICAN INTERNATIONAL GROUP COM 026874784 122,349 1,873,359 SH   DFND 2 0 1,742,559 0
ASANKO GOLD COM 04341Y105 6,146 2,008,490 SH   DFND 2 0 2,008,490 0
AMERICAN NATIONAL COM 028591105 109,978 882,577 SH   DFND 2 0 834,069 0
ALLIANCE ONE COM 018772301 16,138 840,517 SH   DFND 2 0 716,205 0
AURICO METALS COM 05157J108 9,420 12,690,709 SH   DFND 2 0 11,740,702 0
ARDMORE SHIPPING CORP COM Y0207T100 24,881 3,362,272 SH   DFND 2 0 3,165,869 0
YAMANA GOLD COM 98462Y100 159,840 56,882,526 SH   DFND 2 0 24,231,705 0
AXIS CAPITAL HOLDINGS COM G0692U109 53,464 819,120 SH   DFND 2 0 203,382 0
AIRCASTLE COM G0129K104 18,097 867,977 SH   DFND 2 0 867,977 0
BANK OF AMERICA CORP COM 060505104 7,768 351,496 SH   DFND 2 0 1,496 0
BLUE CAPITAL REINSURANCE COM G1190F107 9,798 531,040 SH   DFND 2 0 451,029 0
BRIDGEPOINT EDUCATION COM 10807M105 4,293 423,760 SH   DFND 2 0 423,760 0
CITIGROUP COM 172967424 100,955 1,698,715 SH   DFND 2 0 1,569,715 0
COEUR MINING COM 192108504 48,450 5,329,990 SH   DFND 2 0 5,127,765 0
SEACOR HOLDINGS COM 811904101 11,131 156,162 SH   DFND 2 0 143,162 0
CLOUD PEAK ENERGY COM 18911Q102 3,264 581,759 SH   SOLE 0 536,759 0 0
CELESTICA COM 15101Q108 47,472 4,006,060 SH   DFND 2 0 1,841,041 0
CNA FINANCIAL CORP. COM 126117100 89,266 2,150,977 SH   DFND 2 0 9,092 0
ENDURANCE SPECIALTY HOLDINGS COM G30397106 34,869 377,373 SH   DFND 2 0 362,681 0
EURONAV SA COM B38564108 14,194 1,785,377 SH   DFND 2 0 1,661,672 0
FLY LEASING COM 34407D109 41,514 3,121,334 SH   DFND 2 0 2,961,434 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 57,638 1,723,624 SH   DFND 2 0 1,633,324 0
GOLDMAN SACHS GROUP COM 38141G104 62,796 262,249 SH   DFND 2 0 232,549 0
HUDBAY MINERALS INC. COM 443628102 4,114 721,711 SH   DFND 2 0 584,811 0
HORACE MANN EDUCATORS COM 440327104 17,151 400,727 SH   DFND 2 0 400,727 0
IAMGOLD CORP COM 450913108 173,879 45,163,382 SH   DFND 2 0 30,743,525 0
INTERNATIONAL SEAWAYS COM Y41053102 8,142 579,930 SH   DFND 2 0 511,950 0
JETBLUE AIRWAYS COM 477143101 135,932 6,062,970 SH   DFND 2 0 539,630 0
KB HOME COM 48666K109 106,888 6,760,767 SH   DFND 2 0 6,445,867 0
KIMBALL ELECTRONICS COM 49428J109 18,942 1,040,796 SH   DFND 2 0 956,756 0
KELLY SERVICES INC COM 488152208 10,998 479,831 SH   DFND 2 0 479,831 0
KOREA ELECTRIC POWER CORP COM 500631106 73,897 3,998,771 SH   DFND 2 0 3,762,071 0
KINROSS GOLD CORP COM 496902404 198,712 63,894,554 SH   DFND 2 0 20,614,554 0
LOEWS CORP COM 540424108 74,457 1,589,953 SH   DFND 2 0 1,408,253 0
MFA FINANCIAL INC. COM 55272X102 38,989 5,110,016 SH   DFND 2 0 1,156,016 0
M/I HOMES COM 55305B101 36,324 1,442,574 SH   DFND 2 0 1,340,384 0
MICRON TECHNOLOGY COM 595112103 323,956 14,779,020 SH   DFND 2 0 4,568,358 0
NABORS INDUSTRIES COM G6359F103 15,646 954,033 SH   DFND 2 0 4,033 0
NOBLE CORP COM G65431101 23,864 4,031,076 SH   DFND 2 0 870,760 0
NEWMONT MINING COM 651639106 9,419 276,470 SH   DFND 2 0 1,470 0
NRG ENERGY COM 629377508 12,869 1,049,636 SH   DFND 2 0 139,134 0
NATUZZI SPA COM 63905A101 8,656 3,830,051 SH   DFND 2 0 3,111,423 0
NEWS CORP - CLASS A COM 65249B109 13,091 1,142,345 SH   DFND 2 0 68,645 0
PAN AMERICAN SILVER COM 697900108 16,698 1,108,051 SH   DFND 2 0 1,061,062 0
PARKER DRILLING COMPANY COM 701081101 9,285 3,571,045 SH   DFND 2 0 3,454,045 0
PHOTRONICS COM 719405102 46,088 4,078,589 SH   DFND 2 0 3,781,936 0
PLATINUM GROUP METALS COM 72765Q601 2,383 1,666,700 SH   SOLE 0 1,666,700 0 0
PRIMERO MINING CORP COM 74164W106 13,509 17,175,878 SH   DFND 2 0 15,432,565 0
PRIMERO MINING CORP WARRANTS WTS 74164W171 227 2,350,000 SH   SOLE 0 2,127,550 0 0
EVEREST RE GROUP COM G3223R108 75,217 347,583 SH   DFND 2 0 37,146 0
RESOLUTE FOREST PRODUCTS COM 76117W109 40,414 7,554,027 SH   DFND 2 0 7,018,027 0
RUBY TUESDAY COM 781182100 18,478 5,720,617 SH   DFND 2 0 5,133,233 0
SANMINA CORPORATION COM 801056102 93,494 2,551,002 SH   DFND 2 0 2,433,262 0
TIDEWATER INC COM 886423102 2,931 859,599 SH   SOLE 0 289,199 0 0
TOLL BROTHERS INC. COM 889478103 70,341 2,269,078 SH   DFND 2 0 276,248 0
UNUM GROUP COM 91529Y106 252,249 5,742,072 SH   DFND 2 0 2,048,448 0
VERSO CORP COM 92531L207 10,966 1,544,573 SH   DFND 2 0 1,416,873 0
WPX ENERGY INC COM 98212B103 53,796 3,692,278 SH   DFND 2 0 248,207 0
XL GROUP COM G98294104 62,501 1,677,420 SH   DFND 2 0 421,490 0
PERSHING GOLD COM 715302204 10,632 3,251,500 SH   DFND 2 0 3,251,500 0
PERSHING GOLD WARRANTS WTS 715991303 787 925,000 SH   DFND 2 0 925,000 0
STANLEY FURNITURE COM 854305208 109 120,892 SH   DFND 2 0 120,892 0