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 27,644 4,188,450 SH   DFND 2 0 3,975,170 0
AXCELIS TECHNOLOGIES COM 054540208 56,337 2,996,651 SH   DFND 2 0 2,820,251 0
AERCAP HOLDINGS COM N00985106 410,868 8,937,744 SH   DFND 2 0 4,174,456 0
AIR FRANCE-KLM COM 009119108 137,713 18,082,086 SH   DFND 2 0 8,599,501 0
ALAMOS GOLD COM 011532108 13,260 1,651,252 SH   DFND 2 0 1,521,652 0
ASPEN INSURANCE COM G05384105 34,019 653,581 SH   DFND 2 0 297,026 0
AMERICAN INTERNATIONAL GROUP COM 026874784 105,438 1,688,894 SH   DFND 2 0 1,558,094 0
ASANKO GOLD COM 04341Y105 7,556 2,894,914 SH   DFND 2 0 2,894,914 0
AMERICAN NATIONAL COM 028591105 116,503 987,061 SH   DFND 2 0 887,356 0
ALLIANCE ONE COM 018772301 11,497 894,717 SH   DFND 2 0 782,519 0
AURICO METALS COM 05157J108 11,073 12,628,982 SH   DFND 2 0 11,678,975 0
ARDMORE SHIPPING CORP COM Y0207T100 27,072 3,362,954 SH   DFND 2 0 3,166,551 0
YAMANA GOLD COM 98462Y100 177,776 64,411,745 SH   DFND 2 0 24,156,894 0
AXIS CAPITAL HOLDINGS COM G0692U109 27,265 406,753 SH   DFND 2 0 1,796 0
AIRCASTLE COM G0129K104 20,950 868,201 SH   DFND 2 0 868,201 0
BANK OF AMERICA CORP COM 060505104 8,293 351,562 SH   DFND 2 0 1,562 0
BLUE CAPITAL REINSURANCE COM G1190F107 9,756 505,487 SH   DFND 2 0 425,476 0
BRIDGEPOINT EDUCATION COM 10807M105 5,635 528,108 SH   DFND 2 0 528,108 0
CITIGROUP COM 172967424 99,555 1,664,249 SH   DFND 2 0 1,516,449 0
COEUR MINING COM 192108504 42,263 5,230,544 SH   DFND 2 0 5,028,319 0
SEACOR HOLDINGS COM 811904101 10,807 156,192 SH   DFND 2 0 143,192 0
CLOUD PEAK ENERGY COM 18911Q102 2,642 576,859 SH   SOLE 0 531,859 0 0
CELESTICA COM 15101Q108 41,502 2,856,299 SH   DFND 2 0 774,380 0
CNA FINANCIAL CORP. COM 126117100 95,027 2,151,384 SH   DFND 2 0 9,499 0
EURONAV SA COM B38564108 14,025 1,775,319 SH   DFND 2 0 1,651,614 0
FLY LEASING COM 34407D109 42,148 3,212,478 SH   DFND 2 0 3,039,330 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 53,957 1,542,728 SH   DFND 2 0 1,458,328 0
GOLDMAN SACHS GROUP COM 38141G104 55,569 241,898 SH   DFND 2 0 208,598 0
HUDBAY MINERALS INC COM 443628102 4,676 713,912 SH   DFND 2 0 577,012 0
HORACE MANN EDUCATORS COM 440327104 16,418 399,954 SH   DFND 2 0 399,954 0
IAMGOLD CORP COM 450913108 180,956 45,239,031 SH   DFND 2 0 30,819,174 0
INTERNATIONAL SEAWAYS COM Y41053102 11,072 579,069 SH   DFND 2 0 511,089 0
JETBLUE AIRWAYS COM 477143101 126,681 6,146,572 SH   DFND 2 0 543,232 0
KB HOME COM 48666K109 137,778 6,930,463 SH   DFND 2 0 6,615,563 0
KIMBALL ELECTRONICS COM 49428J109 16,945 999,726 SH   DFND 2 0 915,686 0
KELLY SERVICES INC COM 488152208 10,421 476,723 SH   DFND 2 0 476,723 0
KOREA ELECTRIC POWER CORP COM 500631106 93,570 4,513,765 SH   DFND 2 0 4,237,065 0
KINROSS GOLD CORP COM 496902404 222,727 63,454,883 SH   DFND 2 0 20,599,883 0
LOEWS CORP COM 540424108 67,809 1,449,842 SH   DFND 2 0 1,268,142 0
MFA FINANCIAL INC. COM 55272X102 25,938 3,210,131 SH   DFND 2 0 295,474 0
M/I HOMES COM 55305B101 37,052 1,512,307 SH   DFND 2 0 1,410,117 0
MICRON TECHNOLOGY COM 595112103 398,307 13,782,244 SH   DFND 2 0 4,177,170 0
NABORS INDUSTRIES COM G6359F103 12,472 954,213 SH   DFND 2 0 4,213 0
NOBLE CORP COM G65431101 24,820 4,009,742 SH   DFND 2 0 849,426 0
NEWMONT MINING COM 651639106 9,124 276,820 SH   DFND 2 0 1,820 0
NEW GOLD INC. COM 644535106 26,342 8,839,539 SH   DFND 2 0 8,390,939 0
NATUZZI SPA COM 63905A101 10,909 3,794,616 SH   DFND 2 0 3,075,988 0
NEWS CORP - CLASS A COM 65249B109 14,869 1,143,750 SH   DFND 2 0 70,050 0
PAN AMERICAN SILVER COM 697900108 19,434 1,109,260 SH   DFND 2 0 1,062,271 0
PARKER DRILLING COMPANY COM 701081101 8,537 4,878,302 SH   DFND 2 0 4,681,252 0
PHOTRONICS COM 719405102 47,429 4,432,620 SH   DFND 2 0 4,135,967 0
PLATINUM GROUP METALS COM 72765Q601 19,487 11,882,301 SH   DFND 2 0 11,172,771 0
PRIMERO MINING CORP COM 74164W106 9,373 17,040,961 SH   DFND 2 0 15,297,648 0
PRIMERO MINING CORP WARRANTS WTS 74164W171 87 2,336,250 SH   SOLE 0 2,113,800 0 0
EVEREST RE GROUP COM G3223R108 79,828 341,424 SH   DFND 2 0 30,987 0
RESOLUTE FOREST PRODUCTS COM 76117W109 43,820 8,040,396 SH   DFND 2 0 7,504,396 0
RUBY TUESDAY COM 781182100 17,164 6,108,269 SH   DFND 2 0 5,520,885 0
SANMINA CORPORATION COM 801056102 87,780 2,162,079 SH   DFND 2 0 2,068,639 0
TAYLOR MORRISON HOME CORP COM 87724P106 71,232 3,341,097 SH   DFND 2 0 14,752 0
TOLL BROTHERS INC. COM 889478103 82,081 2,273,077 SH   DFND 2 0 280,247 0
UNUM GROUP COM 91529Y106 167,282 3,567,548 SH   DFND 2 0 746,079 0
VERSO CORP COM 92531L207 9,221 1,536,883 SH   DFND 2 0 1,409,183 0
WPX ENERGY INC COM 98212B103 49,449 3,692,977 SH   DFND 2 0 248,906 0
XL GROUP COM G98294104 46,856 1,175,520 SH   DFND 2 0 91,280 0
STANLEY FURNITURE COM 854305208 94 120,892 SH   DFND 2 0 120,892 0
PERSHING GOLD CORP COM 715302204 9,235 3,251,930 SH   DFND 2 0 3,251,930 0
PERSHING GOLD WARRANTS WTS 715991303 506 925,000 SH   DFND 2 0 925,000 0