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 19,251 4,476,993 SH   DFND 2 0 4,033,435 0
AERCAP HOLDINGS COM N00985106 443,564 8,431,177 SH   DFND 2 0 3,690,689 0
AIR FRANCE-KLM COM 009119108 261,270 16,083,112 SH   DFND 2 0 6,833,227 0
ALAMOS GOLD COM 011532108 4,876 749,022 SH   DFND 2 0 621,422 0
ASPEN INSURANCE COM G05384105 68,290 1,682,029 SH   DFND 2 0 1,132,416 0
AMERICAN INTERNATIONAL GROUP COM 026874784 117,624 1,974,216 SH   DFND 2 0 1,813,416 0
ASANKO GOLD COM 04341Y105 14,277 20,219,436 SH   DFND 2 0 17,871,865 0
ALIO GOLD COM 01627X108 1,868 508,920 SH   DFND 2 0 339,333 0
AMERICAN NATIONAL COM 028591105 114,482 892,644 SH   DFND 2 0 785,374 0
ALLIANCE ONE COM 018772301 11,945 901,477 SH   DFND 2 0 789,279 0
AURICO METALS COM 05157J108 18,486 13,009,243 SH   DFND 2 0 12,059,236 0
ARDMORE SHIPPING CORP COM Y0207T100 24,506 3,063,262 SH   DFND 2 0 2,856,059 0
YAMANA GOLD COM 98462Y100 207,644 66,552,510 SH   DFND 2 0 26,031,859 0
AVIANCA HOLDINGS COM 05367G100 1,635 203,580 SH   SOLE 0 203,580 0 0
AXIS CAPITAL HOLDINGS COM G0692U109 69,768 1,388,143 SH   DFND 2 0 333,256 0
AIRCASTLE COM G0129K104 15,629 668,199 SH   DFND 2 0 668,199 0
BLUE CAPITAL REINSURANCE COM G1190F107 7,638 633,889 SH   DFND 2 0 553,878 0
BRIDGEPOINT EDUCATION COM 10807M105 1,551 186,862 SH   DFND 2 0 186,862 0
BEAZER HOMES USA INC COM 07556Q881 11,974 623,296 SH   DFND 2 0 610,496 0
CITIGROUP COM 172967424 142,333 1,912,818 SH   DFND 2 0 1,765,018 0
COEUR MINING COM 192108504 46,877 6,250,212 SH   DFND 2 0 5,991,787 0
SEACOR HOLDINGS COM 811904101 3,754 81,218 SH   SOLE 0 81,218 0 0
CLOUD PEAK ENERGY COM 18911Q102 2,207 495,859 SH   SOLE 0 450,859 0 0
CELESTICA COM 15101Q108 36,085 3,443,245 SH   DFND 2 0 1,268,326 0
CNA FINANCIAL CORP. COM 126117100 95,553 1,801,181 SH   DFND 2 0 5,112 0
ERA GROUP INC COM 26885G109 5,118 476,120 SH   SOLE 0 476,120 0 0
EURONAV SA COM B38564108 10,906 1,178,994 SH   DFND 2 0 3,313 0
FLY LEASING COM 34407D109 36,335 2,814,483 SH   DFND 2 0 2,641,335 0
GOLD FIELDS LTD COM 38059T106 61,294 14,254,424 SH   DFND 2 0 8,440,424 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 17,954 459,416 SH   DFND 2 0 408,926 0
GOLDMAN SACHS GROUP COM 38141G104 28,928 113,549 SH   DFND 2 0 77,249 0
HUDBAY MINERALS INC COM 443628102 5,872 667,229 SH   DFND 2 0 530,329 0
IAMGOLD CORP COM 450913108 257,899 44,236,577 SH   DFND 2 0 27,267,120 0
INTERNATIONAL SEAWAYS COM Y41053102 44,445 2,407,644 SH   DFND 2 0 2,223,164 0
JETBLUE AIRWAYS COM 477143101 94,457 4,228,137 SH   DFND 2 0 243,780 0
KB HOME COM 48666K109 69,363 2,170,989 SH   DFND 2 0 2,061,189 0
KIMBALL ELECTRONICS COM 49428J109 10,503 575,485 SH   DFND 2 0 575,485 0
KELLY SERVICES INC COM 488152208 647 23,727 SH   SOLE 0 23,727 0 0
KOREA ELECTRIC POWER CORP COM 500631106 83,134 4,694,161 SH   DFND 2 0 4,486,361 0
KINROSS GOLD CORP COM 496902404 239,873 55,526,142 SH   DFND 2 0 17,351,142 0
LOEWS CORP COM 540424108 70,381 1,406,785 SH   DFND 2 0 1,225,085 0
DORIAN LPG LTD COM Y2106R100 148 17,991 SH   SOLE 0 17,991 0 0
MFA FINANCIAL INC. COM 55272X102 24,396 3,080,311 SH   DFND 2 0 165,654 0
M/I HOMES COM 55305B101 77,275 2,246,377 SH   DFND 2 0 2,059,402 0
MICRON TECHNOLOGY COM 595112103 444,494 10,809,677 SH   DFND 2 0 3,379,603 0
NABORS INDUSTRIES COM G6359F103 16,781 2,456,903 SH   DFND 2 0 6,903 0
NOBLE CORP COM G65431101 15,992 3,538,078 SH   DFND 2 0 377,762 0
NATUZZI SPA COM 63905A101 5,469 3,417,934 SH   DFND 2 0 2,699,306 0
NEWS CORP - CLASS A COM 65249B109 3,921 241,908 SH   DFND 2 0 3,208 0
PAN AMERICAN SILVER COM 697900108 3,675 236,177 SH   DFND 2 0 236,177 0
PARKER DRILLING COMPANY COM 701081101 4,493 4,492,877 SH   DFND 2 0 4,265,827 0
PHOTRONICS COM 719405102 38,100 4,469,231 SH   DFND 2 0 4,087,278 0
PLATINUM GROUP METALS COM 72765Q601 4,060 13,354,541 SH   DFND 2 0 12,415,211 0
PRIMERO MINING CORP COM 74164W106 1,134 17,316,444 SH   DFND 2 0 12,459,131 0
PRIMERO MINING CORP WARRANTS WTS 74164W171 6 1,779,450 SH   SOLE 0 1,557,000 0 0
EVEREST RE GROUP COM G3223R108 82,578 373,215 SH   DFND 2 0 52,578 0
RESOLUTE FOREST PRODUCTS COM 76117W109 76,438 6,917,484 SH   DFND 2 0 6,381,484 0
SANMINA CORPORATION COM 801056102 88,155 2,671,358 SH   DFND 2 0 2,520,118 0
SEACOR MARINE HOLDINGS COM 78413P101 1,679 143,494 SH   SOLE 0 130,424 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 159,121 6,502,696 SH   DFND 2 0 1,689,751 0
TOLL BROTHERS INC. COM 889478103 33,491 697,440 SH   DFND 2 0 143,520 0
UNUM GROUP COM 91529Y106 146,133 2,662,293 SH   DFND 2 0 519,999 0
VERSO CORP COM 92531L207 35,123 1,999,022 SH   DFND 2 0 1,871,322 0
VERITIV CORP COM 923454102 7,543 261,004 SH   DFND 2 0 261,004 0
WPX ENERGY INC COM 98212B103 51,877 3,687,030 SH   DFND 2 0 242,959 0
XL GROUP COM G98294104 26,524 754,390 SH   DFND 2 0 88,210 0
STANLEY FURNITURE COM 854305208 105 120,892 SH   DFND 2 0 120,892 0
PERSHING GOLD CORP COM 715302204 7,805 3,251,930 SH   DFND 2 0 3,251,930 0
PERSHING GOLD WARRANTS WTS 715991303 124 925,000 SH   DFND 2 0 925,000 0