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 & GAS COM 00765F101 18,899 11,406,504 SH   DFND 2 0 10,258,896 0
AERCAP HOLDINGS COM N00985106 278,170 5,977,008 SH   DFND 2 0 2,148,168 0
AIR FRANCE-KLM COM 009119108 255,544 22,755,435 SH   DFND 2 0 6,785,119 0
ALAMOS GOLD COM 011532108 4,215 829,711 SH   DFND 2 0 788,011 0
AMERICAN INTERNATIONAL GROUP COM 026874784 68,268 1,585,411 SH   DFND 2 0 1,585,411 0
ASANKO GOLD COM 04341Y105 13,058 20,993,308 SH   DFND 2 0 18,841,237 0
ALIO GOLD INC. COM 01627X108 4,630 6,440,309 SH   DFND 2 0 6,270,722 0
AMERICAN NATIONAL COM 028591105 17,014 140,822 SH   DFND 2 0 128,713 0
ARDMORE SHIPPING CORP COM Y0207T100 17,308 2,809,773 SH   DFND 2 0 2,580,002 0
YAMANA GOLD COM 98462Y100 17,448 6,684,950 SH   DFND 2 0 6,684,950 0
AVIANCA HOLDINGS COM 05367G100 11,612 2,832,272 SH   DFND 2 0 2,734,635 0
AIRCASTLE COM G0129K104 3,501 172,984 SH   DFND 2 0 172,984 0
BLUE CAPITAL REINSURANCE COM G1190F107 6,070 900,535 SH   DFND 2 0 820,524 0
BEAZER HOMES USA INC COM 07556Q881 34,771 3,020,930 SH   DFND 2 0 2,654,030 0
CITIGROUP COM 172967424 61,388 986,636 SH   DFND 2 0 986,636 0
CELESTICA COM 15101Q108 26,770 3,168,098 SH   DFND 2 0 987,079 0
CNA FINANCIAL CORP. COM 126117100 89,992 2,075,946 SH   DFND 2 0 9,544 0
COREPOINT LODGING INC COM 21872L104 33,510 3,000,000 SH   SOLE 0 2,821,500 0 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 7,516 717,153 SH   DFND 2 0 647,628 0
DIAMOND S SHIPPING COM Y20676105 5,123 492,575 SH   DFND 2 0 444,821 0
ELDORADO GOLD COM 284902509 18,999 4,103,511 SH   DFND 2 0 3,480,381 0
ERA GROUP COM 26885G109 9,950 862,188 SH   DFND 2 0 800,788 0
EURONAV SA COM B38564108 4,651 570,654 SH   DFND 2 0 454,149 0
FLY LEASING COM 34407D109 37,199 2,687,801 SH   DFND 2 0 2,416,633 0
GOLD FIELDS LTD COM 38059T106 120,101 32,198,559 SH   DFND 2 0 11,612,759 0
GREEN PLAINS INC COM 393222104 4,055 243,118 SH   DFND 2 0 243,118 0
GOLDMAN SACHS GROUP COM 38141G104 6,388 33,270 SH   DFND 2 0 33,270 0
HUDBAY MINERALS INC COM 443628102 3,707 519,192 SH   DFND 2 0 382,292 0
IAMGOLD CORP COM 450913108 100,011 28,821,746 SH   DFND 2 0 14,711,315 0
INTERNATIONAL SEAWAYS COM Y41053102 40,366 2,355,058 SH   DFND 2 0 2,084,478 0
JETBLUE AIRWAYS COM 477143101 150,215 9,181,857 SH   DFND 2 0 2,477,150 0
JEFFERIES FINANCIAL GROUP COM 47233W109 17,696 941,761 SH   DFND 2 0 254,261 0
KB HOME COM 48666K109 8,137 336,644 SH   DFND 2 0 310,144 0
KIMBALL ELECTRONICS COM 49428J109 6,768 436,899 SH   DFND 2 0 436,899 0
KOREA ELECTRIC POWER CORP COM 500631106 27,938 2,147,424 SH   DFND 2 0 2,147,424 0
KINROSS GOLD CORP COM 496902404 161,159 46,848,602 SH   DFND 2 0 11,975,299 0
LOEWS CORP COM 540424108 23,917 498,993 SH   DFND 2 0 498,993 0
DORIAN LPG LTD COM Y2106R100 111 17,333 SH   SOLE 0 17,333 0 0
MFA FINANCIAL INC. COM 55272X102 17,760 2,442,888 SH   DFND 2 0 168,231 0
M/I HOMES COM 55305B101 58,641 2,202,911 SH   DFND 2 0 1,993,136 0
MICRON TECHNOLOGY COM 595112103 236,160 5,714,002 SH   DFND 2 0 1,714,002 0
NABORS INDUSTRIES COM G6359F103 6,017 1,749,223 SH   DFND 2 0 8,042 0
NOBLE CORP COM G65431101 7,225 2,517,574 SH   DFND 2 0 11,574 0
NATUZZI SPA COM 63905A101 3,025 587,951 SH   DFND 2 0 444,226 0
PHOTRONICS COM 719405102 22,225 2,351,822 SH   DFND 2 0 2,102,369 0
PLATINUM GROUP METALS COM 72765Q601 2,049 1,039,894 SH   SOLE 0 945,961 0 0
PYXUS INTERNATIONAL COM 74737V106 14,317 599,286 SH   DFND 2 0 593,286 0
EVEREST RE GROUP COM G3223R108 69,101 319,973 SH   DFND 2 0 59,536 0
RESOLUTE FOREST PRODUCTS COM 76117W109 39,931 5,054,599 SH   DFND 2 0 4,566,429 0
SANMINA CORPORATION COM 801056102 34,830 1,207,263 SH   DFND 2 0 1,080,755 0
SEACOR MARINE HOLDINGS COM 78413P101 1,679 126,139 SH   SOLE 0 113,069 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 144,026 8,114,162 SH   DFND 2 0 3,874,719 0
TOLL BROTHERS INC. COM 889478103 4,325 119,469 SH   DFND 2 0 20,549 0
TUTOR PERINI CORP COM 901109108 28,098 1,641,240 SH   DFND 2 0 1,455,690 0
UNUM GROUP COM 91529Y106 187,082 5,530,054 SH   DFND 2 0 1,481,860 0
VERSO CORP COM 92531L207 4,838 225,851 SH   SOLE 0 225,851 0 0
VERITIV CORP COM 923454102 3,192 121,268 SH   DFND 2 0 121,268 0
WPX ENERGY INC COM 98212B103 5,280 402,731 SH   DFND 2 0 1,852 0
HG HOLDINGS COM 854305208 63 120,892 SH   DFND 2 0 120,892 0
PERSHING GOLD CORP COM 715302204 3,779 3,257,930 SH   DFND 2 0 3,257,930 0