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
ALCOA CORP COM 013872106 16,948 1,507,824 SH   DFND 2 0 1,507,824 0
ADVANTAGE OIL & GAS COM 00765F101 10,545 8,378,711 SH   DFND 2 0 8,295,311 0
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 67,560 1,570,065 SH   DFND 2 0 1,564,965 0
AERCAP HOLDINGS COM N00985106 144,625 4,695,616 SH   DFND 2 0 4,690,376 0
AIR FRANCE-KLM COM 009119108 74,495 16,336,657 SH   DFND 2 0 16,325,467 0
AMERICAN INTERNATIONAL GROUP COM 026874784 38,903 1,247,706 SH   DFND 2 0 1,247,706 0
ALIO GOLD INC. COM 01627X108 7,864 6,241,258 SH   DFND 2 0 5,901,925 0
AMERICAN NATIONAL COM 028591105 24,797 344,063 SH   DFND 2 0 343,463 0
ARDMORE SHIPPING CORP COM Y0207T100 8,082 1,862,326 SH   DFND 2 0 1,849,626 0
AVIANCA HOLDINGS COM 05367G100 273 780,323 SH   SOLE 0 765,923 0 0
BONANZA CREEK ENERGY INC COM 097793400 14,057 948,512 SH   DFND 2 0 946,125 0
BLUE CAPITAL REINSURANCE COM G1190F107 705 559,751 SH   DFND 2 0 559,751 0
BEAZER HOMES USA INC COM 07556Q881 29,405 2,920,042 SH   DFND 2 0 2,901,542 0
CITIGROUP COM 172967424 32,384 633,733 SH   DFND 2 0 633,733 0
CAI INTERNATIONAL INC COM 12477X106 6,747 405,004 SH   DFND 2 0 401,804 0
CELESTICA COM 15101Q108 23,622 3,458,602 SH   DFND 2 0 3,450,002 0
CNA FINANCIAL CORP. COM 126117100 59,025 1,835,929 SH   DFND 2 0 1,835,929 0
COREPOINT LODGING INC COM 21872L104 21,410 5,085,561 SH   DFND 2 0 5,063,961 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 8,694 1,076,009 SH   DFND 2 0 1,065,509 0
DIAMOND S SHIPPING COM Y20676105 20,586 2,576,413 SH   DFND 2 0 2,568,710 0
ELDORADO GOLD COM 284902509 17,980 1,853,595 SH   DFND 2 0 1,845,095 0
EQUINOX GOLD CORP COM 29446Y502 54,765 4,881,016 SH   DFND 2 0 4,885,074 0
EURONAV COM B38564108 2,540 311,643 SH   DFND 2 0 311,643 0
FIFTH THIRD BANCORP COM 316773100 15,156 786,079 SH   DFND 2 0 786,079 0
FLEX LNG LTD COM G35947202 12,144 2,628,517 SH   DFND 2 0 2,615,467 0
FLY LEASING COM 34407D109 25,005 3,045,725 SH   DFND 2 0 3,031,025 0
GALIANO GOLD INC COM 36352H100 27,141 20,406,415 SH   DFND 2 0 20,275,915 0
GOLD FIELDS LTD COM 38059T106 158,584 16,870,687 SH   DFND 2 0 16,855,087 0
GOLDMAN SACHS GROUP COM 38141G104 15,715 79,520 SH   DFND 2 0 79,520 0
HAWAIIAN HOLDINGS INC COM 419879101 6,025 429,098 SH   DFND 2 0 427,371 0
HUDBAY MINERALS INC COM 443628102 1,007 332,360 SH   SOLE 0 332,360 0 0
HOWARD HUGHES CORP COM 44267D107 12,533 241,252 SH   DFND 2 0 241,252 0
IAMGOLD CORP COM 450913108 165,653 41,937,466 SH   DFND 2 0 41,936,066 0
INTERNATIONAL SEAWAYS COM Y41053102 29,279 1,791,882 SH   DFND 2 0 1,786,582 0
JETBLUE AIRWAYS COM 477143101 110,248 10,114,462 SH   DFND 2 0 10,114,462 0
JEFFERIES FINANCIAL GROUP COM 47233W109 54,926 3,532,231 SH   DFND 2 0 19,910 0
KB HOME COM 48666K109 5,382 175,410 SH   DFND 2 0 175,410 0
KIMBALL ELECTRONICS COM 49428J109 4,256 314,348 SH   DFND 2 0 314,348 0
KOREA ELECTRIC POWER CORP COM 500631106 18,083 2,266,033 SH   DFND 2 0 2,266,033 0
KINROSS GOLD CORP COM 496902404 36,687 5,081,271 SH   DFND 2 0 5,081,271 0
LOEWS CORP COM 540424108 33,546 978,301 SH   DFND 2 0 978,301 0
MFA FINANCIAL INC. COM 55272X102 2,531 1,016,357 SH   SOLE 0 1,016,357 0 0
M/I HOMES COM 55305B101 42,198 1,225,261 SH   DFND 2 0 6,358 0
THE MOSAIC COMPANY COM 61945C103 66,873 5,345,539 SH   DFND 2 0 5,345,539 0
MICRON TECHNOLOGY COM 595112103 86,150 1,672,164 SH   DFND 2 0 1,672,164 0
PARK HOTELS & RESORTS INC COM 700517105 12,418 1,255,588 SH   DFND 2 0 1,255,588 0
PHOTRONICS COM 719405102 17,504 1,572,685 SH   DFND 2 0 1,565,585 0
PLATINUM GROUP METALS COM 72765Q601 1,272 871,277 SH   SOLE 0 871,277 0 0
EVEREST RE GROUP COM G3223R108 10,731 52,041 SH   DFND 2 0 52,041 0
RESOLUTE FOREST PRODUCTS COM 76117W109 10,156 4,813,419 SH   DFND 2 0 4,765,819 0
SANMINA CORPORATION COM 801056102 16,501 659,003 SH   DFND 2 0 658,303 0
TAYLOR MORRISON HOME CORP COM 87724P106 129,534 6,715,093 SH   DFND 2 0 6,708,493 0
TOLL BROTHERS INC. COM 889478103 10,448 320,584 SH   DFND 2 0 320,584 0
TUTOR PERINI CORP COM 901109108 35,242 2,893,436 SH   DFND 2 0 2,881,286 0
TRITON INTERNATIONAL COM G9078F107 6,429 212,603 SH   DFND 2 0 212,603 0
DOMTAR CORP COM 257559203 32,815 1,554,469 SH   DFND 2 0 1,550,375 0
UNUM GROUP COM 91529Y106 107,485 6,478,877 SH   DFND 2 0 6,478,877 0
VERSO CORP COM 92531L207 12,974 1,084,779 SH   DFND 2 0 1,077,959 0
VERITIV CORP COM 923454102 1,428 84,211 SH   DFND 2 0 84,211 0
BRISTOW GROUP INC COM 11040G103 4,567 327,828 SH   DFND 2 0 326,262 0
WPX ENERGY INC COM 98212B103 1,639 256,849 SH   DFND 2 0 256,849 0
HG HOLDINGS COM 854305208 78 120,892 SH   DFND 2 0 120,892 0
GREAT PANTHER MINING LTD COM 39115V101 3,747 7,493,907 SH   DFND 2 0 7,493,907 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 25 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 51 2,258,112 SH   DFND 2 0 2,258,112 0