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 35,386 1,535,204 SH   DFND 2 0 1,535,204 0
ADVANTAGE OIL & GAS COM 00765F101 8,070 5,977,505 SH   DFND 2 0 5,866,105 0
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 64,928 1,190,468 SH   DFND 2 0 1,185,968 0
AERCAP HOLDINGS COM N00985106 201,853 4,428,547 SH   DFND 2 0 4,423,427 0
AIR FRANCE-KLM COM 009119108 49,132 7,873,652 SH   DFND 2 0 7,865,262 0
AMERICAN INTERNATIONAL GROUP COM 026874784 48,234 1,274,004 SH   DFND 2 0 1,274,004 0
AMERICAN NATIONAL COM 02772A109 33,577 349,322 SH   DFND 2 0 348,422 0
ARGONAUT GOLD INC COM 04016A101 25,907 12,049,760 SH   DFND 2 0 12,933,150 0
ARDMORE SHIPPING CORP COM Y0207T100 4,460 1,363,807 SH   DFND 2 0 1,351,107 0
BONANZA CREEK ENERGY INC COM 097793400 21,722 1,123,742 SH   DFND 2 0 1,118,755 0
BLUE CAPITAL REINSURANCE COM G1190F107 196 559,751 SH   DFND 2 0 559,751 0
BEAZER HOMES USA INC COM 07556Q881 33,015 2,179,200 SH   DFND 2 0 2,160,700 0
CITIGROUP COM 172967424 52,945 858,666 SH   DFND 2 0 858,666 0
CAI INTERNATIONAL INC COM 12477X106 6,683 213,917 SH   DFND 2 0 211,017 0
CELESTICA COM 15101Q108 25,339 3,139,843 SH   DFND 2 0 3,131,243 0
CNA FINANCIAL CORP. COM 126117100 60,237 1,546,112 SH   DFND 2 0 1,546,112 0
COREPOINT LODGING INC COM 21872L104 33,157 4,819,267 SH   DFND 2 0 4,797,667 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 11,747 1,446,660 SH   DFND 2 0 1,429,350 0
DIAMOND S SHIPPING COM Y20676105 23,007 3,454,572 SH   DFND 2 0 3,434,119 0
ELDORADO GOLD COM 284902509 13,757 1,036,688 SH   DFND 2 0 1,028,188 0
EQUINOX GOLD CORP COM 29446Y502 47,066 4,551,791 SH   DFND 2 0 3,604,201 0
EURONAV COM B38564108 16,324 2,040,503 SH   DFND 2 0 2,040,503 0
FIFTH THIRD BANCORP COM 316773100 40,562 1,471,240 SH   DFND 2 0 1,471,240 0
FLEX LNG LTD COM G35947202 24,790 2,833,190 SH   DFND 2 0 2,820,140 0
FLY LEASING COM 34407D109 27,326 2,774,196 SH   DFND 2 0 2,759,496 0
GALIANO GOLD INC COM 36352H100 11,855 10,491,367 SH   DFND 2 0 10,382,167 0
GREENBRIER COMPANIES INC COM 393657101 11,405 313,489 SH   DFND 2 0 309,769 0
GOLD FIELDS LTD COM 38059T106 72,405 7,810,691 SH   DFND 2 0 7,810,691 0
GOLDMAN SACHS GROUP COM 38141G104 15,423 58,486 SH   DFND 2 0 58,486 0
HAWAIIAN HOLDINGS INC COM 419879101 15,131 854,871 SH   DFND 2 0 846,844 0
HUDBAY MINERALS INC COM 443628102 1,041 148,700 SH   SOLE 0 148,700 0 0
HOWARD HUGHES CORP COM 44267D107 39,638 502,188 SH   DFND 2 0 502,188 0
IAMGOLD CORP COM 450913108 145,467 39,636,666 SH   DFND 2 0 39,568,266 0
INTERNATIONAL SEAWAYS COM Y41053102 35,742 2,188,718 SH   DFND 2 0 2,178,018 0
JETBLUE AIRWAYS COM 477143101 133,735 9,197,734 SH   DFND 2 0 9,197,734 0
JEFFERIES FINANCIAL GROUP COM 47233W109 85,819 3,488,559 SH   DFND 2 0 22,298 0
KB HOME COM 48666K109 5,886 175,603 SH   DFND 2 0 175,603 0
KIMBALL ELECTRONICS COM 49428J109 5,213 326,009 SH   DFND 2 0 326,009 0
KOREA ELECTRIC POWER CORP COM 500631106 27,734 2,260,299 SH   DFND 2 0 2,260,299 0
KINROSS GOLD CORP COM 496902404 29,790 4,058,600 SH   DFND 2 0 4,058,600 0
LOEWS CORP COM 540424108 57,410 1,275,208 SH   DFND 2 0 1,275,208 0
MFA FINANCIAL INC. COM 55272X102 3,979 1,022,780 SH   DFND 2 0 1,022,780 0
M/I HOMES COM 55305B101 49,191 1,110,664 SH   DFND 2 0 6,975 0
THE MOSAIC COMPANY COM 61945C103 95,315 4,142,349 SH   DFND 2 0 4,142,349 0
MICRON TECHNOLOGY COM 595112103 65,359 869,361 SH   DFND 2 0 869,361 0
OASIS PETROLEUM INC COM 674215207 24,946 673,116 SH   DFND 2 0 670,216 0
PG & E CORP COM 69331C108 10,250 822,637 SH   DFND 2 0 822,637 0
PARK HOTELS & RESORTS INC COM 700517105 25,464 1,484,798 SH   DFND 2 0 1,484,798 0
PHOTRONICS COM 719405102 12,033 1,078,222 SH   DFND 2 0 1,068,322 0
EVEREST RE GROUP COM G3223R108 12,196 52,098 SH   DFND 2 0 52,098 0
RESOLUTE FOREST PRODUCTS COM 76117W109 18,130 2,772,217 SH   DFND 2 0 2,750,517 0
SANMINA CORPORATION COM 801056102 16,422 514,967 SH   DFND 2 0 514,267 0
TAYLOR MORRISON HOME CORP COM 87724P106 139,565 5,441,140 SH   DFND 2 0 5,436,540 0
TUTOR PERINI CORP COM 901109108 29,902 2,309,052 SH   DFND 2 0 2,300,682 0
TRITON INTERNATIONAL COM G9078F107 5,474 112,837 SH   DFND 2 0 112,837 0
DOMTAR CORP COM 257559203 40,115 1,267,456 SH   DFND 2 0 1,265,262 0
UNUM GROUP COM 91529Y106 136,169 5,935,894 SH   DFND 2 0 5,935,894 0
VERSO CORP COM 92531L207 20,150 1,676,351 SH   DFND 2 0 1,664,631 0
VERITIV CORP COM 923454102 903 43,419 SH   DFND 2 0 43,419 0
BRISTOW GROUP INC COM 11040G103 3,645 138,484 SH   DFND 2 0 138,018 0
WPX ENERGY INC COM 98212B103 2,076 254,758 SH   SOLE 0 254,758 0 0
HG HOLDINGS COM 854305208 64 120,892 SH   DFND 2 0 120,892 0
GREAT PANTHER MINING LTD COM 39115V101 4,248 4,984,359 SH   DFND 2 0 4,984,359 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 105 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 204 2,258,112 SH   DFND 2 0 2,258,112 0