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 54,287 1,473,584 SH   DFND 2 0 1,473,584 0
ADVANTAGE ENERGY COM 00791P107 16,697 4,092,371 SH   DFND 2 0 3,980,971 0
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 92,437 1,357,178 SH   DFND 2 0 1,351,778 0
AERCAP HOLDINGS COM N00985106 202,740 3,958,999 SH   DFND 2 0 3,951,559 0
AIR FRANCE-KLM COM 009119108 28,549 5,802,588 SH   DFND 2 0 5,794,198 0
AMERICAN INTERNATIONAL GROUP COM 026874784 60,273 1,266,245 SH   DFND 2 0 1,266,245 0
AMERICAN NATIONAL COM 02772A109 48,763 328,262 SH   DFND 2 0 327,062 0
ARGONAUT GOLD INC COM 04016A101 29,915 12,516,725 SH   DFND 2 0 12,416,565 0
ARDMORE SHIPPING CORP COM Y0207T100 3,485 825,939 SH   DFND 2 0 813,239 0
BONANZA CREEK ENERGY INC COM 097793400 66,173 1,405,839 SH   DFND 2 0 1,396,054 0
BLUE CAPITAL REINSURANCE COM G1190F107 121 294,004 SH   DFND 2 0 294,004 0
BEAZER HOMES USA INC COM 07556Q881 23,375 1,211,782 SH   DFND 2 0 1,197,872 0
CITIGROUP COM 172967424 59,732 844,268 SH   DFND 2 0 844,268 0
CAI INTERNATIONAL INC COM 12477X106 9,452 168,793 SH   DFND 2 0 164,993 0
CENTERRA GOLD INC. COM 152006102 7,784 1,020,140 SH   DFND 2 0 6,240 0
CHESAPEAKE ENERGY CORP COM 165167735 1,973 38,000 SH   SOLE 0 38,000 0 0
CELESTICA COM 15101Q108 35,986 4,584,259 SH   DFND 2 0 4,564,551 0
CNA FINANCIAL CORP. COM 126117100 55,711 1,224,689 SH   DFND 2 0 1,224,689 0
COREPOINT LODGING INC COM 21872L104 47,707 4,458,604 SH   DFND 2 0 4,429,504 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 9,918 812,987 SH   DFND 2 0 796,377 0
DIAMOND S SHIPPING COM Y20676105 28,743 2,885,892 SH   DFND 2 0 2,865,439 0
ELDORADO GOLD COM 284902509 11,865 1,192,501 SH   DFND 2 0 1,174,926 0
EQUINOX GOLD CORP COM 29446Y502 31,243 4,495,427 SH   DFND 2 0 4,495,427 0
EURONAV COM B38564108 26,149 2,805,649 SH   DFND 2 0 2,805,649 0
EXELON CORP COM 30161N101 16,462 371,526 SH   DFND 2 0 371,526 0
FIFTH THIRD BANCORP COM 316773100 43,235 1,130,918 SH   DFND 2 0 1,130,918 0
FLEX LNG LTD COM G35947202 39,044 2,647,074 SH   DFND 2 0 2,632,324 0
FLY LEASING COM 34407D109 26,256 1,549,933 SH   DFND 2 0 1,535,658 0
GALIANO GOLD INC COM 36352H100 8,262 7,579,937 SH   DFND 2 0 7,416,637 0
GREENBRIER COMPANIES INC COM 393657101 5,508 126,383 SH   DFND 2 0 123,963 0
GOLD FIELDS LTD COM 38059T106 79,600 8,943,774 SH   DFND 2 0 8,943,774 0
GOLDMAN SACHS GROUP COM 38141G104 18,568 48,923 SH   DFND 2 0 48,923 0
HAWAIIAN HOLDINGS INC COM 419879101 7,755 318,219 SH   DFND 2 0 313,017 0
HUDBAY MINERALS INC COM 443628102 206 31,000 SH   SOLE 0 31,000 0 0
HOWARD HUGHES CORP COM 44267D107 47,102 483,294 SH   DFND 2 0 483,294 0
IAMGOLD CORP COM 450913108 119,055 40,357,534 SH   DFND 2 0 40,245,734 0
INTERNATIONAL SEAWAYS COM Y41053102 36,994 1,928,796 SH   DFND 2 0 1,917,146 0
JETBLUE AIRWAYS COM 477143101 120,430 7,177,005 SH   DFND 2 0 7,177,005 0
JEFFERIES FINANCIAL GROUP COM 47233W109 115,726 3,383,797 SH   DFND 2 0 20,986 0
KB HOME COM 48666K109 4,113 101,012 SH   DFND 2 0 97,537 0
KIMBALL ELECTRONICS COM 49428J109 1,690 77,730 SH   SOLE 0 77,730 0 0
KOREA ELECTRIC POWER CORP COM 500631106 24,312 2,251,078 SH   DFND 2 0 2,251,078 0
KINROSS GOLD CORP COM 496902404 38,730 6,099,202 SH   DFND 2 0 6,099,202 0
LOEWS CORP COM 540424108 74,367 1,360,787 SH   DFND 2 0 1,360,787 0
MFA FINANCIAL INC. COM 55272X102 2,261 492,612 SH   DFND 2 0 492,612 0
M/I HOMES COM 55305B101 77,619 1,322,972 SH   DFND 2 0 6,323 0
THE MOSAIC COMPANY COM 61945C103 93,654 2,934,933 SH   DFND 2 0 2,934,933 0
MICRON TECHNOLOGY COM 595112103 59,309 697,912 SH   DFND 2 0 697,912 0
NAVIENT CORP COM 63938C108 48,414 2,504,623 SH   DFND 2 0 2,495,723 0
PG & E CORP COM 69331C108 8,882 873,393 SH   DFND 2 0 873,393 0
PARK HOTELS & RESORTS INC COM 700517105 17,393 843,920 SH   DFND 2 0 843,920 0
PHOTRONICS COM 719405102 9,864 746,697 SH   DFND 2 0 733,097 0
EVEREST RE GROUP COM G3223R108 13,127 52,090 SH   DFND 2 0 52,090 0
RESOLUTE FOREST PRODUCTS COM 76117W109 18,998 1,557,219 SH   DFND 2 0 1,542,419 0
SANMINA CORPORATION COM 801056102 13,543 347,612 SH   DFND 2 0 346,912 0
TAYLOR MORRISON HOME CORP COM 87724P106 142,049 5,376,567 SH   DFND 2 0 5,370,732 0
TUTOR PERINI CORP COM 901109108 34,832 2,514,954 SH   DFND 2 0 2,493,954 0
TRITON INTERNATIONAL COM G9078F107 17,825 340,570 SH   DFND 2 0 340,570 0
DOMTAR CORP COM 257559203 50,698 922,445 SH   DFND 2 0 920,251 0
UNUM GROUP COM 91529Y106 147,912 5,208,184 SH   DFND 2 0 5,208,184 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107 5,086 366,460 SH   DFND 2 0 361,060 0
VERSO CORP COM 92531L207 24,000 1,355,956 SH   DFND 2 0 1,340,461 0
BRISTOW GROUP INC COM 11040G103 1,794 70,045 SH   DFND 2 0 69,579 0
GREAT PANTHER MINING LTD COM 39115V101 2,981 4,770,952 SH   DFND 2 0 4,770,952 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 13 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 30 2,258,112 SH   DFND 2 0 2,258,112 0