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 76,178 15,451,946 SH   DFND 2 0 12,600,620 0
AXCELIS TECHNOLOGY COM 054540109 22,911 10,656,268 SH   DFND 2 0 7,991,400 0
AERCAP HOLDINGS COM N00985106 386,955 9,171,716 SH   DFND 2 0 4,785,605 0
AIR FRANCE-KLM COM 009119108 286,873 19,036,062 SH   DFND 2 0 9,214,900 0
AMERICAN INTERNATIONAL GROUP COM 026874784 111,463 2,228,822 SH   DFND 2 0 1,522,622 0
AMERICAN NATIONAL COM 028591105 152,600 1,349,849 SH   DFND 2 0 904,899 0
ALLIANCE ONE COM 018772103 24,785 8,487,882 SH   DFND 2 0 6,963,105 0
AURICO GOLD COM 05155C105 87,418 20,096,143 SH   DFND 2 0 14,702,644 0
YAMANA GOLD COM 98462Y100 160,960 18,126,878 SH   DFND 2 0 3,283,344 0
AIRCASTLE COM G0129K104 31,455 1,623,065 SH   DFND 2 0 1,575,647 0
BANNER CORPORATION COM 06652V208 2,577 62,541 SH   DFND 2 0 62,541 0
BRIDGEPOINT EDUCATION COM 10807M105 6,022 404,456 SH   DFND 2 0 404,456 0
BASSETT FURNITURE COM 070203104 10,213 687,760 SH   DFND 2 0 614,418 0
COEUR MINING COM 192108504 66,441 7,151,877 SH   DFND 2 0 4,786,257 0
CELESTICA COM 15101Q108 92,871 8,481,401 SH   DFND 2 0 4,454,518 0
CNA FINANCIAL CORP. COM 126117100 94,500 2,212,085 SH   DFND 2 0 46,741 0
COVENANT TRANSPORT COM 22284P105 11,194 1,108,341 SH   DFND 2 0 868,050 0
DANA HOLDING CORP COM 235825205 29,256 1,257,234 SH   DFND 2 0 106,252 0
DILLARD'S INC. COM 254067101 59,704 646,148 SH   DFND 2 0 224,952 0
DIAMONDROCK HOSPITALITY COM 252784301 25,285 2,151,918 SH   DFND 2 0 2,151,918 0
EXELON CORP COM 30161N101 79,558 2,370,617 SH   DFND 2 0 609,340 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 128,340 3,539,424 SH   DFND 2 0 2,393,719 0
HORACE MANN EDUCATORS COM 440327104 59,848 2,063,740 SH   DFND 2 0 1,320,626 0
INGRAM MICRO COM 457153104 200,192 6,722,398 SH   DFND 2 0 2,613,870 0
IMATION CORP COM 45245A107 886 297,333 SH   SOLE 0 153,538 0 0
INTEGRATED SILICON SOLUTIONS, INC COM 45812P107 35,319 2,271,345 SH   DFND 2 0 1,965,883 0
JETBLUE AIRWAYS COM 477143101 185,655 21,364,182 SH   DFND 2 0 11,986,337 0
KIMBALL COM 494274103 28,911 1,596,435 SH   DFND 2 0 1,390,563 0
KANSAS CITY LIFE COM 484836101 5,240 108,712 SH   SOLE 0 90,712 0 0
KOREA ELECTRIC POWER CORP COM 500631106 44,693 2,602,989 SH   DFND 2 0 2,097,132 0
LOEWS CORP COM 540424108 32,067 727,974 SH   DFND 2 0 245,474 0
SOUTHWEST AIRLINES COM 844741108 88,911 3,765,832 SH   DFND 2 0 1,196,573 0
MFA FINANCIAL INC. COM 55272X102 9,903 1,277,794 SH   DFND 2 0 1,132,794 0
M/I HOMES COM 55305B101 10,184 454,250 SH   DFND 2 0 429,392 0
MONTPELIER RE HOLDINGS COM G62185106 70,543 2,370,398 SH   DFND 2 0 1,542,950 0
MICRON TECHNOLOGY COM 595112103 478,394 20,219,546 SH   DFND 2 0 6,619,546 0
NORDIC AMERICAN TANKERS COM G65773106 12,614 1,281,879 SH   DFND 2 0 1,079,279 0
NABORS INDUSTRIES COM G6359F103 38,556 1,564,133 SH   DFND 2 0 105,233 0
NORD RESOURCES COM 655555100 19 507,100 SH   SOLE 0 507,100 0 0
NRG ENERGY COM 629377508 64,613 2,031,856 SH   DFND 2 0 793,154 0
NATUZZI SPA COM 63905A101 9,283 3,287,024 SH   DFND 2 0 2,600,955 0
OVERSEAS SHIPHOLDG GRP COM 690368105 20,729 3,963,516 SH   DFND 2 0 2,858,441 0
PEPBOYS AUTO COM 713278109 14,601 1,147,906 SH   DFND 2 0 1,115,406 0
PARKER DRILLING COMPANY COM 701081101 33,609 4,740,356 SH   DFND 2 0 3,459,641 0
PHOTRONICS COM 719405102 46,647 5,468,569 SH   DFND 2 0 4,206,170 0
PRIMERO MINING CORP COM 74164W106 15,310 2,123,467 SH   DFND 2 0 1,955,847 0
PLATINUM UNDERWRITERS COM G7127P100 129,322 2,151,777 SH   DFND 2 0 1,456,944 0
ROYAL CARIBBEAN CRUISES COM V7780T103 78,480 1,438,425 SH   DFND 2 0 275,712 0
EVEREST RE GROUP COM G3223R108 72,711 475,078 SH   DFND 2 0 47,041 0
RESOLUTE FOREST PRODUCTS COM 76117W109 162,714 8,099,274 SH   DFND 2 0 6,075,815 0
RADIOSHACK CORP COM 750438103 19,584 9,237,743 SH   DFND 2 0 6,764,632 0
RUBY TUESDAY COM 781182100 23,286 4,150,779 SH   DFND 2 0 3,415,779 0
SANMINA CORPORATION COM 801056102 130,269 7,465,265 SH   DFND 2 0 5,746,483 0
TECHDATA COM 878237106 95,455 1,565,866 SH   DFND 2 0 1,217,837 0
TECUMSEH PRODUCTS - A COM 878895200 9,286 1,345,751 SH   DFND 2 0 1,189,751 0
TECUMSEH PRODUCTS - B COM 878895101 3,235 472,912 SH   DFND 2 0 377,625 0
TOYOTA MOTOR CORP COM 892331307 73,455 650,617 SH   DFND 2 0 597,850 0
TRIQUINT SEMICONDUCTOR COM 89674K103 26,628 1,988,653 SH   DFND 2 0 1,735,253 0
TESORO CORP COM 881609101 17,984 355,489 SH   DFND 2 0 355,489 0
UNUM GROUP COM 91529Y106 137,359 3,890,076 SH   DFND 2 0 1,126,486 0
UTSTARCOM COM G9310A114 1,267 465,920 SH   SOLE 0 374,528 0 0
VALERO ENERGY CORP COM 91913Y100 37,295 702,350 SH   DFND 2 0 312,850 0
WPX ENERGY INC COM 98212B103 231,214 12,823,840 SH   DFND 2 0 4,459,586 0
XL GROUP COM G98290102 238,317 7,626,150 SH   DFND 2 0 2,068,899 0
ALLIED NEVADA COM 019344100 534 150,350 SH   DFND 2 0 150,350 0
GENERAL MOTORS COM 37045V100 9,987 244,355 SH   DFND 2 0 244,355 0
MATTSON TECHNOLOGY COM 577223100 8,268 3,017,550 SH   DFND 2 0 3,017,550 0
STANLEY FURNITURE COM 854305208 466 121,292 SH   DFND 2 0 121,292 0
SYPRIS SOLUTIONS COM 871655106 759 248,098 SH   DFND 2 0 248,098 0
CARROL'S RESTAURANT GROUP COM 14574X104 1,396 211,143 SH   DFND 2 0 211,143 0
ARDMORE SHIPPING CORP COM Y0207T100 24,785 2,174,209 SH   DFND 2 0 1,602,842 0
BLUE CAPITAL REINSURANCE COM G1190F107 14,577 838,234 SH   DFND 2 0 753,234 0
NEW GOLD INC. COM 644535106 27,453 5,625,653 SH   DFND 2 0 1,865,283 0
PAN AMERICAN SILVER COM 697900108 18,787 1,459,751 SH   DFND 2 0 990,356 0
NOBLE CORP COM G65431101 88,804 2,712,392 SH   DFND 2 0 460,413 0
TIDEWATER INC COM 886423102 1,794 36,900 SH   SOLE 0 36,900 0 0