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 13,373 10,868,111 SH   DFND 2 0 10,784,711 0
AERCAP HOLDINGS COM N00985106 295,454 5,680,714 SH   DFND 2 0 1,977,274 0
AIR FRANCE-KLM COM 009119108 218,473 22,828,973 SH   DFND 2 0 7,365,557 0
ALAMOS GOLD INC - CLASS A COM 011532108 20 3,353 SH   DFND 2 0 3,353 0
AMERICAN INTERNATIONAL GROUP COM 026874784 79,477 1,491,685 SH   DFND 2 0 1,491,685 0
ASANKO GOLD COM 04341Y105 13,633 21,802,567 SH   DFND 2 0 21,740,267 0
ALIO GOLD INC. COM 01627X108 4,875 6,243,363 SH   DFND 2 0 6,243,363 0
AMERICAN NATIONAL COM 028591105 14,971 128,541 SH   DFND 2 0 128,541 0
ARDMORE SHIPPING CORP COM Y0207T100 18,332 2,249,331 SH   DFND 2 0 2,244,531 0
YAMANA GOLD COM 98462Y100 12,415 4,926,627 SH   DFND 2 0 4,926,627 0
AVIANCA HOLDINGS COM 05367G100 11,163 2,877,147 SH   DFND 2 0 2,857,247 0
AIRCASTLE COM G0129K104 3,658 172,043 SH   DFND 2 0 172,043 0
BONANZA CREEK ENERGY INC COM 097793400 2,088 100,000 SH   SOLE 0 99,940 0 0
BLUE CAPITAL REINSURANCE COM G1190F107 5,408 820,687 SH   DFND 2 0 820,687 0
BEAZER HOMES USA INC COM 07556Q881 25,823 2,687,129 SH   DFND 2 0 2,687,129 0
CITIGROUP COM 172967424 50,762 724,858 SH   DFND 2 0 724,858 0
CELESTICA COM 15101Q108 25,743 3,769,139 SH   DFND 2 0 1,395,120 0
CNA FINANCIAL CORP. COM 126117100 97,733 2,076,332 SH   DFND 2 0 9,930 0
COREPOINT LODGING INC COM 21872L104 35,216 2,842,317 SH   DFND 2 0 2,835,917 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 7,103 676,482 SH   DFND 2 0 672,982 0
DIAMOND S SHIPPING COM Y20676105 7,629 597,384 SH   DFND 2 0 594,981 0
ELDORADO GOLD COM 284902509 22,185 3,811,844 SH   DFND 2 0 3,789,744 0
ERA GROUP COM 26885G109 9,464 1,134,714 SH   DFND 2 0 1,130,014 0
FLY LEASING COM 34407D109 38,302 2,200,009 SH   DFND 2 0 2,187,109 0
GOLD FIELDS LTD COM 38059T106 141,831 26,216,509 SH   DFND 2 0 8,982,209 0
GREEN PLAINS INC COM 393222104 2,730 253,211 SH   DFND 2 0 253,211 0
GOLDMAN SACHS GROUP COM 38141G104 6,765 33,065 SH   DFND 2 0 33,065 0
HUDBAY MINERALS INC COM 443628102 2,054 379,660 SH   SOLE 0 379,660 0 0
IAMGOLD CORP COM 450913108 130,136 38,501,844 SH   DFND 2 0 15,492,537 0
INTERNATIONAL SEAWAYS COM Y41053102 41,788 2,199,382 SH   DFND 2 0 2,191,482 0
JETBLUE AIRWAYS COM 477143101 169,739 9,180,033 SH   DFND 2 0 2,475,326 0
JEFFERIES FINANCIAL GROUP COM 47233W109 18,115 942,005 SH   DFND 2 0 254,505 0
KB HOME COM 48666K109 6,902 268,266 SH   DFND 2 0 268,266 0
KIMBALL ELECTRONICS COM 49428J109 7,097 436,980 SH   DFND 2 0 436,980 0
KOREA ELECTRIC POWER CORP COM 500631106 25,143 2,265,107 SH   DFND 2 0 2,265,107 0
KINROSS GOLD CORP COM 496902404 140,545 36,222,996 SH   DFND 2 0 6,242,093 0
LOEWS CORP COM 540424108 27,211 497,730 SH   DFND 2 0 497,730 0
MFA FINANCIAL INC. COM 55272X102 17,543 2,443,342 SH   DFND 2 0 168,685 0
M/I HOMES COM 55305B101 50,457 1,767,953 SH   DFND 2 0 1,764,153 0
MICRON TECHNOLOGY COM 595112103 169,243 4,385,678 SH   DFND 2 0 712,778 0
NABORS INDUSTRIES COM G6359F103 5,074 1,749,548 SH   DFND 2 0 8,367 0
NOBLE CORP COM G65431101 4,709 2,518,043 SH   DFND 2 0 12,043 0
NATUZZI SPA COM 63905A101 1,068 441,523 SH   DFND 2 0 441,523 0
PHOTRONICS COM 719405102 17,327 2,113,097 SH   DFND 2 0 2,101,897 0
PLATINUM GROUP METALS COM 72765Q601 1,239 945,961 SH   SOLE 0 945,961 0 0
PYXUS INTERNATIONAL COM 74737V106 10,024 659,465 SH   DFND 2 0 656,265 0
EVEREST RE GROUP COM G3223R108 44,346 179,408 SH   DFND 2 0 20,141 0
RESOLUTE FOREST PRODUCTS COM 76117W109 34,176 4,746,672 SH   DFND 2 0 4,731,372 0
SANMINA CORPORATION COM 801056102 25,532 843,182 SH   DFND 2 0 840,782 0
SEACOR MARINE HOLDINGS COM 78413P101 1,692 113,069 SH   SOLE 0 113,069 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 156,505 7,466,819 SH   DFND 2 0 3,469,276 0
TOLL BROTHERS INC. COM 889478103 4,376 119,491 SH   DFND 2 0 20,571 0
TUTOR PERINI CORP COM 901109108 25,046 1,805,778 SH   DFND 2 0 1,797,328 0
UNUM GROUP COM 91529Y106 185,495 5,528,922 SH   DFND 2 0 1,480,728 0
VERSO CORP COM 92531L207 4,323 226,936 SH   DFND 2 0 226,936 0
VERITIV CORP COM 923454102 2,344 120,711 SH   DFND 2 0 120,711 0
WPX ENERGY INC COM 98212B103 4,636 402,805 SH   DFND 2 0 1,926 0
HG HOLDINGS COM 854305208 74 120,892 SH   DFND 2 0 120,892 0
GREAT PANTHER MINING LTD COM 39115V101 6,394 7,480,107 SH   DFND 2 0 7,480,107 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 235 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 431 2,258,112 SH   DFND 2 0 2,258,112 0
AMERICAS SILVER CORP COM 03063L705 5,451 2,329,419 SH   DFND 2 0 2,329,419 0