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 9,263 1,503,760 SH   DFND 2 0 1,503,760 0
ADVANTAGE OIL & GAS COM 00765F101 8,390 8,365,674 SH   DFND 2 0 8,282,274 0
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 46,252 1,801,799 SH   DFND 2 0 1,797,899 0
AERCAP HOLDINGS COM N00985106 112,321 4,928,528 SH   DFND 2 0 4,925,088 0
AIR FRANCE-KLM COM 009119108 120,323 21,109,318 SH   DFND 2 0 21,098,128 0
AMERICAN INTERNATIONAL GROUP COM 026874784 36,287 1,496,354 SH   DFND 2 0 1,496,354 0
ASANKO GOLD COM 04341Y105 17,609 22,357,965 SH   DFND 2 0 22,227,465 0
ALIO GOLD INC. COM 01627X108 3,027 6,241,258 SH   DFND 2 0 5,901,925 0
AMERICAN NATIONAL COM 028591105 28,246 342,878 SH   DFND 2 0 342,878 0
ARDMORE SHIPPING CORP COM Y0207T100 10,550 2,009,443 SH   DFND 2 0 1,994,743 0
YAMANA GOLD COM 98462Y100 2,473 899,295 SH   DFND 2 0 899,295 0
AVIANCA HOLDINGS COM 05367G100 1,546 1,614,623 SH   DFND 2 0 1,594,723 0
BONANZA CREEK ENERGY INC COM 097793400 11,845 1,052,882 SH   DFND 2 0 1,048,095 0
BLUE CAPITAL REINSURANCE COM G1190F107 466 538,410 SH   DFND 2 0 538,410 0
BEAZER HOMES USA INC COM 07556Q881 16,839 2,614,685 SH   DFND 2 0 2,596,185 0
CITIGROUP COM 172967424 33,266 789,799 SH   DFND 2 0 789,799 0
CAI INTERNATIONAL INC COM 12477X106 4,999 353,552 SH   DFND 2 0 350,352 0
CELESTICA COM 15101Q108 12,088 3,453,581 SH   DFND 2 0 3,444,981 0
CNA FINANCIAL CORP. COM 126117100 56,916 1,833,646 SH   DFND 2 0 1,833,646 0
COREPOINT LODGING INC COM 21872L104 20,097 5,126,912 SH   DFND 2 0 5,105,312 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 7,412 1,012,515 SH   DFND 2 0 1,002,015 0
DIAMOND S SHIPPING COM Y20676105 26,705 2,261,259 SH   DFND 2 0 2,254,456 0
ELDORADO GOLD COM 284902509 12,228 1,981,905 SH   DFND 2 0 1,973,405 0
EQUINOX GOLD CORP COM 29446Y502 23,855 3,598,106 SH   DFND 2 0 3,598,106 0
ERA GROUP COM 26885G109 5,235 982,100 SH   DFND 2 0 977,400 0
EURONAV COM B38564108 1,908 169,175 SH   SOLE 0 169,175 0 0
FLEX LNG LTD COM G35947202 13,307 2,624,710 SH   DFND 2 0 2,611,660 0
FLY LEASING COM 34407D109 18,282 2,596,946 SH   DFND 2 0 2,582,246 0
GOLD FIELDS LTD COM 38059T106 149,004 31,369,234 SH   DFND 2 0 31,353,934 0
GREEN PLAINS INC COM 393222104 2,743 565,613 SH   DFND 2 0 562,413 0
GOLDMAN SACHS GROUP COM 38141G104 12,271 79,376 SH   DFND 2 0 79,376 0
HUDBAY MINERALS INC COM 443628102 631 332,360 SH   SOLE 0 332,360 0 0
HOWARD HUGHES CORP COM 44267D107 8,083 160,000 SH   SOLE 0 160,000 0 0
IAMGOLD CORP COM 450913108 107,599 47,192,610 SH   DFND 2 0 47,191,210 0
INTERNATIONAL SEAWAYS COM Y41053102 47,425 1,985,146 SH   DFND 2 0 1,979,846 0
JETBLUE AIRWAYS COM 477143101 87,239 9,747,388 SH   DFND 2 0 9,747,388 0
JEFFERIES FINANCIAL GROUP COM 47233W109 35,073 2,565,673 SH   DFND 2 0 9,152 0
KB HOME COM 48666K109 5,829 322,054 SH   DFND 2 0 322,054 0
KIMBALL ELECTRONICS COM 49428J109 3,428 313,893 SH   DFND 2 0 313,893 0
KOREA ELECTRIC POWER CORP COM 500631106 17,084 2,262,751 SH   DFND 2 0 2,262,751 0
KINROSS GOLD CORP COM 496902404 49,393 12,410,316 SH   DFND 2 0 12,410,316 0
LOEWS CORP COM 540424108 25,660 736,734 SH   DFND 2 0 736,734 0
MFA FINANCIAL INC. COM 55272X102 1,581 1,020,179 SH   DFND 2 0 1,020,179 0
M/I HOMES COM 55305B101 20,224 1,223,493 SH   DFND 2 0 4,590 0
THE MOSAIC COMPANY COM 61945C103 57,666 5,329,551 SH   DFND 2 0 5,329,551 0
MICRON TECHNOLOGY COM 595112103 78,651 1,869,962 SH   DFND 2 0 1,869,962 0
NATUZZI SPA COM 63905A101 197 386,269 SH   DFND 2 0 386,269 0
PARK HOTELS & RESORTS INC COM 700517105 9,912 1,253,134 SH   DFND 2 0 1,253,134 0
PHOTRONICS COM 719405102 16,113 1,570,498 SH   DFND 2 0 1,563,398 0
PLATINUM GROUP METALS COM 72765Q601 1,141 871,277 SH   SOLE 0 871,277 0 0
EVEREST RE GROUP COM G3223R108 9,999 51,966 SH   DFND 2 0 51,966 0
RESOLUTE FOREST PRODUCTS COM 76117W109 6,056 4,806,599 SH   DFND 2 0 4,758,999 0
SANMINA CORPORATION COM 801056102 17,953 658,119 SH   DFND 2 0 657,419 0
SEACOR MARINE HOLDINGS COM 78413P101 418 95,528 SH   SOLE 0 95,528 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 78,697 7,154,268 SH   DFND 2 0 7,147,668 0
TOLL BROTHERS INC. COM 889478103 6,162 320,119 SH   DFND 2 0 320,119 0
TUTOR PERINI CORP COM 901109108 18,879 2,809,302 SH   DFND 2 0 2,797,152 0
TRITON INTERNATIONAL COM G9078F107 5,472 211,500 SH   SOLE 0 211,500 0 0
DOMTAR CORP COM 257559203 20,497 947,181 SH   DFND 2 0 947,181 0
UNUM GROUP COM 91529Y106 94,038 6,265,022 SH   DFND 2 0 6,265,022 0
VERSO CORP COM 92531L207 8,765 777,024 SH   DFND 2 0 774,204 0
VERITIV CORP COM 923454102 662 84,211 SH   DFND 2 0 84,211 0
WPX ENERGY INC COM 98212B103 1,227 402,386 SH   DFND 2 0 402,386 0
RUSSELL 2000 VALUE I SHARES COM 464287630 1,518 18,500 SH   DFND 2 0 18,500 0
HG HOLDINGS COM 854305208 54 120,892 SH   DFND 2 0 120,892 0
GREAT PANTHER MINING LTD COM 39115V101 2,310 7,493,907 SH   DFND 2 0 7,493,907 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 5 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 11 2,258,112 SH   DFND 2 0 2,258,112 0