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 47,828 1,472,085 SH   DFND 2 0 1,472,085 0
ADVANTAGE OIL & GAS COM 00765F101 11,216 5,903,287 SH   DFND 2 0 5,791,887 0
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 86,827 1,436,577 SH   DFND 2 0 1,431,577 0
AERCAP HOLDINGS COM N00985106 217,861 3,708,903 SH   DFND 2 0 3,703,783 0
AIR FRANCE-KLM COM 009119108 34,752 5,796,754 SH   DFND 2 0 5,788,364 0
AMERICAN INTERNATIONAL GROUP COM 026874784 57,789 1,250,566 SH   DFND 2 0 1,250,566 0
AMERICAN NATIONAL COM 02772A109 35,439 328,538 SH   DFND 2 0 327,438 0
ARGONAUT GOLD INC COM 04016A101 25,912 14,224,825 SH   DFND 2 0 14,124,665 0
ARDMORE SHIPPING CORP COM Y0207T100 5,617 1,237,236 SH   DFND 2 0 1,224,536 0
BONANZA CREEK ENERGY INC COM 097793400 42,489 1,189,181 SH   DFND 2 0 1,182,634 0
BLUE CAPITAL REINSURANCE COM G1190F107 196 559,751 SH   DFND 2 0 559,751 0
BEAZER HOMES USA INC COM 07556Q881 32,994 1,577,157 SH   DFND 2 0 1,563,747 0
CITIGROUP COM 172967424 61,004 838,538 SH   DFND 2 0 838,538 0
CAI INTERNATIONAL INC COM 12477X106 6,090 133,794 SH   DFND 2 0 131,394 0
CELESTICA COM 15101Q108 25,688 3,069,029 SH   DFND 2 0 3,056,529 0
CNA FINANCIAL CORP. COM 126117100 61,769 1,384,021 SH   DFND 2 0 1,384,021 0
COREPOINT LODGING INC COM 21872L104 45,355 5,022,737 SH   DFND 2 0 4,998,037 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 12,254 1,101,013 SH   DFND 2 0 1,086,103 0
DIAMOND S SHIPPING COM Y20676105 32,618 3,252,077 SH   DFND 2 0 3,231,624 0
DEVON ENERGY CORP COM 25179M103 2,889 132,230 SH   DFND 2 0 132,230 0
ELDORADO GOLD COM 284902509 8,473 785,220 SH   DFND 2 0 774,245 0
EQUINOX GOLD CORP COM 29446Y502 35,826 4,483,870 SH   DFND 2 0 4,483,870 0
EURONAV COM B38564108 21,045 2,300,029 SH   DFND 2 0 2,300,029 0
EXELON CORP COM 30161N101 14,227 325,266 SH   DFND 2 0 325,266 0
FIFTH THIRD BANCORP COM 316773100 42,338 1,130,522 SH   DFND 2 0 1,130,522 0
FLEX LNG LTD COM G35947202 25,070 2,807,355 SH   DFND 2 0 2,794,305 0
FLY LEASING COM 34407D109 43,989 2,610,614 SH   DFND 2 0 2,593,639 0
GALIANO GOLD INC COM 36352H100 10,344 9,235,793 SH   DFND 2 0 9,121,793 0
GREENBRIER COMPANIES INC COM 393657101 9,184 194,501 SH   DFND 2 0 192,081 0
GOLD FIELDS LTD COM 38059T106 85,975 9,059,571 SH   DFND 2 0 9,059,571 0
GOLDMAN SACHS GROUP COM 38141G104 15,890 48,594 SH   DFND 2 0 48,594 0
HAWAIIAN HOLDINGS INC COM 419879101 13,146 492,930 SH   DFND 2 0 488,603 0
HUDBAY MINERALS INC COM 443628102 213 31,000 SH   SOLE 0 31,000 0 0
HOWARD HUGHES CORP COM 44267D107 45,928 482,796 SH   DFND 2 0 482,796 0
IAMGOLD CORP COM 450913108 125,082 41,973,817 SH   DFND 2 0 41,876,817 0
INTERNATIONAL SEAWAYS COM Y41053102 40,572 2,093,517 SH   DFND 2 0 2,082,567 0
JETBLUE AIRWAYS COM 477143101 143,634 7,061,665 SH   DFND 2 0 7,061,665 0
JEFFERIES FINANCIAL GROUP COM 47233W109 102,693 3,411,724 SH   DFND 2 0 17,213 0
KB HOME COM 48666K109 4,467 96,009 SH   DFND 2 0 96,009 0
KIMBALL ELECTRONICS COM 49428J109 4,080 158,142 SH   DFND 2 0 158,142 0
KOREA ELECTRIC POWER CORP COM 500631106 22,792 2,221,394 SH   DFND 2 0 2,221,394 0
KINROSS GOLD CORP COM 496902404 39,350 5,899,543 SH   DFND 2 0 5,899,543 0
LOEWS CORP COM 540424108 67,269 1,311,802 SH   DFND 2 0 1,311,802 0
MFA FINANCIAL INC. COM 55272X102 4,157 1,021,364 SH   DFND 2 0 1,021,364 0
M/I HOMES COM 55305B101 63,043 1,067,265 SH   DFND 2 0 5,406 0
THE MOSAIC COMPANY COM 61945C103 92,691 2,932,327 SH   DFND 2 0 2,932,327 0
MICRON TECHNOLOGY COM 595112103 61,508 697,295 SH   DFND 2 0 697,295 0
NAVIENT CORP COM 63938C108 35,524 2,482,462 SH   DFND 2 0 2,474,762 0
OASIS PETROLEUM INC COM 674215207 21,665 364,785 SH   DFND 2 0 363,885 0
PG & E CORP COM 69331C108 9,400 802,696 SH   DFND 2 0 802,696 0
PARK HOTELS & RESORTS INC COM 700517105 18,225 844,549 SH   DFND 2 0 844,549 0
PHOTRONICS COM 719405102 13,155 1,022,955 SH   DFND 2 0 1,010,455 0
EVEREST RE GROUP COM G3223R108 12,893 52,026 SH   DFND 2 0 52,026 0
RESOLUTE FOREST PRODUCTS COM 76117W109 23,582 2,153,570 SH   DFND 2 0 2,138,270 0
SANMINA CORPORATION COM 801056102 15,106 365,051 SH   DFND 2 0 364,351 0
TAYLOR MORRISON HOME CORP COM 87724P106 164,004 5,323,075 SH   DFND 2 0 5,318,475 0
TUTOR PERINI CORP COM 901109108 43,571 2,299,286 SH   DFND 2 0 2,290,916 0
TRITON INTERNATIONAL COM G9078F107 6,162 112,049 SH   DFND 2 0 112,049 0
DOMTAR CORP COM 257559203 45,376 1,228,027 SH   DFND 2 0 1,225,833 0
UNUM GROUP COM 91529Y106 144,307 5,185,304 SH   DFND 2 0 5,185,304 0
VERSO CORP COM 92531L207 22,717 1,557,054 SH   DFND 2 0 1,545,334 0
BRISTOW GROUP INC COM 11040G103 3,362 129,898 SH   DFND 2 0 129,432 0
GREAT PANTHER MINING LTD COM 39115V101 3,674 4,770,952 SH   DFND 2 0 4,770,952 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 56 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 114 2,258,112 SH   DFND 2 0 2,258,112 0