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 72,168 1,474,625 SH   DFND 2 0 1,474,625 0
ADVANTAGE ENERGY COM 00791P107 15,710 3,110,934 SH   DFND 2 0 3,043,234 0
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 110,356 1,351,077 SH   DFND 2 0 1,345,202 0
ENACT HOLDINGS COM 29249E109 2,486 113,338 SH   SOLE 0 112,518 0 0
AERCAP HOLDINGS COM N00985106 230,912 3,994,334 SH   DFND 2 0 3,986,894 0
AIR FRANCE-KLM COM 009119108 27,804 5,657,011 SH   DFND 2 0 5,950,476 0
AMERICAN INTERNATIONAL GROUP COM 026874784 69,578 1,267,596 SH   DFND 2 0 1,267,596 0
AMERICAN NATIONAL COM 02772A109 54,505 288,338 SH   DFND 2 0 287,438 0
ARGONAUT GOLD INC COM 04016A101 18,721 8,627,373 SH   DFND 2 0 9,462,662 0
ARDMORE SHIPPING CORP COM Y0207T100 3,420 824,054 SH   DFND 2 0 811,354 0
BONANZA CREEK ENERGY INC COM 097793400 89,256 1,863,392 SH   DFND 2 0 1,852,307 0
BLUE CAPITAL REINSURANCE COM G1190F107 41 294,004 SH   DFND 2 0 294,004 0
BEAZER HOMES USA INC COM 07556Q881 20,939 1,213,846 SH   DFND 2 0 1,197,836 0
CITIGROUP COM 172967424 59,337 845,497 SH   DFND 2 0 845,497 0
CAI INTERNATIONAL INC COM 12477X106 8,659 154,881 SH   DFND 2 0 151,081 0
CENTERRA GOLD INC. COM 152006102 9,567 1,404,808 SH   DFND 2 0 1,404,808 0
CELESTICA COM 15101Q108 44,218 4,979,498 SH   DFND 2 0 4,954,690 0
CNA FINANCIAL CORP. COM 126117100 51,401 1,225,011 SH   DFND 2 0 1,225,011 0
COREPOINT LODGING INC COM 21872L104 68,301 4,406,485 SH   DFND 2 0 4,376,785 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 14,535 1,118,098 SH   DFND 2 0 1,091,788 0
ELDORADO GOLD COM 284902509 20,613 2,666,610 SH   DFND 2 0 2,628,835 0
EQUINOX GOLD CORP COM 29446Y502 23,482 3,557,842 SH   DFND 2 0 3,557,842 0
EURONAV COM B38564108 27,927 2,861,364 SH   DFND 2 0 2,861,364 0
EXELON CORP COM 30161N101 17,980 371,943 SH   DFND 2 0 371,943 0
FIFTH THIRD BANCORP COM 316773100 41,643 981,214 SH   DFND 2 0 981,214 0
FLEX LNG LTD COM G35947202 41,881 2,326,713 SH   DFND 2 0 2,317,263 0
GALIANO GOLD INC COM 36352H100 6,053 8,406,744 SH   DFND 2 0 8,202,284 0
GREENBRIER COMPANIES INC COM 393657101 9,984 232,241 SH   DFND 2 0 227,421 0
GOLD FIELDS LTD COM 38059T106 72,663 8,948,692 SH   DFND 2 0 8,948,692 0
GENWORTH FINANCIAL INC. COM 37247D106 997 265,928 SH   SOLE 0 256,328 0 0
GOLDMAN SACHS GROUP COM 38141G104 18,534 49,027 SH   DFND 2 0 49,027 0
HAWAIIAN HOLDINGS INC COM 419879101 6,888 318,000 SH   DFND 2 0 312,798 0
HUDBAY MINERALS INC COM 443628102 193 31,000 SH   SOLE 0 31,000 0 0
HOWARD HUGHES CORP COM 44267D107 43,349 493,669 SH   DFND 2 0 493,669 0
IAMGOLD CORP COM 450913108 93,414 41,333,683 SH   DFND 2 0 41,216,683 0
INTERNATIONAL SEAWAYS COM Y41053102 64,239 3,525,759 SH   DFND 2 0 3,502,784 0
JETBLUE AIRWAYS COM 477143101 109,796 7,180,905 SH   DFND 2 0 7,180,905 0
JEFFERIES FINANCIAL GROUP COM 47233W109 108,223 2,914,706 SH   DFND 2 0 2,914,706 0
KB HOME COM 48666K109 3,933 101,041 SH   DFND 2 0 97,566 0
KIMBALL ELECTRONICS COM 49428J109 2,003 77,730 SH   SOLE 0 77,730 0 0
KOREA ELECTRIC POWER CORP COM 500631106 22,240 2,253,338 SH   DFND 2 0 2,253,338 0
KINROSS GOLD CORP COM 496902404 51,541 9,615,849 SH   DFND 2 0 9,615,849 0
LOEWS CORP COM 540424108 73,451 1,361,972 SH   DFND 2 0 1,361,972 0
M/I HOMES COM 55305B101 85,316 1,476,063 SH   DFND 2 0 1,469,163 0
THE MOSAIC COMPANY COM 61945C103 104,913 2,937,088 SH   DFND 2 0 2,937,088 0
MICRON TECHNOLOGY COM 595112103 49,579 698,488 SH   DFND 2 0 698,488 0
NAVIENT CORP COM 63938C108 28,529 1,445,958 SH   DFND 2 0 1,440,558 0
PG & E CORP COM 69331C108 8,396 874,593 SH   DFND 2 0 874,593 0
PARK HOTELS & RESORTS INC COM 700517105 21,437 1,120,019 SH   DFND 2 0 1,120,019 0
PHOTRONICS COM 719405102 10,158 745,285 SH   DFND 2 0 731,685 0
EVEREST RE GROUP COM G3223R108 13,066 52,103 SH   DFND 2 0 52,103 0
RESOLUTE FOREST PRODUCTS COM 76117W109 18,536 1,557,654 SH   DFND 2 0 1,542,854 0
SANMINA CORPORATION COM 801056102 13,401 347,714 SH   DFND 2 0 347,014 0
TECK RESOUCES LTD - CLASS B COM 878742204 17,907 718,885 SH   DFND 2 0 718,885 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109 4,364 125,000 SH   SOLE 0 120,500 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 138,775 5,383,061 SH   DFND 2 0 5,376,626 0
TUTOR PERINI CORP COM 901109108 35,151 2,708,101 SH   DFND 2 0 2,685,001 0
TRITON INTERNATIONAL COM G9078F107 31,490 605,111 SH   DFND 2 0 605,111 0
DOMTAR CORP COM 257559203 28,459 521,792 SH   DFND 2 0 519,598 0
UNUM GROUP COM 91529Y106 130,581 5,210,722 SH   DFND 2 0 5,210,722 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107 9,022 691,864 SH   DFND 2 0 675,644 0
VERSO CORP COM 92531L207 28,978 1,396,532 SH   DFND 2 0 1,380,137 0
BRISTOW GROUP INC COM 11040G103 6,073 190,783 SH   DFND 2 0 186,217 0
GREAT PANTHER MINING LTD COM 39115V101 2,195 4,770,952 SH   DFND 2 0 4,770,952 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 0 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 2 2,258,112 SH   DFND 2 0 2,258,112 0
RUSSELL 2000 VALUE I-SHARES COM 464287630 1,971 12,300 SH   DFND 2 0 12,300 0