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 47,851 9,184,507 SH   DFND 2 0 7,328,081 0
AXCELIS TECHNOLOGIES COM 054540208 31,228 11,695,785 SH   DFND 2 0 10,339,284 0
AERCAP HOLDINGS COM N00985106 366,184 9,575,953 SH   DFND 2 0 4,460,665 0
AIR FRANCE-KLM COM 009119108 122,706 17,939,424 SH   DFND 2 0 8,539,419 0
ALAMOS GOLD COM 011532108 57,881 15,685,968 SH   DFND 2 0 12,005,354 0
ASPEN INSURANCE COM G05384105 75,741 1,629,892 SH   DFND 2 0 700,228 0
AMERICAN INTERNATIONAL GROUP COM 026874784 96,206 1,693,179 SH   DFND 2 0 1,639,679 0
ASANKO GOLD COM 04341Y105 1,834 1,247,539 SH   SOLE 0 1,247,539 0 0
AMERICAN NATIONAL COM 028591105 136,984 1,402,952 SH   DFND 2 0 1,029,603 0
ALLIANCE ONE COM 018772301 16,477 808,496 SH   DFND 2 0 701,565 0
AURICO METALS COM 05157J108 3,297 6,528,954 SH   SOLE 0 5,011,271 0 0
ARDMORE SHIPPING CORP COM Y0207T100 31,378 2,597,521 SH   DFND 2 0 2,146,105 0
YAMANA GOLD COM 98462Y100 63,325 37,249,826 SH   DFND 2 0 12,610,975 0
AXIS CAPITAL HOLDINGS COM G0129K104 39,219 1,902,919 SH   DFND 2 0 1,902,919 0
AIRCASTLE COM G1190F107 14,387 835,509 SH   DFND 2 0 751,109 0
BANK OF AMERICA CORP COM 10807M105 3,607 473,296 SH   DFND 2 0 473,296 0
BLUE CAPITAL REINSURANCE COM 11777Q209 2,073 1,974,100 SH   SOLE 0 0 0 0
BRIDGEPOINT EDUCATION COM 172967424 62,201 1,253,791 SH   DFND 2 0 1,198,891 0
CITIGROUP COM 192108504 36,159 12,822,255 SH   DFND 2 0 10,152,369 0
COEUR MINING COM 811904101 11,578 193,577 SH   DFND 2 0 180,577 0
SEACOR HOLDINGS COM 18911Q102 2,046 778,000 SH   SOLE 0 733,000 0 0
CLOUD PEAK ENERGY COM 15101Q108 37,472 2,907,081 SH   DFND 2 0 1,128,381 0
CELESTICA COM 126117100 80,569 2,306,585 SH   DFND 2 0 46,589 0
CNA FINANCIAL CORP. COM 235825205 18,081 1,138,604 SH   DFND 2 0 104,327 0
EURONAV SA COM G30397106 57,982 950,050 SH   DFND 2 0 682,641 0
FLY LEASING COM B38564108 5,027 361,671 SH   DFND 2 0 338,366 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 34407D109 17,034 1,290,435 SH   DFND 2 0 1,081,456 0
GOLDMAN SACHS GROUP COM 387437114 100,958 3,585,164 SH   DFND 2 0 2,618,759 0
HUDBAY MINERALS INC COM 443628102 3,694 1,003,815 SH   DFND 2 0 866,915 0
HORACE MANN EDUCATORS COM 440327104 51,990 1,565,032 SH   DFND 2 0 1,061,744 0
IAMGOLD CORP COM 457153104 213,528 7,838,765 SH   DFND 2 0 3,001,834 0
INTERNATIONAL SEAWAYS COM 45245A107 327 153,538 SH   SOLE 0 153,538 0 0
JETBLUE AIRWAYS COM 45812P107 37,340 1,737,564 SH   DFND 2 0 1,542,102 0
KB HOME COM 477143101 184,059 7,142,357 SH   DFND 2 0 621,988 0
KIMBALL ELECTRONICS COM 494274103 6,356 671,892 SH   DFND 2 0 671,892 0
KELLY SERVICES INC COM 48666K109 7,473 551,526 SH   DFND 2 0 551,526 0
KOREA ELECTRIC POWER CORP COM 484836200 4,263 90,712 SH   SOLE 0 90,712 0 0
KINROSS GOLD CORP COM 49428J109 13,787 1,155,634 SH   DFND 2 0 1,082,147 0
LOEWS CORP COM 488152208 6,513 460,626 SH   SOLE 0 460,626 0 0
MFA FINANCIAL INC. COM 500631106 67,667 3,302,448 SH   DFND 2 0 3,243,648 0
M/I HOMES COM 496902404 121,648 70,725,792 SH   DFND 2 0 19,648,001 0
MICRON TECHNOLOGY COM 540424108 74,427 2,059,420 SH   DFND 2 0 1,929,820 0
NABORS INDUSTRIES COM 55272X102 6,347 932,061 SH   DFND 2 0 932,061 0
NOBLE CORP COM 55305B101 10,256 434,930 SH   DFND 2 0 434,930 0
NEWMONT MINING COM 595112103 212,237 14,168,008 SH   DFND 2 0 4,471,420 0
NEW GOLD INC. COM G6359F103 9,012 953,624 SH   DFND 2 0 3,624 0
NATUZZI SPA COM G65431101 44,431 4,072,514 SH   DFND 2 0 912,198 0
NEWS CORP - CLASS A COM 644535106 17,408 7,668,666 SH   DFND 2 0 2,527,214 0
PAN AMERICAN SILVER COM 655555100 2 507,100 SH   SOLE 0 507,100 0 0
PARKER DRILLING COMPANY COM 629377508 20,376 1,372,101 SH   DFND 2 0 461,599 0
PHOTRONICS COM 63905A101 6,255 3,051,430 SH   DFND 2 0 2,781,430 0
PLATINUM GROUP METALS COM 65249B208 11,051 861,976 SH   DFND 2 0 3,276 0
PRIMERO MINING CORP COM 697900108 11,632 1,831,868 SH   DFND 2 0 1,388,335 0
PRIMERO MINING CORP WARRANTS COM 713278109 14,603 1,197,964 SH   DFND 2 0 1,165,464 0
EVEREST RE GROUP COM G6S01W108 1,947 8,111,476 SH   DFND 2 0 5,473,071 0
RESOLUTE FOREST PRODUCTS COM 701081101 15,110 5,745,168 SH   DFND 2 0 4,672,016 0
RUBY TUESDAY COM 719405102 60,614 6,690,284 SH   DFND 2 0 5,683,932 0
SANMINA CORPORATION COM 74164W106 5,935 2,547,086 SH   DFND 2 0 2,301,773 0
TAYLOR MORRISON HOME CORP COM V7780T103 64,045 718,877 SH   DFND 2 0 2,732 0
TOLL BROTHERS INC. COM G3223R108 67,633 390,176 SH   DFND 2 0 32,739 0
UNUM GROUP COM 76117W109 75,252 9,055,636 SH   DFND 2 0 7,033,377 0
VERSO CORP COM G7496G103 17,700 166,481 SH   DFND 2 0 150,022 0
WPX ENERGY INC COM 781182100 17,479 2,814,696 SH   DFND 2 0 2,391,912 0
XL GROUP COM 801056102 159,010 7,440,828 SH   DFND 2 0 5,890,304 0
STANLEY FURNITURE COM 886423102 13,751 1,046,477 SH   DFND 2 0 353,690 0
PERSHING GOLD CORP COM 878237106 47,457 692,799 SH   DFND 2 0 496,018 0
PERSHING GOLD WARRANTS COM 892331307 72,755 620,351 SH   DFND 2 0 620,351 0