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 42,237 8,314,328 SH   DFND 2 0 6,538,402 0
AXCELIS TECHNOLOGY COM 054540109 29,693 11,464,613 SH   DFND 2 0 10,108,112 0
AERCAP HOLDINGS COM N00985106 408,898 9,474,010 SH   DFND 2 0 4,339,297 0
AIR FRANCE-KLM COM 009119108 133,391 17,745,294 SH   DFND 2 0 8,345,289 0
ALAMOS GOLD COM 011532108 49,441 15,027,646 SH   DFND 2 0 11,347,032 0
ASPEN INSURANCE COM G05384105 77,174 1,597,797 SH   DFND 2 0 668,133 0
AMERICAN INTERNATIONAL GROUP COM 026874784 103,911 1,676,788 SH   DFND 2 0 1,623,288 0
ASANKO GOLD COM 04341Y105 2,920 2,000,000 SH   SOLE 0 2,000,000 0 0
AMERICAN NATIONAL COM 028591105 139,410 1,363,157 SH   DFND 2 0 989,808 0
ALLIANCE ONE COM 018772301 10,828 944,054 SH   DFND 2 0 837,123 0
AURICO METALS COM 05157J108 2,743 6,352,874 SH   SOLE 0 4,835,191 0 0
ARDMORE SHIPPING CORP COM Y0207T100 33,389 2,624,958 SH   DFND 2 0 2,173,542 0
YAMANA GOLD COM 98462Y100 68,668 36,918,041 SH   DFND 2 0 12,279,190 0
AIRCASTLE COM G0129K104 37,288 1,784,972 SH   DFND 2 0 1,784,972 0
AXIS CAPITAL HOLDINGS COM G0692U109 35,436 630,308 SH   DFND 2 0 19,790 0
BLUE CAPITAL REINSURANCE COM G1190F107 13,569 791,173 SH   DFND 2 0 706,773 0
BRIDGEPOINT EDUCATION COM 10807M105 3,602 473,296 SH   DFND 2 0 473,296 0
B2GOLD CORP COM 11777Q209 2,014 1,974,100 SH   SOLE 0 0 0 0
CITIGROUP COM 172967424 65,124 1,258,442 SH   DFND 2 0 1,198,342 0
COEUR MINING COM 192108504 32,866 13,252,541 SH   DFND 2 0 10,582,655 0
SEACOR HOLDINGS COM 811904101 10,174 193,572 SH   DFND 2 0 180,572 0
CLOUD PEAK ENERGY COM 18911Q102 1,572 756,000 SH   SOLE 0 711,000 0 0
CELESTICA COM 15101Q108 53,340 4,835,879 SH   DFND 2 0 1,681,407 0
CNA FINANCIAL CORP. COM 126117100 81,116 2,307,715 SH   DFND 2 0 47,719 0
DANA HOLDING CORP COM 235825205 15,712 1,138,576 SH   DFND 2 0 104,299 0
ENDURANCE SPECIALTY HOLDINGS COM G30397106 57,984 906,142 SH   DFND 2 0 638,733 0
EURONAV SA COM B38564108 10,711 781,255 SH   DFND 2 0 730,750 0
FLY LEASING COM 34407D109 19,728 1,445,297 SH   DFND 2 0 1,148,864 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 96,698 3,516,308 SH   DFND 2 0 2,549,903 0
HUDBAY MINERALS INC COM 443628102 3,698 968,000 SH   SOLE 0 831,100 0 0
HORACE MANN EDUCATORS COM 440327104 51,927 1,564,994 SH   DFND 2 0 1,061,706 0
INGRAM MICRO COM 457153104 171,149 5,633,606 SH   DFND 2 0 840,675 0
IMATION CORP COM 45245A107 114 83,229 SH   SOLE 0 83,229 0 0
JETBLUE AIRWAYS COM 477143101 148,006 6,534,476 SH   DFND 2 0 396,136 0
KIMBALL INTERNATIONAL COM 494274103 4,473 457,861 SH   DFND 2 0 457,861 0
KB HOME COM 48666K109 56,758 4,603,214 SH   DFND 2 0 3,772,797 0
KANSAS CITY LIFE COM 484836200 2,823 73,734 SH   SOLE 0 73,734 0 0
KIMBALL ELECTRONICS COM 49428J109 13,856 1,260,814 SH   DFND 2 0 1,176,774 0
KELLY SERVICES INC COM 488152208 7,895 488,834 SH   DFND 2 0 488,834 0
KOREA ELECTRIC POWER CORP COM 500631106 68,404 3,231,195 SH   DFND 2 0 3,184,895 0
KINROSS GOLD CORP COM 496902404 127,548 70,081,480 SH   DFND 2 0 19,003,689 0
LOEWS CORP COM 540424108 78,448 2,042,913 SH   DFND 2 0 1,913,313 0
MFA FINANCIAL INC. COM 55272X102 38,559 5,842,272 SH   DFND 2 0 2,588,272 0
M/I HOMES COM 55305B101 20,201 921,576 SH   DFND 2 0 864,786 0
MICRON TECHNOLOGY COM 595112103 199,970 14,122,146 SH   DFND 2 0 4,425,558 0
NABORS INDUSTRIES COM G6359F103 8,115 953,601 SH   DFND 2 0 3,601 0
NOBLE CORP COM G65431101 42,509 4,029,252 SH   DFND 2 0 868,936 0
NEW GOLD INC COM 644535106 17,479 7,533,842 SH   DFND 2 0 2,392,390 0
NORD RESOURCES COM 655555100 0 507,100 SH   SOLE 0 507,100 0 0
NRG ENERGY COM 629377508 16,149 1,372,068 SH   DFND 2 0 461,566 0
NATUZZI SPA COM 63905A101 4,859 3,018,084 SH   DFND 2 0 2,658,456 0
NEWS CORP - CLASS B COM 65249B208 12,033 861,955 SH   DFND 2 0 3,255 0
PAN AMERICAN SILVER COM 697900108 11,033 1,697,453 SH   DFND 2 0 1,253,920 0
PARAGON OFFSHORE LTD COM G6S01W108 724 7,698,316 SH   SOLE 0 5,059,911 0 0
PARKER DRILLING COMPANY COM 701081101 9,784 5,375,768 SH   DFND 2 0 4,302,616 0
PHOTRONICS COM 719405102 74,712 6,000,998 SH   DFND 2 0 5,019,146 0
PRIMERO MINING CORP COM 74164W106 5,807 2,547,024 SH   DFND 2 0 2,301,711 0
ROYAL CARIBBEAN CRUISES COM V7780T103 23,366 230,866 SH   DFND 2 0 1,721 0
EVEREST RE GROUP COM G3223R108 70,318 384,064 SH   DFND 2 0 26,627 0
RESOLUTE FOREST PRODUCTS COM 76117W109 65,750 8,685,617 SH   DFND 2 0 6,663,358 0
RENAISSANCERE HOLDINGS COM G7496G103 18 160 SH   SOLE 0 160 0 0
RUBY TUESDAY COM 781182100 29,019 5,266,593 SH   DFND 2 0 4,621,956 0
SANMINA CORPORATION COM 801056102 144,347 7,013,950 SH   DFND 2 0 5,628,306 0
TIDEWATER INC. COM 886423102 7,236 1,039,651 SH   DFND 2 0 346,864 0
TECHDATA COM 878237106 38,324 577,346 SH   DFND 2 0 429,165 0
TOYOTA MOTOR CORP COM 892331307 75,608 614,498 SH   DFND 2 0 614,498 0
UNUM GROUP COM 91529Y106 223,325 6,708,463 SH   DFND 2 0 2,315,658 0
VALERO ENERGY CORP COM 91913Y100 6,523 92,249 SH   DFND 2 0 92,249 0
VALIDUS HOLDINGS COM G9319H102 45,975 993,185 SH   DFND 2 0 6,203 0
VERITIV CORP COM 923454102 18,951 523,231 SH   DFND 2 0 346,328 0
WPX ENERGY INC COM 98212B103 54,623 9,516,120 SH   DFND 2 0 2,639,934 0
XL GROUP COM G98290102 183,087 4,672,960 SH   DFND 2 0 417,030 0
GENERAL MOTORS COM 37045V100 6,716 197,463 SH   DFND 2 0 197,463 0
MATTSON TECHNOLOGY COM 577223100 10,694 3,029,460 SH   DFND 2 0 3,029,460 0
NORTHERN DYNASTY MINERALS (restricted) COM 66510M204 1,536 5,018,531 SH   DFND 2 0 5,018,531 0
STANLEY FURNITURE COM 854305208 338 121,292 SH   DFND 2 0 121,292 0