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 35,239 6,418,773 SH   DFND 2 0 4,947,268 0
AXCELIS TECHNOLOGY COM 054540109 31,638 11,299,156 SH   DFND 2 0 9,968,555 0
AERCAP HOLDINGS COM N00985106 346,989 8,952,256 SH   DFND 2 0 3,903,143 0
AIR FRANCE-KLM COM 009119108 161,462 16,854,073 SH   DFND 2 0 7,611,838 0
ALAMOS GOLD COM 011532108 45,739 8,646,398 SH   DFND 2 0 6,763,257 0
ASPEN INSURANCE COM G05384105 55,215 1,157,540 SH   DFND 2 0 535,613 0
AMERICAN INTERNATIONAL GROUP COM 026874784 93,017 1,720,941 SH   DFND 2 0 1,629,441 0
ASANKO GOLD COM 04341Y105 4,281 2,009,754 SH   DFND 2 0 2,009,754 0
AMERICAN NATIONAL COM 028591105 108,264 937,348 SH   DFND 2 0 851,901 0
ALLIANCE ONE COM 018772301 14,497 825,556 SH   DFND 2 0 735,160 0
AURICO METALS COM 05157J108 3,142 5,458,271 SH   SOLE 0 4,230,462 0 0
ARDMORE SHIPPING CORP COM Y0207T100 20,463 2,421,658 SH   DFND 2 0 2,046,058 0
YAMANA GOLD COM 98462Y100 112,583 37,033,793 SH   DFND 2 0 12,394,942 0
AIRCASTLE COM G0129K104 27,798 1,249,906 SH   DFND 2 0 1,249,906 0
AXIS CAPITAL HOLDINGS COM G0692U109 45,137 813,864 SH   DFND 2 0 198,126 0
BANK OF AMERICA CORP COM 060505104 4,732 350,010 SH   DFND 2 0 10 0
BLUE CAPITAL REINSURANCE COM G1190F107 11,841 660,795 SH   DFND 2 0 576,395 0
BRIDGEPOINT EDUCATION COM 10807M105 4,272 423,760 SH   DFND 2 0 423,760 0
CITIGROUP COM 172967424 63,453 1,519,831 SH   DFND 2 0 1,407,231 0
COEUR MINING COM 192108504 57,540 10,238,425 SH   DFND 2 0 8,295,104 0
SEACOR HOLDINGS COM 811904101 8,782 161,285 SH   DFND 2 0 148,285 0
CLOUD PEAK ENERGY COM 18911Q102 1,223 627,259 SH   SOLE 0 582,259 0 0
CELESTICA COM 15101Q108 52,327 4,765,650 SH   DFND 2 0 1,665,915 0
CNA FINANCIAL CORP. COM 126117100 75,712 2,352,754 SH   DFND 2 0 92,758 0
DANA HOLDING CORP COM 235825205 12,979 921,129 SH   DFND 2 0 104,471 0
ENDURANCE SPECIALTY HOLDINGS COM G30397106 43,222 661,500 SH   DFND 2 0 460,751 0
EURONAV SA COM B38564108 12,672 1,237,485 SH   DFND 2 0 1,167,980 0
FLY LEASING COM 34407D109 19,949 1,569,535 SH   DFND 2 0 1,353,065 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 85,487 2,978,625 SH   DFND 2 0 2,102,425 0
HUDBAY MINERALS INC COM 443628102 2,645 718,660 SH   SOLE 0 581,760 0 0
HORACE MANN EDUCATORS COM 440327104 42,881 1,353,152 SH   DFND 2 0 937,440 0
IAMGOLD CORP COM 450913108 1,859 841,000 SH   SOLE 0 581,000 0 0
INGRAM MICRO COM 457153104 201,627 5,614,786 SH   DFND 2 0 851,855 0
JETBLUE AIRWAYS COM 477143101 116,934 5,536,667 SH   DFND 2 0 398,327 0
KIMBALL INTERNATIONAL COM 494274103 3,493 307,727 SH   SOLE 0 307,727 0 0
KB HOME COM 48666K109 56,435 3,952,041 SH   DFND 2 0 3,284,221 0
KANSAS CITY LIFE COM 484836200 2,949 73,734 SH   SOLE 0 73,734 0 0
KIMBALL ELECTRONICS COM 49428J109 12,688 1,135,938 SH   DFND 2 0 1,051,898 0
KELLY SERVICES INC COM 488152208 9,182 480,222 SH   DFND 2 0 480,222 0
KOREA ELECTRIC POWER CORP COM 500631106 83,555 3,244,858 SH   DFND 2 0 3,198,558 0
KINROSS GOLD CORP COM 496902404 237,031 69,714,967 SH   DFND 2 0 19,177,176 0
LOEWS CORP COM 540424108 78,403 2,049,225 SH   DFND 2 0 1,919,625 0
MFA FINANCIAL INC. COM 55272X102 38,103 5,562,507 SH   DFND 2 0 2,043,507 0
M/I HOMES COM 55305B101 21,625 1,159,511 SH   DFND 2 0 979,439 0
MICRON TECHNOLOGY COM 595112103 153,078 14,620,639 SH   DFND 2 0 4,806,977 0
NABORS INDUSTRIES COM G6359F103 8,783 954,633 SH   DFND 2 0 4,633 0
NOBLE CORP COM G65431101 41,748 4,033,614 SH   DFND 2 0 873,298 0
NEWMONT MINING COM 651639106 4,800 180,600 SH   DFND 2 0 600 0
NEW GOLD INC COM 644535106 11,999 3,216,883 SH   DFND 2 0 1,992,196 0
NORD RESOURCES COM 655555100 0 67,600 SH   SOLE 0 67,600 0 0
NRG ENERGY COM 629377508 16,297 1,252,632 SH   DFND 2 0 342,130 0
NATUZZI SPA COM 63905A101 6,028 4,128,525 SH   DFND 2 0 3,409,897 0
NEWS CORP - CLASS B COM 65249B208 55 4,188 SH   SOLE 0 4,188 0 0
NEWS CORP - CLASS A COM 65249B109 10,966 858,700 SH   SOLE 0 0 0 0
PAN AMERICAN SILVER COM 697900108 15,325 1,409,853 SH   DFND 2 0 1,064,220 0
PARAGON OFFSHORE LTD COM G6S01W108 1,574 6,996,016 SH   SOLE 0 4,683,311 0 0
PARKER DRILLING COMPANY COM 701081101 9,466 4,465,297 SH   DFND 2 0 3,665,645 0
PHOTRONICS COM 719405102 44,051 4,231,602 SH   DFND 2 0 3,671,648 0
PRIMERO MINING CORP COM 74164W106 5,947 3,285,406 SH   SOLE 0 2,786,193 0 0
EVEREST RE GROUP COM G3223R108 76,063 385,264 SH   DFND 2 0 27,827 0
RESOLUTE FOREST PRODUCTS COM 76117W109 43,634 7,918,993 SH   DFND 2 0 6,204,732 0
RUBY TUESDAY COM 781182100 24,048 4,469,837 SH   DFND 2 0 3,889,230 0
SANMINA CORPORATION COM 801056102 144,378 6,175,286 SH   DFND 2 0 5,105,270 0
TIDEWATER INC. COM 886423102 6,710 982,454 SH   DFND 2 0 314,667 0
TECHDATA COM 878237106 32,815 427,445 SH   DFND 2 0 307,914 0
TOYOTA MOTOR CORP COM 892331307 66,604 626,448 SH   DFND 2 0 626,448 0
UNUM GROUP COM 91529Y106 209,485 6,775,079 SH   DFND 2 0 2,327,674 0
VERITIV CORP COM 923454102 18,487 496,163 SH   DFND 2 0 346,760 0
WPX ENERGY INC COM 98212B103 65,020 9,301,793 SH   DFND 2 0 2,425,607 0
XL GROUP COM G98290102 61,213 1,663,388 SH   DFND 2 0 407,458 0
GENERAL MOTORS COM 37045V100 6,173 196,413 SH   DFND 2 0 196,413 0
MATTSON TECHNOLOGY COM 577223100 11,058 3,029,460 SH   DFND 2 0 3,029,460 0
NORTHERN DYNASTY MINERALS (restricted) COM 66510M204 1,612 5,018,531 SH   DFND 2 0 5,018,531 0
PERSHING GOLD COM 715302204 7,322 1,853,700 SH   DFND 2 0 1,853,700 0
STANLEY FURNITURE COM 854305208 321 121,292 SH   DFND 2 0 121,292 0