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 30,563 5,467,465 SH   DFND 2 0 4,937,885 0
AXCELIS TECHNOLOGY COM 054540208 30,539 11,352,669 SH   DFND 2 0 10,647,068 0
AERCAP HOLDINGS COM N00985106 303,570 9,037,516 SH   DFND 2 0 4,310,628 0
AIR FRANCE-KLM COM 009119108 115,864 18,103,779 SH   DFND 2 0 8,871,194 0
ALAMOS GOLD COM 011532108 47,019 5,467,330 SH   DFND 2 0 5,236,848 0
ASPEN INSURANCE COM G05384105 40,559 874,499 SH   DFND 2 0 437,882 0
AMERICAN INTERNATIONAL GROUP COM 026874784 98,171 1,856,134 SH   DFND 2 0 1,764,634 0
ASANKO GOLD COM 04341Y105 7,656 2,009,579 SH   DFND 2 0 2,009,579 0
AMERICAN NATIONAL COM 028591105 101,901 900,586 SH   DFND 2 0 857,484 0
ALLIANCE ONE COM 018772301 12,826 832,882 SH   DFND 2 0 708,570 0
AURICO METALS COM 05157J108 9,058 11,612,209 SH   DFND 2 0 10,797,202 0
ARDMORE SHIPPING CORP COM Y0207T100 19,811 2,926,262 SH   DFND 2 0 2,729,859 0
YAMANA GOLD COM 98462Y100 130,675 25,129,752 SH   DFND 2 0 5,261,712 0
AXIS CAPITAL HOLDINGS COM G0692U109 45,076 819,564 SH   DFND 2 0 203,826 0
AIRCASTLE COM G0129K104 16,707 854,139 SH   DFND 2 0 854,139 0
BANK OF AMERICA CORP COM 060505104 4,667 351,686 SH   DFND 2 0 1,686 0
BLUE CAPITAL REINSURANCE COM G1190F107 12,230 660,744 SH   DFND 2 0 576,344 0
BRIDGEPOINT EDUCATION COM 10807M105 3,068 423,760 SH   DFND 2 0 423,760 0
CITIGROUP COM 172967424 72,171 1,702,550 SH   DFND 2 0 1,589,950 0
COEUR MINING COM 192108504 80,560 7,557,241 SH   DFND 2 0 7,213,916 0
SEACOR HOLDINGS COM 811904101 9,346 161,271 SH   DFND 2 0 148,271 0
CLOUD PEAK ENERGY COM 18911Q102 1,292 627,259 SH   SOLE 0 582,259 0 0
CELESTICA COM 15101Q108 49,428 5,314,834 SH   DFND 2 0 2,376,485 0
CNA FINANCIAL CORP. COM 126117100 73,934 2,353,101 SH   DFND 2 0 93,105 0
DANA HOLDING CORP COM 235825205 2,647 250,643 SH   DFND 2 0 102,043 0
ENDURANCE SPECIALTY HOLDINGS COM G30397106 26,924 400,889 SH   DFND 2 0 386,197 0
EURONAV SA COM B38564108 14,858 1,620,275 SH   DFND 2 0 1,496,570 0
FLY LEASING COM 34407D109 24,427 2,459,903 SH   DFND 2 0 2,309,784 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 67,635 2,239,577 SH   DFND 2 0 2,099,177 0
GOLDMAN SACHS GROUP COM 38141G104 39,264 264,260 SH   SOLE 0 246,660 0 0
HUDBAY MINERALS INC COM 443628102 3,435 718,660 SH   SOLE 0 581,760 0 0
HORACE MANN EDUCATORS COM 440327104 34,928 1,033,687 SH   DFND 2 0 917,887 0
IAMGOLD CORP COM 450913108 34,563 8,348,447 SH   DFND 2 0 7,749,447 0
INGRAM MICRO COM 457153104 199,053 5,723,215 SH   DFND 2 0 960,284 0
JETBLUE AIRWAYS COM 477143101 92,255 5,570,984 SH   DFND 2 0 432,644 0
KIMBALL INTERNATIONAL COM 494274103 1,505 132,260 SH   SOLE 0 132,260 0 0
KB HOME COM 48666K109 67,069 4,409,525 SH   DFND 2 0 4,130,725 0
KANSAS CITY LIFE COM 484836200 2,765 69,952 SH   SOLE 0 69,952 0 0
KIMBALL ELECTRONICS COM 49428J109 14,174 1,138,444 SH   DFND 2 0 1,054,404 0
KELLY SERVICES INC COM 488152208 9,107 480,091 SH   DFND 2 0 480,091 0
KOREA ELECTRIC POWER CORP COM 500631106 85,928 3,313,864 SH   DFND 2 0 3,267,564 0
KINROSS GOLD CORP COM 496902404 339,629 69,453,803 SH   DFND 2 0 19,169,868 0
LOEWS CORP COM 540424108 82,522 2,008,322 SH   DFND 2 0 1,878,722 0
MFA FINANCIAL INC. COM 55272X102 35,913 4,939,924 SH   DFND 2 0 1,420,924 0
M/I HOMES COM 55305B101 26,301 1,396,758 SH   DFND 2 0 1,294,568 0
MICRON TECHNOLOGY COM 595112103 209,838 15,249,832 SH   DFND 2 0 5,039,170 0
NABORS INDUSTRIES COM G6359F103 9,593 954,550 SH   DFND 2 0 4,550 0
NOBLE CORP COM G65431101 33,234 4,033,262 SH   DFND 2 0 872,946 0
NEWMONT MINING COM 651639106 7,099 181,462 SH   DFND 2 0 1,462 0
NORD RESOURCES COM 655555100 0 67,600 SH   SOLE 0 67,600 0 0
NRG ENERGY COM 629377508 15,777 1,052,523 SH   DFND 2 0 142,021 0
NATUZZI SPA COM 63905A101 5,994 4,133,564 SH   DFND 2 0 3,414,936 0
NEWS CORP - CLASS A COM 65249B109 9,793 862,813 SH   DFND 2 0 4,113 0
PAN AMERICAN SILVER COM 697900108 18,604 1,130,938 SH   DFND 2 0 1,063,949 0
PARAGON OFFSHORE LTD COM G6S01W108 4,430 5,906,352 SH   DFND 2 0 4,714,947 0
PARKER DRILLING COMPANY COM 701081101 8,660 3,781,730 SH   DFND 2 0 3,664,730 0
PHOTRONICS COM 719405102 35,339 3,966,272 SH   DFND 2 0 3,669,619 0
PRIMERO MINING CORP COM 74164W106 34,177 16,431,450 SH   DFND 2 0 14,688,137 0
PRIMERO MINING CORP - WARRANTS WTS 74164W171 1,670 2,350,000 SH   SOLE 0 2,127,550 0 0
EVEREST RE GROUP COM G3223R108 72,150 394,973 SH   DFND 2 0 37,536 0
RESOLUTE FOREST PRODUCTS COM 76117W109 39,225 7,414,879 SH   DFND 2 0 6,878,879 0
RUBY TUESDAY COM 781182100 19,716 5,461,572 SH   DFND 2 0 4,874,188 0
SANMINA CORPORATION COM 801056102 111,478 4,158,057 SH   DFND 2 0 4,002,548 0
TIDEWATER INC. COM 886423102 3,903 884,981 SH   DFND 2 0 314,581 0
TECHDATA COM 878237106 19,746 274,829 SH   DFND 2 0 209,648 0
TOYOTA MOTOR CORP COM 892331307 70,165 701,723 SH   DFND 2 0 701,723 0
UNUM GROUP COM 91529Y106 216,273 6,803,180 SH   DFND 2 0 2,355,775 0
VERITIV CORP COM 923454102 13,750 365,880 SH   DFND 2 0 346,477 0
WPX ENERGY INC COM 98212B103 35,086 3,768,634 SH   DFND 2 0 324,563 0
XL GROUP COM G98294104 55,905 1,678,330 SH   DFND 2 0 422,400 0
GENERAL MOTORS COM 37045V100 5,365 189,563 SH   DFND 2 0 189,563 0
NORTHERN DYNASTY MINERALS (restricted) COM 66510M204 1,374 4,407,531 SH   DFND 2 0 4,407,531 0
PERSHING GOLD COM 715302204 14,363 3,348,100 SH   DFND 2 0 3,348,100 0
PERSHING GOLD WARRANTS WTS 715991303 1,553 925,000 SH   DFND 2 0 925,000 0
STANLEY FURNITURE COM 854305208 297 121,292 SH   DFND 2 0 121,292 0