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 37,752 5,370,183 SH   DFND 2 0 4,940,603 0
AXCELIS TECHNOLOGIES COM 054540208 39,671 2,987,305 SH   DFND 2 0 2,810,905 0
AERCAP HOLDINGS COM N00985106 349,685 9,085,087 SH   DFND 2 0 4,358,199 0
AIR FRANCE-KLM COM 009119108 99,186 18,360,962 SH   DFND 2 0 8,878,377 0
ALAMOS GOLD COM 011532108 9,465 1,154,226 SH   DFND 2 0 1,154,226 0
ASPEN INSURANCE COM G05384105 40,741 874,465 SH   DFND 2 0 437,848 0
AMERICAN INTERNATIONAL GROUP COM 026874784 110,182 1,856,791 SH   DFND 2 0 1,765,291 0
ASANKO GOLD COM 04341Y105 8,440 2,009,500 SH   DFND 2 0 2,009,500 0
AMERICAN NATIONAL COM 028591105 109,848 900,689 SH   DFND 2 0 857,587 0
ALLIANCE ONE COM 018772301 15,930 833,155 SH   DFND 2 0 708,843 0
AURICO METALS COM 05157J108 9,669 11,604,529 SH   DFND 2 0 10,789,522 0
ARDMORE SHIPPING CORP COM Y0207T100 23,426 3,327,613 SH   DFND 2 0 3,131,210 0
YAMANA GOLD COM 98462Y100 103,441 24,000,259 SH   DFND 2 0 5,251,219 0
AXIS CAPITAL HOLDINGS COM G0692U109 44,525 819,532 SH   DFND 2 0 203,794 0
AIRCASTLE COM G0129K104 16,963 854,106 SH   DFND 2 0 854,106 0
BANK OF AMERICA CORP COM 060505104 5,504 351,672 SH   DFND 2 0 1,672 0
BLUE CAPITAL REINSURANCE COM G1190F107 12,104 660,724 SH   DFND 2 0 576,324 0
BRIDGEPOINT EDUCATION COM 10807M105 2,911 423,760 SH   DFND 2 0 423,760 0
CITIGROUP COM 172967424 80,408 1,702,483 SH   DFND 2 0 1,589,883 0
COEUR MINING COM 192108504 64,237 5,430,029 SH   DFND 2 0 5,227,804 0
SEACOR HOLDINGS COM 811904101 9,594 161,264 SH   DFND 2 0 148,264 0
CLOUD PEAK ENERGY COM 18911Q102 3,412 627,259 SH   SOLE 0 582,259 0 0
CELESTICA COM 15101Q108 57,913 5,347,479 SH   DFND 2 0 2,377,140 0
CNA FINANCIAL CORP. COM 126117100 80,967 2,353,009 SH   DFND 2 0 93,013 0
DANA HOLDING CORP COM 235825205 3,876 248,600 SH   SOLE 0 100,000 0 0
ENDURANCE SPECIALTY HOLDINGS COM G30397106 26,221 400,634 SH   DFND 2 0 385,942 0
EURONAV SA COM B38564108 13,978 1,831,987 SH   DFND 2 0 1,708,282 0
FLY LEASING COM 34407D109 37,292 3,217,641 SH   DFND 2 0 3,066,986 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 62,337 2,033,178 SH   DFND 2 0 1,942,878 0
GOLDMAN SACHS GROUP COM 38141G104 42,820 265,515 SH   DFND 2 0 247,915 0
HUDBAY MINERALS INC COM 443628102 2,846 718,660 SH   SOLE 0 581,760 0 0
HORACE MANN EDUCATORS COM 440327104 30,759 839,259 SH   DFND 2 0 723,459 0
IAMGOLD CORP COM 450913108 128,360 31,693,908 SH   DFND 2 0 23,128,401 0
INGRAM MICRO COM 457153104 210,667 5,907,663 SH   DFND 2 0 1,144,732 0
JETBLUE AIRWAYS COM 477143101 96,040 5,570,766 SH   DFND 2 0 432,426 0
KB HOME COM 48666K109 71,049 4,407,489 SH   DFND 2 0 4,128,689 0
KANSAS CITY LIFE COM 484836200 1,465 36,408 SH   SOLE 0 36,408 0 0
KIMBALL ELECTRONICS COM 49428J109 15,778 1,138,413 SH   DFND 2 0 1,054,373 0
KELLY SERVICES INC COM 488152208 9,227 480,073 SH   DFND 2 0 480,073 0
KOREA ELECTRIC POWER CORP COM 500631106 83,682 3,432,390 SH   DFND 2 0 3,332,690 0
KINROSS GOLD CORP COM 496902404 262,567 62,367,511 SH   DFND 2 0 19,087,511 0
LOEWS CORP COM 540424108 82,639 2,008,243 SH   DFND 2 0 1,878,643 0
MFA FINANCIAL INC. COM 55272X102 36,927 4,936,754 SH   DFND 2 0 1,417,754 0
M/I HOMES COM 55305B101 32,933 1,397,261 SH   DFND 2 0 1,295,071 0
MICRON TECHNOLOGY COM 595112103 271,110 15,248,006 SH   DFND 2 0 5,037,344 0
NABORS INDUSTRIES COM G6359F103 11,607 954,512 SH   DFND 2 0 4,512 0
NOBLE CORP COM G65431101 25,570 4,033,103 SH   DFND 2 0 872,787 0
NEWMONT MINING COM 651639106 5,471 139,255 SH   DFND 2 0 1,255 0
NORD RESOURCES COM 655555100 0 67,600 SH   SOLE 0 67,600 0 0
NRG ENERGY COM 629377508 11,788 1,051,524 SH   DFND 2 0 141,022 0
NATUZZI SPA COM 63905A101 7,233 4,133,402 SH   DFND 2 0 3,414,774 0
NEWS CORP - CLASS A COM 65249B109 12,062 862,779 SH   DFND 2 0 4,079 0
PAN AMERICAN SILVER COM 697900108 19,551 1,109,608 SH   DFND 2 0 1,062,619 0
PARAGON OFFSHORE LTD COM G6S01W108 3,642 5,874,716 SH   SOLE 0 4,683,311 0 0
PARKER DRILLING COMPANY COM 701081101 8,199 3,778,313 SH   DFND 2 0 3,661,313 0
PHOTRONICS COM 719405102 40,881 3,965,171 SH   DFND 2 0 3,668,518 0
PRIMERO MINING CORP COM 74164W106 30,982 18,664,139 SH   DFND 2 0 16,920,826 0
PRIMERO MINING CORP - WARRANTS WTS 74164W171 1,054 2,350,000 SH   SOLE 0 2,127,550 0 0
EVEREST RE GROUP COM G3223R108 75,035 394,981 SH   DFND 2 0 37,544 0
RESOLUTE FOREST PRODUCTS COM 76117W109 35,354 7,474,418 SH   DFND 2 0 6,938,418 0
RUBY TUESDAY COM 781182100 15,117 6,046,821 SH   DFND 2 0 5,459,437 0
SANMINA CORPORATION COM 801056102 113,293 3,979,379 SH   DFND 2 0 3,818,870 0
TIDEWATER INC. COM 886423102 2,482 880,299 SH   SOLE 0 309,899 0 0
TECH DATA COM 878237106 106 1,248 SH   DFND 2 0 1,248 0
TOYOTA MOTOR COM 892331307 38 330 SH   DFND 2 0 330 0
UNUM GROUP COM 91529Y106 240,215 6,803,042 SH   DFND 2 0 2,355,637 0
VERSO CORP COM 92531L207 6,994 1,084,294 SH   SOLE 0 993,594 0 0
VERITIV CORP COM 923454102 3,483 69,430 SH   DFND 2 0 69,430 0
WPX ENERGY INC COM 98212B103 49,706 3,768,486 SH   DFND 2 0 324,415 0
XL GROUP COM G98294104 56,440 1,678,264 SH   DFND 2 0 422,334 0
GENERAL MOTORS COM 37045V100 6,022 189,563 SH   DFND 2 0 189,563 0
PERSHING GOLD COM 715302204 14,759 3,258,100 SH   DFND 2 0 3,258,100 0
PERSHING GOLD WARRANTS WTS 715991303 1,619 925,000 SH   DFND 2 0 925,000 0
STANLEY FURNITURE COM 854305208 216 121,292 SH   DFND 2 0 121,292 0