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 27,717 4,106,162 SH   DFND 2 0 3,892,882 0
AXCELIS TECHNOLOGIES COM 054540208 55,218 2,635,698 SH   DFND 2 0 2,470,358 0
AERCAP HOLDINGS COM N00985106 409,695 8,823,926 SH   DFND 2 0 4,100,638 0
AIR FRANCE-KLM COM 009119108 253,499 17,579,655 SH   DFND 2 0 8,315,770 0
ALAMOS GOLD COM 011532108 12,797 1,782,319 SH   DFND 2 0 1,652,719 0
ASPEN INSURANCE COM G05384105 32,030 642,529 SH   DFND 2 0 285,974 0
AMERICAN INTERNATIONAL GROUP COM 026874784 105,990 1,695,296 SH   DFND 2 0 1,564,496 0
ASANKO GOLD COM 04341Y105 25,700 16,797,571 SH   DFND 2 0 14,900,000 0
AMERICAN NATIONAL COM 028591105 118,516 1,017,396 SH   DFND 2 0 910,126 0
ALLIANCE ONE COM 018772301 12,882 894,556 SH   DFND 2 0 782,358 0
AURICO METALS COM 05157J108 11,413 13,117,914 SH   DFND 2 0 12,167,907 0
ARDMORE SHIPPING CORP COM Y0207T100 27,403 3,362,353 SH   DFND 2 0 3,155,150 0
YAMANA GOLD COM 98462Y100 156,022 64,206,675 SH   DFND 2 0 23,951,824 0
AXIS CAPITAL HOLDINGS COM G0692U109 26,297 406,700 SH   DFND 2 0 1,743 0
AIRCASTLE COM G0129K104 18,880 868,045 SH   DFND 2 0 868,045 0
BANK OF AMERICA CORP COM 060505104 8,527 351,499 SH   DFND 2 0 1,499 0
BLUE CAPITAL REINSURANCE COM G1190F107 8,416 459,877 SH   DFND 2 0 379,866 0
BRIDGEPOINT EDUCATION COM 10807M105 4,292 290,790 SH   DFND 2 0 290,790 0
CITIGROUP COM 172967424 113,715 1,700,284 SH   DFND 2 0 1,552,484 0
COEUR MINING COM 192108504 44,387 5,173,365 SH   DFND 2 0 4,971,140 0
SEACOR HOLDINGS COM 811904101 5,356 156,164 SH   DFND 2 0 143,164 0
CLOUD PEAK ENERGY COM 18911Q102 2,036 576,859 SH   SOLE 0 531,859 0 0
CELESTICA COM 15101Q108 37,171 2,737,187 SH   DFND 2 0 655,268 0
CNA FINANCIAL CORP. COM 126117100 104,861 2,150,997 SH   DFND 2 0 9,112 0
EURONAV SA COM B38564108 13,478 1,706,107 SH   DFND 2 0 1,582,402 0
FLY LEASING COM 34407D109 42,275 3,143,086 SH   DFND 2 0 2,969,938 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 49,309 1,237,670 SH   DFND 2 0 1,153,270 0
GOLDMAN SACHS GROUP COM 38141G104 55,653 250,802 SH   DFND 2 0 214,502 0
HUDBAY MINERALS INC COM 443628102 4,087 710,760 SH   SOLE 0 573,860 0 0
HORACE MANN EDUCATORS COM 440327104 15,116 399,882 SH   DFND 2 0 399,882 0
IAMGOLD CORP COM 450913108 230,524 44,675,275 SH   DFND 2 0 29,955,418 0
INTERNATIONAL SEAWAYS COM Y41053102 12,039 555,566 SH   DFND 2 0 487,586 0
JETBLUE AIRWAYS COM 477143101 140,301 6,145,467 SH   DFND 2 0 542,127 0
KB HOME COM 48666K109 159,145 6,639,339 SH   DFND 2 0 6,348,139 0
KIMBALL ELECTRONICS COM 49428J109 16,959 939,584 SH   DFND 2 0 855,544 0
KELLY SERVICES INC COM 488152208 10,462 466,003 SH   DFND 2 0 466,003 0
KOREA ELECTRIC POWER CORP COM 500631106 81,187 4,517,922 SH   DFND 2 0 4,241,222 0
KINROSS GOLD CORP COM 496902404 257,560 63,282,652 SH   DFND 2 0 20,427,652 0
LOEWS CORP COM 540424108 67,654 1,445,287 SH   DFND 2 0 1,263,587 0
MFA FINANCIAL INC. COM 55272X102 25,881 3,084,725 SH   DFND 2 0 170,068 0
M/I HOMES COM 55305B101 46,549 1,630,431 SH   DFND 2 0 1,528,241 0
MICRON TECHNOLOGY COM 595112103 398,609 13,349,250 SH   DFND 2 0 4,044,176 0
NABORS INDUSTRIES COM G6359F103 16,873 2,072,870 SH   DFND 2 0 7,870 0
NOBLE CORP COM G65431101 14,513 4,009,020 SH   DFND 2 0 848,704 0
NEWMONT MINING COM 651639106 8,965 276,770 SH   DFND 2 0 1,770 0
NEW GOLD INC. COM 644535106 36,292 11,412,647 SH   DFND 2 0 10,544,047 0
NATUZZI SPA COM 63905A101 9,700 3,660,488 SH   DFND 2 0 2,941,860 0
NEWS CORP - CLASS A COM 65249B109 15,667 1,143,544 SH   DFND 2 0 69,844 0
PAN AMERICAN SILVER COM 697900108 18,654 1,109,061 SH   DFND 2 0 1,062,072 0
PARKER DRILLING COMPANY COM 701081101 6,827 5,057,056 SH   DFND 2 0 4,830,006 0
PHOTRONICS COM 719405102 49,518 5,267,874 SH   DFND 2 0 4,885,921 0
PLATINUM GROUP METALS COM 72765Q601 12,033 14,400,146 SH   DFND 2 0 13,460,816 0
PRIMERO MINING CORP COM 74164W106 5,580 16,145,160 SH   DFND 2 0 14,401,847 0
PRIMERO MINING CORP WARRANTS WTS 74164W171 35 2,251,950 SH   SOLE 0 2,029,500 0 0
EVEREST RE GROUP COM G3223R108 86,904 341,348 SH   DFND 2 0 30,911 0
RESOLUTE FOREST PRODUCTS COM 76117W109 35,423 8,050,600 SH   DFND 2 0 7,514,600 0
RUBY TUESDAY COM 781182100 11,943 5,941,592 SH   DFND 2 0 5,354,208 0
SANMINA CORPORATION COM 801056102 77,194 2,026,079 SH   DFND 2 0 1,937,639 0
SEACOR MARINE HOLDINGS COM 78413P101 3,197 157,004 SH   DFND 2 0 143,934 0
TAYLOR MORRISON HOME CORP COM 87724P106 80,205 3,340,496 SH   DFND 2 0 14,151 0
TOLL BROTHERS INC. COM 889478103 90,785 2,297,774 SH   DFND 2 0 279,944 0
UNUM GROUP COM 91529Y106 166,291 3,566,186 SH   DFND 2 0 744,717 0
VERSO CORP COM 92531L207 9,670 2,061,732 SH   DFND 2 0 1,934,032 0
WPX ENERGY INC COM 98212B103 35,668 3,692,312 SH   DFND 2 0 248,241 0
XL GROUP COM G98294104 51,479 1,175,309 SH   DFND 2 0 91,069 0
STANLEY FURNITURE COM 854305208 138 120,892 SH   DFND 2 0 120,892 0
PERSHING GOLD CORP COM 715302204 9,073 3,251,930 SH   DFND 2 0 3,251,930 0
PERSHING GOLD WARRANTS WTS 715991303 221 925,000 SH   DFND 2 0 925,000 0