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 22,817 3,621,825 SH   DFND 2 0 3,458,545 0
AXCELIS TECHNOLOGIES COM 054540208 62,426 2,282,471 SH   DFND 2 0 2,117,131 0
AERCAP HOLDINGS COM N00985106 434,270 8,496,762 SH   DFND 2 0 3,773,474 0
AIR FRANCE-KLM COM 009119108 256,710 16,392,737 SH   DFND 2 0 7,142,852 0
ALAMOS GOLD COM 011532108 9,016 1,333,706 SH   DFND 2 0 1,204,106 0
ASPEN INSURANCE COM G05384105 49,572 1,227,032 SH   DFND 2 0 765,119 0
AMERICAN INTERNATIONAL GROUP COM 026874784 110,897 1,806,428 SH   DFND 2 0 1,675,628 0
ASANKO GOLD COM 04341Y105 19,327 20,273,390 SH   DFND 2 0 17,925,819 0
ALIO GOLD COM 01627X108 2,283 515,420 SH   DFND 2 0 345,833 0
AMERICAN NATIONAL COM 028591105 110,208 933,337 SH   DFND 2 0 826,067 0
ALLIANCE ONE COM 018772301 9,229 846,696 SH   DFND 2 0 734,498 0
AURICO METALS COM 05157J108 12,671 12,660,031 SH   DFND 2 0 11,710,024 0
ARDMORE SHIPPING CORP COM Y0207T100 26,358 3,194,910 SH   DFND 2 0 2,987,707 0
YAMANA GOLD COM 98462Y100 169,456 63,945,807 SH   DFND 2 0 23,690,956 0
AXIS CAPITAL HOLDINGS COM G0692U109 23,303 406,611 SH   DFND 2 0 1,654 0
AIRCASTLE COM G0129K104 16,568 743,298 SH   DFND 2 0 743,298 0
BLUE CAPITAL REINSURANCE COM G1190F107 7,404 450,065 SH   DFND 2 0 370,054 0
BRIDGEPOINT EDUCATION COM 10807M105 2,325 242,217 SH   DFND 2 0 242,217 0
CITIGROUP COM 172967424 131,082 1,802,064 SH   DFND 2 0 1,654,264 0
CALATLANTIC GROUP COM 128195104 64,178 1,752,049 SH   DFND 2 0 497,436 0
COEUR MINING COM 192108504 45,345 4,934,210 SH   DFND 2 0 4,731,985 0
SEACOR HOLDINGS COM 811904101 6,949 150,697 SH   DFND 2 0 137,697 0
CLOUD PEAK ENERGY COM 18911Q102 1,815 495,859 SH   SOLE 0 450,859 0 0
CELESTICA COM 15101Q108 33,881 2,736,724 SH   DFND 2 0 654,805 0
CNA FINANCIAL CORP. COM 126117100 108,069 2,150,633 SH   DFND 2 0 8,748 0
EURONAV SA COM B38564108 12,250 1,512,394 SH   DFND 2 0 1,388,689 0
FLY LEASING COM 34407D109 39,742 2,834,640 SH   DFND 2 0 2,661,492 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 18,655 460,949 SH   DFND 2 0 410,459 0
GOLDMAN SACHS GROUP COM 38141G104 58,766 247,760 SH   DFND 2 0 211,460 0
HUDBAY MINERALS INC COM 443628102 5,317 713,663 SH   DFND 2 0 576,763 0
HORACE MANN EDUCATORS COM 440327104 13,768 349,878 SH   DFND 2 0 349,878 0
IAMGOLD CORP COM 450913108 255,886 41,948,540 SH   DFND 2 0 27,228,683 0
INTERNATIONAL SEAWAYS COM Y41053102 16,690 847,222 SH   DFND 2 0 779,242 0
JETBLUE AIRWAYS COM 477143101 119,712 6,460,428 SH   DFND 2 0 812,088 0
KB HOME COM 48666K109 144,184 5,977,784 SH   DFND 2 0 5,686,584 0
KIMBALL ELECTRONICS COM 49428J109 15,878 733,381 SH   DFND 2 0 686,637 0
KELLY SERVICES INC COM 488152208 10,854 432,618 SH   DFND 2 0 432,618 0
KOREA ELECTRIC POWER CORP COM 500631106 81,934 4,888,673 SH   DFND 2 0 4,611,973 0
KINROSS GOLD CORP COM 496902404 264,254 62,323,960 SH   DFND 2 0 20,023,960 0
LOEWS CORP COM 540424108 68,488 1,430,997 SH   DFND 2 0 1,249,297 0
MFA FINANCIAL INC. COM 55272X102 27,018 3,084,202 SH   DFND 2 0 169,545 0
M/I HOMES COM 55305B101 62,511 2,338,617 SH   DFND 2 0 2,151,642 0
MICRON TECHNOLOGY COM 595112103 476,280 12,109,847 SH   DFND 2 0 3,849,773 0
NABORS INDUSTRIES COM G6359F103 17,421 2,158,781 SH   DFND 2 0 8,781 0
NOBLE CORP COM G65431101 18,438 4,008,342 SH   DFND 2 0 848,026 0
NEWMONT MINING COM 651639106 6,735 179,541 SH   DFND 2 0 1,541 0
NEW GOLD INC. COM 644535106 2,942 792,987 SH   DFND 2 0 792,987 0
NATUZZI SPA COM 63905A101 7,307 3,564,282 SH   DFND 2 0 2,845,654 0
NEWS CORP - CLASS A COM 65249B109 15,161 1,143,351 SH   DFND 2 0 69,651 0
PAN AMERICAN SILVER COM 697900108 4,043 237,138 SH   DFND 2 0 237,138 0
PARKER DRILLING COMPANY COM 701081101 5,246 4,769,509 SH   DFND 2 0 4,542,459 0
PHOTRONICS COM 719405102 42,060 4,752,583 SH   DFND 2 0 4,370,630 0
PLATINUM GROUP METALS COM 72765Q601 5,717 13,942,809 SH   DFND 2 0 13,003,479 0
PRIMERO MINING CORP COM 74164W106 1,185 17,920,695 SH   DFND 2 0 12,772,982 0
PRIMERO MINING CORP WARRANTS WTS 74164W171 9 2,170,700 SH   SOLE 0 1,948,250 0 0
EVEREST RE GROUP COM G3223R108 77,947 341,290 SH   DFND 2 0 30,853 0
RESOLUTE FOREST PRODUCTS COM 76117W109 39,153 7,753,044 SH   DFND 2 0 7,217,044 0
RUBY TUESDAY COM 781182100 12,474 5,829,170 SH   DFND 2 0 5,241,786 0
SANMINA CORPORATION COM 801056102 67,246 1,810,119 SH   DFND 2 0 1,721,679 0
SEACOR MARINE HOLDINGS COM 78413P101 2,360 150,870 SH   SOLE 0 137,800 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 73,645 3,339,931 SH   DFND 2 0 13,586 0
TOLL BROTHERS INC. COM 889478103 46,646 1,124,825 SH   DFND 2 0 150,905 0
UNUM GROUP COM 91529Y106 173,387 3,391,096 SH   DFND 2 0 569,627 0
VERSO CORP COM 92531L207 10,491 2,061,173 SH   DFND 2 0 1,933,473 0
VERITIV CORP COM 923454102 1,865 57,381 SH   DFND 2 0 57,381 0
WPX ENERGY INC COM 98212B103 42,454 3,691,688 SH   DFND 2 0 247,617 0
XL GROUP COM G98294104 42,397 1,074,702 SH   DFND 2 0 90,462 0
STANLEY FURNITURE COM 854305208 143 120,892 SH   DFND 2 0 120,892 0
PERSHING GOLD CORP COM 715302204 9,593 3,251,930 SH   DFND 2 0 3,251,930 0
PERSHING GOLD WARRANTS WTS 715991303 269 925,000 SH   DFND 2 0 925,000 0