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 29,944 9,659,286 SH   DFND 2 0 8,749,978 0
AERCAP HOLDINGS COM N00985106 400,924 7,403,952 SH   DFND 2 0 2,673,264 0
AIR FRANCE-KLM COM 009119108 171,510 20,966,988 SH   DFND 2 0 6,190,603 0
ALAMOS GOLD COM 011532108 6,758 1,187,622 SH   DFND 2 0 1,060,022 0
ASPEN INSURANCE COM G05384105 88,809 2,182,041 SH   DFND 2 0 1,053,167 0
AMERICAN INTERNATIONAL GROUP COM 026874784 85,131 1,605,630 SH   DFND 2 0 1,444,830 0
ASANKO GOLD COM 04341Y105 21,845 20,415,757 SH   DFND 2 0 18,068,186 0
ALIO GOLD INC. COM 01627X108 900 616,254 SH   DFND 2 0 446,667 0
AMERICAN NATIONAL COM 028591105 69,870 584,245 SH   DFND 2 0 482,375 0
ALLIANCE ONE COM 018772301 14,003 883,488 SH   DFND 2 0 803,629 0
ARDMORE SHIPPING CORP COM Y0207T100 24,347 2,969,095 SH   DFND 2 0 2,716,174 0
YAMANA GOLD COM 98462Y100 124,937 43,081,848 SH   DFND 2 0 9,701,748 0
AVIANCA HOLDINGS COM 05367G100 8,758 1,355,772 SH   DFND 2 0 1,355,772 0
AXIS CAPITAL HOLDINGS COM G0692U109 63,486 1,141,426 SH   DFND 2 0 82,043 0
AIRCASTLE COM G0129K104 11,142 543,493 SH   DFND 2 0 543,493 0
BLUE CAPITAL REINSURANCE COM G1190F107 9,067 820,565 SH   DFND 2 0 740,554 0
BRIDGEPOINT EDUCATION COM 10807M105 1,220 186,862 SH   DFND 2 0 186,862 0
BEAZER HOMES USA INC COM 07556Q881 31,551 2,139,068 SH   DFND 2 0 1,968,868 0
CITIGROUP COM 172967424 93,288 1,394,029 SH   DFND 2 0 1,246,229 0
COEUR MINING COM 192108504 1,860 244,675 SH   DFND 2 0 244,675 0
CLOUD PEAK ENERGY COM 18911Q102 1,539 440,859 SH   SOLE 0 395,859 0 0
CELESTICA COM 15101Q108 39,648 3,340,174 SH   DFND 2 0 1,165,255 0
CNA FINANCIAL CORP. COM 126117100 85,585 1,873,570 SH   DFND 2 0 5,181 0
ELDORADO GOLD COM 284902103 9,923 9,987,740 SH   DFND 2 0 8,727,940 0
ERA GROUP COM 26885G109 10,436 805,842 SH   DFND 2 0 749,142 0
EURONAV SA COM B38564108 7,704 837,435 SH   DFND 2 0 720,930 0
FLY LEASING COM 34407D109 35,955 2,551,808 SH   DFND 2 0 2,334,060 0
GOLD FIELDS LTD COM 38059T106 81,171 22,736,936 SH   DFND 2 0 8,511,936 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 1,252 30,700 SH   SOLE 0 30,700 0 0
GOLDMAN SACHS GROUP COM 38141G104 10,921 49,513 SH   DFND 2 0 28,259 0
HUDBAY MINERALS INC COM 443628102 3,202 571,826 SH   DFND 2 0 434,926 0
IAMGOLD CORP COM 450913108 188,755 32,487,878 SH   DFND 2 0 17,290,121 0
INTERNATIONAL SEAWAYS COM Y41053102 54,244 2,344,169 SH   DFND 2 0 2,079,189 0
JETBLUE AIRWAYS COM 477143101 131,749 6,941,452 SH   DFND 2 0 1,852,495 0
JEFFERIES FINANCIAL GROUP COM 47233W109 13,677 601,442 SH   DFND 2 0 1,442 0
KB HOME COM 48666K109 19,178 704,020 SH   DFND 2 0 677,520 0
KIMBALL ELECTRONICS COM 49428J109 7,985 436,347 SH   DFND 2 0 436,347 0
KOREA ELECTRIC POWER CORP COM 500631106 48,445 3,378,333 SH   DFND 2 0 3,077,533 0
KINROSS GOLD CORP COM 496902404 192,855 51,291,334 SH   DFND 2 0 12,870,734 0
LOEWS CORP COM 540424108 32,940 682,262 SH   DFND 2 0 532,262 0
DORIAN LPG LTD COM Y2106R100 132 17,333 SH   SOLE 0 17,333 0 0
MFA FINANCIAL INC. COM 55272X102 23,350 3,080,517 SH   DFND 2 0 165,860 0
M/I HOMES COM 55305B101 50,601 1,910,918 SH   DFND 2 0 1,723,943 0
MICRON TECHNOLOGY COM 595112103 406,825 7,757,905 SH   DFND 2 0 2,075,431 0
NABORS INDUSTRIES COM G6359F103 15,750 2,457,067 SH   DFND 2 0 7,067 0
NOBLE CORP COM G65431101 15,909 2,513,228 SH   DFND 2 0 7,228 0
NATUZZI SPA COM 63905A101 4,668 2,935,910 SH   DFND 2 0 2,217,282 0
PARKER DRILLING COMPANY COM 701081101 1,573 4,139,483 SH   SOLE 0 3,912,433 0 0
PHOTRONICS COM 719405102 33,564 4,208,591 SH   DFND 2 0 3,826,638 0
PLATINUM GROUP METALS COM 72765Q601 1,267 12,208,244 SH   SOLE 0 11,268,914 0 0
EVEREST RE GROUP COM G3223R108 88,667 384,708 SH   DFND 2 0 64,071 0
RESOLUTE FOREST PRODUCTS COM 76117W109 55,137 5,327,233 SH   DFND 2 0 4,876,233 0
SANMINA CORPORATION COM 801056102 42,843 1,462,206 SH   DFND 2 0 1,336,966 0
SEACOR MARINE HOLDINGS COM 78413P101 2,913 126,139 SH   SOLE 0 113,069 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 177,442 8,539,084 SH   DFND 2 0 3,942,041 0
TOLL BROTHERS INC. COM 889478103 11,703 316,390 SH   DFND 2 0 20,910 0
UNUM GROUP COM 91529Y106 197,086 5,328,092 SH   DFND 2 0 1,117,798 0
VERSO CORP COM 92531L207 26,339 1,210,451 SH   DFND 2 0 1,116,251 0
VERITIV CORP COM 923454102 8,461 212,310 SH   DFND 2 0 212,310 0
WPX ENERGY INC COM 98212B103 21,308 1,181,796 SH   DFND 2 0 5,125 0
XL GROUP COM G98294104 30,989 553,863 SH   DFND 2 0 1,593 0
HG HOLDINGS COM 854305208 79 120,892 SH   DFND 2 0 120,892 0
PERSHING GOLD CORP COM 715302204 5,951 3,251,930 SH   DFND 2 0 3,251,930 0
PERSHING GOLD WARRANTS WTS 715991303 41 925,000 SH   DFND 2 0 925,000 0