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 58,031 9,182,066 SH   DFND 2 0 7,325,640 0
AXCELIS TECHNOLOGY COM 054540109 32,643 11,027,916 SH   DFND 2 0 9,671,415 0
AERCAP HOLDINGS COM N00985106 474,486 10,362,221 SH   DFND 2 0 4,343,933 0
AIR FRANCE-KLM COM 009119108 134,461 19,425,218 SH   DFND 2 0 8,539,913 0
ALAMOS GOLD COM 011527108 4,613 815,000 SH   SOLE 0 795,400 0 0
ASPEN INSURANCE HOLDINGS COM G05384105 52,143 1,088,582 SH   DFND 2 0 630,750 0
AMERICAN INTERNATIONAL GROUP COM 026874784 137,228 2,219,801 SH   DFND 2 0 1,626,201 0
ASANKO GOLD COM 04341Y105 633 369,900 SH   SOLE 0 369,900 0 0
AMERICAN NATIONAL COM 028591105 176,794 1,727,856 SH   DFND 2 0 1,074,306 0
ALLIANCE ONE COM 018772103 19,333 808,561 SH   DFND 2 0 701,632 0
ARDMORE SHIPPING CORP COM Y0207T100 31,354 2,589,102 SH   DFND 2 0 2,137,686 0
AURICO GOLD COM 05155C105 78,993 27,814,569 SH   DFND 2 0 21,013,904 0
YAMANA GOLD COM 98462Y100 111,369 37,122,877 SH   DFND 2 0 11,073,912 0
AIRCASTLE COM G0129K104 43,128 1,902,409 SH   DFND 2 0 1,902,409 0
BLUE CAPITAL REINSURANCE COM G1190F107 14,950 831,923 SH   DFND 2 0 747,523 0
BIGLARI HOLDINGS COM 08986R101 5,978 14,449 SH   DFND 2 0 11,812 0
BRIDGEPOINT EDUCATION COM 10807M105 4,525 473,296 SH   DFND 2 0 473,296 0
BASSETT FURNITURE COM 070203104 1,271 44,734 SH   SOLE 0 44,734 0 0
B2GOLD CORP COM 11777Q209 3,020 1,974,100 SH   SOLE 0 0 0 0
PEABODY ENERGY CORP COM 704549104 3,821 1,744,866 SH   DFND 2 0 6,166 0
CITIGROUP COM 172967424 3,830 69,332 SH   DFND 2 0 69,332 0
COEUR MINING COM 192108504 61,066 10,694,598 SH   DFND 2 0 7,345,512 0
SEACOR HOLDINGS COM 811904101 13,729 193,525 SH   DFND 2 0 180,525 0
CLOUD PEAK ENERGY COM 18911Q102 3,625 778,000 SH   DFND 2 0 733,000 0
CELESTICA COM 15101Q108 34,336 2,949,852 SH   DFND 2 0 1,128,139 0
CNA FINANCIAL CORP. COM 126117100 88,074 2,305,007 SH   DFND 2 0 45,011 0
DANA HOLDING CORP COM 235825205 23,426 1,138,299 SH   DFND 2 0 104,022 0
EURONAV SA COM B38564108 5,336 360,297 SH   SOLE 0 336,992 0 0
FLY LEASING COM 34407D109 331 21,100 SH   SOLE 0 21,100 0 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 105,262 3,083,254 SH   DFND 2 0 2,116,849 0
HUDBAY MINERALS INC. COM 443628102 7,524 903,192 SH   DFND 2 0 766,292 0
HORACE MANN EDUCATORS COM 440327104 60,247 1,656,040 SH   DFND 2 0 1,088,648 0
INGRAM MICRO COM 457153104 206,870 8,264,877 SH   DFND 2 0 2,819,946 0
IMATION CORP COM 45245A107 623 153,538 SH   SOLE 0 153,538 0 0
INTEGRATED SILICON SOLUTIONS, INC COM 45812P107 38,475 1,737,816 SH   DFND 2 0 1,542,354 0
JETBLUE AIRWAYS COM 477143101 179,465 8,644,750 SH   DFND 2 0 1,455,021 0
KIMBALL INTERNATIONAL COM 494274103 8,238 677,448 SH   DFND 2 0 677,448 0
KANSAS CITY LIFE COM 484836101 4,146 90,712 SH   SOLE 0 90,712 0 0
KIMBALL ELECTRONICS COM 49428J109 15,952 1,093,385 SH   DFND 2 0 1,019,898 0
KOREA ELECTRIC POWER CORP COM 500631106 90,236 4,432,011 SH   DFND 2 0 3,092,510 0
KINROSS GOLD CORP COM 496902404 138,034 59,497,356 SH   DFND 2 0 16,207,445 0
LOEWS CORP COM 540424108 67,479 1,752,240 SH   DFND 2 0 1,116,840 0
MFA FINANCIAL INC. COM 55272X102 6,886 931,812 SH   DFND 2 0 931,812 0
M/I HOMES COM 55305B101 10,933 443,173 SH   DFND 2 0 443,173 0
MONTPELIER RE HOLDINGS COM G62185106 87,417 2,213,098 SH   DFND 2 0 1,446,550 0
MICRON TECHNOLOGY COM 595112103 287,586 15,264,632 SH   DFND 2 0 4,308,044 0
NABORS INDUSTRIES COM G6359F103 11,585 802,837 SH   DFND 2 0 2,837 0
NOBLE CORP COM G65431101 73,409 4,769,892 SH   DFND 2 0 913,576 0
NEW GOLD INC. COM 644535106 23,154 8,607,396 SH   DFND 2 0 2,441,628 0
NORD RESOURCES COM 655555100 1 507,100 SH   SOLE 0 507,100 0 0
NRG ENERGY COM 629377508 37,934 1,657,946 SH   DFND 2 0 462,244 0
NATUZZI SPA COM 63905A101 6,528 3,050,614 SH   DFND 2 0 2,780,614 0
NEWS CORP - CLASS B COM 65249B208 12,271 861,745 SH   DFND 2 0 3,045 0
PAN AMERICAN SILVER COM 697900108 15,732 1,831,427 SH   DFND 2 0 1,387,894 0
PEPBOYS AUTO COM 713278109 14,695 1,197,643 SH   DFND 2 0 1,165,143 0
PARAGON OFFSHORE LTD COM G6S01W108 9,093 8,342,126 SH   DFND 2 0 5,471,722 0
PARKER DRILLING COMPANY COM 701081101 19,069 5,743,630 SH   DFND 2 0 4,670,478 0
PHOTRONICS COM 719405102 63,230 6,648,760 SH   DFND 2 0 5,642,408 0
PRIMERO MINING CORP COM 74164W106 9,906 2,546,404 SH   DFND 2 0 2,301,091 0
ROYAL CARIBBEAN CRUISES COM V7780T103 76,693 974,622 SH   DFND 2 0 3,509 0
EVEREST RE GROUP COM G3223R108 71,226 391,332 SH   DFND 2 0 33,895 0
RESOLUTE FOREST PRODUCTS COM 76117W109 97,843 8,697,112 SH   DFND 2 0 6,736,853 0
RENAISSANCERE HOLDINGS COM G7496G103 30,570 301,150 SH   DFND 2 0 162,445 0
RUBY TUESDAY COM 781182100 13,983 2,230,190 SH   DFND 2 0 1,847,406 0
SANMINA CORPORATION COM 801056102 152,405 7,559,762 SH   DFND 2 0 5,619,695 0
TIDEWATER INC COM 886423102 23,780 1,046,197 SH   DFND 2 0 353,410 0
TECHDATA COM 878237106 62,955 1,093,732 SH   DFND 2 0 644,436 0
TECUMSEH PRODUCTS COM 878895309 3,838 1,553,908 SH   DFND 2 0 1,422,983 0
TOYOTA MOTOR CORP COM 892331307 80,772 603,902 SH   DFND 2 0 603,902 0
UNUM GROUP COM 91529Y106 225,640 6,311,600 SH   DFND 2 0 2,333,310 0
UTSTARCOM COM G9310A114 172 86,517 SH   SOLE 0 86,517 0 0
VALERO ENERGY CORP COM 91913Y100 23,401 373,821 SH   DFND 2 0 192,821 0
VALIDUS HOLDINGS COM G9319H102 49,081 1,115,739 SH   DFND 2 0 6,809 0
VERITIV CORP COM 923454102 19,072 523,103 SH   DFND 2 0 346,200 0
WPX ENERGY INC COM 98212B103 131,284 10,690,865 SH   DFND 2 0 2,686,679 0
XL GROUP COM G98290102 197,180 5,300,545 SH   DFND 2 0 458,815 0
GENERAL MOTORS COM 37045V100 7,998 239,963 SH   DFND 2 0 239,963 0
MATTSON TECHNOLOGY COM 577223100 9,355 2,792,460 SH   DFND 2 0 2,792,460 0
STANLEY FURNITURE COM 854305208 360 121,292 SH   DFND 2 0 121,292 0
SYPRIS SOLUTIONS COM 871655106 383 263,911 SH   DFND 2 0 263,911 0