CUSIP NO. 656912102              SCHEDULE 13G               PAGE 1 OF 11 PAGES







===============================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No.)*


                         North American Palladium Ltd.
-------------------------------------------------------------------------------
                                (Name of Issuer)


                                  Common Stock
-------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                   656912102
-------------------------------------------------------------------------------
                                 (CUSIP Number)


                                 July 18, 2013
-------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of This Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
                             [ ] Rule 13d-1(b)
                             [X] Rule 13d-1(c)
                             [ ] Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be  subject  to all other  provisions  of the Act  (however, see the
Notes).

Information regarding beneficial ownership is as of July 26, 2013.












CUSIP NO. 656912102              SCHEDULE 13G               PAGE 2 OF 11 PAGES


--------------------------------------------------------------------------------
1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
                  NO. OF ABOVE PERSON

                  WEISS ASSET MANAGEMENT LP
--------------------------------------------------------------------------------
2.                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                 (A) [ ]
                 (B) [ ]
--------------------------------------------------------------------------------
3.                SEC USE ONLY


--------------------------------------------------------------------------------
4.                CITIZENSHIP OR PLACE OF ORGANIZATION

                  DELAWARE
--------------------------------------------------------------------------------
                               5.     SOLE VOTING POWER

                                      0
   NUMBER OF                  --------------------------------------------------
    SHARES                     6.     SHARED VOTING POWER
 BENEFICIALLY
   OWNED BY                           17,248,337
    EACH                      --------------------------------------------------
  REPORTING                    7.     SOLE DISPOSITIVE POWER
   PERSON
    WITH:                             0
                              --------------------------------------------------
                               8.     SHARED DISPOSITIVE POWER

                                      17,248,337
--------------------------------------------------------------------------------
9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  17,248,337
--------------------------------------------------------------------------------
10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                  CERTAIN SHARES*                                          [ ]
--------------------------------------------------------------------------------
11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  8.77%
--------------------------------------------------------------------------------
12.               TYPE OF REPORTING PERSON*

                  IA - Investment Adviser












CUSIP NO. 656912102              SCHEDULE 13G               PAGE 3 OF 11 PAGES


--------------------------------------------------------------------------------
1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
                  NO. OF ABOVE PERSON

                  BIP GP LLC
--------------------------------------------------------------------------------
2.                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                 (A) [ ]
                 (B) [ ]
--------------------------------------------------------------------------------
3.                SEC USE ONLY


--------------------------------------------------------------------------------
4.                CITIZENSHIP OR PLACE OF ORGANIZATION

                  DELAWARE
--------------------------------------------------------------------------------
                               5.     SOLE VOTING POWER

                                      0
   NUMBER OF                  --------------------------------------------------
    SHARES                     6.     SHARED VOTING POWER
 BENEFICIALLY
   OWNED BY                            11,728,869
    EACH                      --------------------------------------------------
  REPORTING                    7.     SOLE DISPOSITIVE POWER
   PERSON
    WITH:                             0
                              --------------------------------------------------
                               8.     SHARED DISPOSITIVE POWER

                                      11,728,869
--------------------------------------------------------------------------------
9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  11,728,869
--------------------------------------------------------------------------------
10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                  CERTAIN SHARES*                                          [ ]
--------------------------------------------------------------------------------
11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  5.96%
--------------------------------------------------------------------------------
12.               TYPE OF REPORTING PERSON*

                  00 - Limited Liability Company












CUSIP NO. 656912102              SCHEDULE 13G               PAGE 4 OF 11 PAGES


--------------------------------------------------------------------------------
1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
                  NO. OF ABOVE PERSON

                  WAM GP LLC
--------------------------------------------------------------------------------
2.                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                 (A) [ ]
                 (B) [ ]
--------------------------------------------------------------------------------
3.                SEC USE ONLY


--------------------------------------------------------------------------------
4.                CITIZENSHIP OR PLACE OF ORGANIZATION

                  DELAWARE
--------------------------------------------------------------------------------
                               5.     SOLE VOTING POWER

                                      0
   NUMBER OF                  --------------------------------------------------
    SHARES                     6.     SHARED VOTING POWER
 BENEFICIALLY
   OWNED BY                           17,248,337
    EACH                      --------------------------------------------------
  REPORTING                    7.     SOLE DISPOSITIVE POWER
   PERSON
    WITH:                             0
                              --------------------------------------------------
                               8.     SHARED DISPOSITIVE POWER

                                      17,248,337
--------------------------------------------------------------------------------
9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  17,248,337
--------------------------------------------------------------------------------
10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                  CERTAIN SHARES*                                          [ ]
--------------------------------------------------------------------------------
11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  8.77%
--------------------------------------------------------------------------------
12.               TYPE OF REPORTING PERSON*

                  00 - Limited Liability Company













CUSIP NO. 656912102              SCHEDULE 13G               PAGE 5 OF 11 PAGES


-----------------------------------------------------------------------------
1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION
                  NO. OF ABOVE PERSON

                  ANDREW M. WEISS, PH.D.
--------------------------------------------------------------------------------
2.                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                  (A) [ ]
                  (B) [ ]
--------------------------------------------------------------------------------
3.                SEC USE ONLY


--------------------------------------------------------------------------------
4.                CITIZENSHIP OR PLACE OF ORGANIZATION

                  USA
--------------------------------------------------------------------------------
                               5.     SOLE VOTING POWER

                                      0
   NUMBER OF                  --------------------------------------------------
    SHARES                     6.     SHARED VOTING POWER
 BENEFICIALLY
   OWNED BY                           17,248,337
    EACH                      --------------------------------------------------
  REPORTING                    7.     SOLE DISPOSITIVE POWER
   PERSON
    WITH:                             0
                              --------------------------------------------------
                               8.     SHARED DISPOSITIVE POWER

                                      17,248,337
--------------------------------------------------------------------------------
9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  17,248,337
--------------------------------------------------------------------------------
10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                  CERTAIN SHARES*                                          [ ]
--------------------------------------------------------------------------------
11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  8.77%
--------------------------------------------------------------------------------
12.               TYPE OF REPORTING PERSON*

                  IN - Individual













CUSIP NO. 656912102              SCHEDULE 13G               PAGE 6 OF 11 PAGES


ITEM 1.

      (a) Name of Issuer:  North American Palladium Ltd.
                         ------------------------------------------------------

      (b) Address of Issuer's Principal Executive Offices:
                          200 Bay Street, Royal Bank Plaza
                          South Tower, Suite 2350
                          TORONTO ONTARIO M5J 2J2 CANADA
                         ------------------------------------------------------
ITEM 2.

      (a) and (c): Name and Citizenship of Persons Filing:

       (i)   Weiss Asset Management LP, a Delaware limited partnership ("Weiss
             Asset Management").
       (ii)  BIP GP LLC, a Delaware limited liability company ("BIP GP").
       (iii) WAM GP LLC, a Delaware limited liability company ("WAM GP").
       (iv)  Andrew M. Weiss, Ph.D., a United States citizen ("Andrew Weiss").

      (b):  Address of Principal Business Office:

      Weiss Asset Management, BIP GP, WAM GP, and Andrew Weiss have a business
      address of 222 Berkeley St., 16th Floor, Boston, Massachusetts 02116

      (d) Title of Class of Securities: Common Stock
                                       -----------------------------------------
      (e) CUSIP Number: 656912102
                       ------------------

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK
        WHETHER THE PERSON FILING IS A:

     (a)  [ ] Broker or Dealer registered under Section 15 of the Act
              (15 U.S.C. 78o).
     (b)  [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
     (c)  [ ] Insurance Company as defined in section 3(a)(19) of the Act
              (15 U.S.C. 78c).
     (d)  [ ] Investment  Company  registered  under section 8 of the Investment
              Company Act of 1940 (15 U.S.C. 80a-8).
     (e)  [ ] Investment  Adviser registered under section 203 of the Investment
              Advisers Act or under the laws of any State
     (f)  [ ] Employee  Benefit  Plan,  Pension  fund  which is  subject to the
              provisions of the Employee  Retirement  Income Security Act of
              1974 or Endowment Fund; see Section 240.13d-1(b)(1)(ii)(F)
     (g)  [ ] A Parent Holding Company  or  control  person, in  accordance with
              Section 240.13d-1(b)(ii)(G)(Note: See Item 7)
     (h)  [ ] A Savings  Association  as defined in Section  3(b) of the Federal
              Deposit Insurance Act (12 U.S.C. 1813)
     (i)  [ ] A  Church  Plan  that  is  excluded  from  the  definition  of  an
              investment  company under Section  3(c)(14) of the Investment
              Company Act of 1940 (15 U.S.C. 80a-3)
     (j)  [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J)












CUSIP NO. 656912102              SCHEDULE 13G               PAGE 7 OF 11 PAGES



ITEM 4.   OWNERSHIP


 WEISS ASSET MANAGEMENT*
      (a) Amount Beneficially Owned:    17,248,337
                                     -------------------------------------------
      (b) Percent of Class:     8.77%
                            ----------------------------------------------------
      (c) Number of shares as to which such person has:

       (i)   sole power to vote or to direct the vote:    0
                                                         -----------------------
       (ii)  shared power to vote or to direct the vote:  17,248,337
                                                         -----------------------
       (iii) sole power to dispose or to direct the disposition of:  0
                                                                    ----------
       (iv)  shared power to dispose or to direct the disposition of: 17,248,337
                                                                     -----------
-

 BIP GP*
      (a) Amount Beneficially Owned:    11,728,869
                                     -------------------------------------------
      (b) Percent of Class:     5.96%
                            ----------------------------------------------------
      (c) Number of shares as to which such person has:

       (i)   sole power to vote or to direct the vote:    0
                                                        ------------------------
       (ii)  shared power to vote or to direct the vote:  11,728,869
                                                         -----------------------
       (iii) sole power to dispose or to direct the disposition of:  0
                                                                   ------------
       (iv)  shared power to dispose or to direct the disposition of: 11,728,869
                                                                     -----------


 WAM GP*
      (a) Amount Beneficially Owned:    17,248,337
                                     -------------------------------------------
      (b) Percent of Class:     8.77%
                            ----------------------------------------------------
      (c) Number of shares as to which such person has:

       (i)   sole power to vote or to direct the vote:    0
                                                        ------------------------
       (ii)  shared power to vote or to direct the vote:  17,248,337
                                                        ------------------------
       (iii) sole power to dispose or to direct the disposition of:  0
                                                                   -------------
       (iv)  shared power to dispose or to direct the disposition of: 17,248,337
                                                                     -----------











CUSIP NO. 656912102              SCHEDULE 13G               PAGE 8 OF 11 PAGES



  ANDREW M. WEISS, PH.D.*
      (a) Amount Beneficially Owned:    17,248,337
                                     -------------------------------------------
      (b) Percent of Class:     8.77%
                            ----------------------------------------------------
      (c) Number of shares as to which such person has:

        (i)  sole power to vote or to direct the vote:    0
                                                        ------------------------
        (ii) shared power to vote or to direct the vote:  17,248,337
                                                        ------------------------
        (iii) sole power to dispose or to direct the disposition of:   0
                                                                    ------------
        (iv) shared power to dispose or to direct the disposition of: 17,248,337
                                                                     -----------
-----------------------
* Shares reported for BIP GP include shares beneficially owned by a private
investment partnership (the "Partnership") of which BIP GP is the sole general
partner. Weiss Asset Management is the sole investment manager to the
Partnership and a private investment company (the "Company").  WAM GP is the
sole general partner of Weiss Asset Management.  Andrew Weiss is the managing
member of WAM GP and BIP GP.  Shares reported for WAM GP, Andrew Weiss and Weiss
Asset Management include shares beneficially owned by the Partnership (and
reported above for BIP GP) and the Company.

Each of BIP GP, WAM GP, Weiss Asset Management and Andrew Weiss disclaims
beneficial ownership of the shares reported herein as beneficially owned by each
except to the extent of their respective pecuniary interest therein. The percent
of class computations are based on 196,781,376 shares of Common Stock issued and
outstanding as of July 23, 2013, as reported in the Prospectus Supplement with
the SEC on July 23, 2013.



ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

         If this statement is being filed to report the fact that as of the date
hereof the reporting  person has ceased to be the beneficial  owner of more than
five percent of the class of securities, check the following [].


ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

      Not Applicable


ITEM 7.  IDENTIFICATION  AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
         SECURITY  BEING  REPORTED  ON BY  THE PARENT HOLDING COMPANY OR CONTROL
         PERSON

      Not Applicable














CUSIP NO. 656912102              SCHEDULE 13G               PAGE 9 OF 11 PAGES



ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

      Not Applicable


ITEM 9.   NOTICE OF DISSOLUTION OF GROUP

      Not Applicable


ITEM 10.  CERTIFICATION

      By signing below, I certify that, to the best of my knowledge and belief,
      the securities referred to above were not acquired and are not held for
      the purpose of or with the effect of changing or influencing  the control
      of the issuer of the securities and were not acquired and are not held in
      connection with or as a participant in any transaction having that purpose
      or effect.


ITEM 11.  MATERIALS TO BE FILED AS EXHIBITS

      Exhibit 1        Joint Filing Agreement













CUSIP NO. 656912102              SCHEDULE 13G              PAGE 10 OF 11 PAGES



                                   SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I hereby
certify that the information  set forth in this statement is true, complete and
correct.

Dated:  July 26, 2013


                            WEISS ASSET MANAGEMENT LP


                            By:  /s/ Georgiy Nikitin
                            -----------------------------------
                            Georgiy Nikitin, Chief Compliance Officer



                            BIP GP LLC


                            By:  /s/ Georgiy Nikitin
                            -----------------------------------
                            Georgiy Nikitin, Chief Compliance Officer



                            WAM GP LLC


                            By:  /s/ Georgiy Nikitin
                            -----------------------------------
                            Georgiy Nikitin, Chief Compliance Officer



                           ANDREW M. WEISS, PH.D.


                           By:  /s/ Georgiy Nikitin
                           -----------------------------------
                           Georgiy Nikitin, Attorney-in-Fact for Andrew Weiss












CUSIP NO. 656912102              SCHEDULE 13G              PAGE 11 OF 11 PAGES



                                 Exhibit 1

                             JOINT FILING AGREEMENT

       In  accordance  with  Rule  13d-1(k) under the Securities Exchange Act of
1934, as amended, Weiss Asset Management  LP,  BIP GP LLC, WAM GP LLC and Andrew
M.  Weiss, hereby agree to the joint filing on behalf  of  each  of  them  of  a
statement  on Schedule 13G and/or 13D (including any and all amendments thereto)
with respect  to  the Common Stock of North American Palladium Ltd., and further
agree that this Joint  Filing  Agreement,  as  may be amended from time to time,
shall be included as an Exhibit to such joint filings.

       The undersigned further agree that each party  hereto  is responsible for
the  timely  filing  of  such  Statement  on  Schedule  13G and/or 13D  and  any
amendments  thereto, and for the accuracy and completeness  of  the  information
concerning such  party  contained  therein;  provided, however, that no party is
responsible for the accuracy or completeness of  the  information concerning any
other  party,  unless  such  party  knows  or  has reason to believe  that  such
information is inaccurate.

       This Joint Filing Agreement may be signed  in  counterparts with the same
effect as if the signature on each counterpart were upon the same instrument.

       IN WITNESS WHEREOF, the undersigned have executed  this  Agreement  as of
July 26, 2013.


 WEISS ASSET MANAGEMENT LP


                            By:  /s/ Georgiy Nikitin
                            -----------------------------------
                            Georgiy Nikitin, Chief Compliance Officer


                            BIP GP LLC


                            By:  /s/ Georgiy Nikitin
                            -----------------------------------
                            Georgiy Nikitin, Chief Compliance Officer


                            WAM GP LLC


                            By:  /s/ Georgiy Nikitin
                            -----------------------------------
                            Georgiy Nikitin, Chief Compliance Officer


                            ANDREW M. WEISS, PH.D.


                            By:  /s/ Georgiy Nikitin
                            -----------------------------------
                            Georgiy Nikitin, Attorney-in-Fact for Andrew Weiss