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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD. COM 008474108   1,651,428 32,400 SH   DFND   32,400 0 0
ALLY FINANCIAL, INC. COM 02005N100   142,744 5,600 SH   DFND   5,600 0 0
ALLY FINANCIAL, INC. COM 02005N100   3,109,780 122,000 SH   DFND 1 122,000 0 0
ALPHABET, INC. CAP STK CL A 02079K305   4,501,882 43,400 SH   DFND   43,400 0 0
ALPHABET, INC. CAP STK CL A 02079K305   5,186,500 50,000 SH   DFND 1 50,000 0 0
AMN HEALTHCARE SERVICES, INC. COM 001744101   217,355 2,620 SH   DFND   2,620 0 0
AMN HEALTHCARE SERVICES, INC. COM 001744101   3,401,360 41,000 SH   DFND 1 41,000 0 0
ARCBEST CORP. COM 03937C105   120,146 1,300 SH   DFND   1,300 0 0
ARCBEST CORP. COM 03937C105   2,587,760 28,000 SH   DFND 1 28,000 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104   285,600 1,360 SH   DFND   1,360 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104   6,195,000 29,500 SH   DFND 1 29,500 0 0
ATKORE INTERNATIONAL GROUP, INC. COM 047649108   293,603 2,090 SH   DFND   2,090 0 0
ATKORE INTERNATIONAL GROUP, INC. COM 047649108   5,127,520 36,500 SH   DFND 1 36,500 0 0
AUTOZONE, INC. COM 053332102   2,408,987 980 SH   DFND   980 0 0
AUTOZONE, INC. COM 053332102   14,871,808 6,050 SH   DFND 1 6,050 0 0
B2GOLD CORP. COM 11777Q209   1,083,500 275,000 SH   DFND   275,000 0 0
B2GOLD CORP. COM 11777Q209   5,259,900 1,335,000 SH   DFND 1 1,335,000 0 0
BARCLAYS PLC ADR 06738E204   208,510 29,000 SH   DFND   29,000 0 0
BARCLAYS PLC ADR 06738E204   4,421,850 615,000 SH   DFND 1 615,000 0 0
BARRICK GOLD CORP. COM 067901108   388,113 20,900 SH   DFND   20,900 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702   1,886,585 6,110 SH   DFND   6,110 0 0
BEST BUY CO, INC. COM 086516101   180,021 2,300 SH   DFND   2,300 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108   215,594 3,400 SH   DFND   3,400 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108   4,692,340 74,000 SH   DFND 1 74,000 0 0
BLACKROCK, INC. COM 09247X101   267,648 400 SH   DFND   400 0 0
BLACKROCK, INC. COM 09247X101   3,144,864 4,700 SH   DFND 1 4,700 0 0
BLUELINX HOLDINGS, INC. COM NEW 09624H208   518,535 7,630 SH   DFND   7,630 0 0
BLUELINX HOLDINGS, INC. COM NEW 09624H208   4,301,868 63,300 SH   DFND 1 63,300 0 0
BRITISH AMERICAN TOBACCO PLC SPONSORED ADR 110448107   10,536,000 300,000 SH   DFND 1 300,000 0 0
CENTERRA GOLD INC COM 152006102   482,015 74,500 SH   DFND   74,500 0 0
CITIGROUP, INC. COM NEW 172967424   93,780 2,000 SH   DFND   2,000 0 0
CREDIT ACCEPTANCE CORP. COM 225310101   1,068,298 2,450 SH   DFND   2,450 0 0
CREDIT ACCEPTANCE CORP. COM 225310101   10,028,920 23,000 SH   DFND 1 23,000 0 0
CUBESMART COM 229663109   647,080 14,000 SH   DFND   14,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108   227,332 2,300 SH   DFND   2,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108   4,942,000 50,000 SH   DFND 1 50,000 0 0
DOLLAR GENERAL CORP. COM 256677105   4,335,476 20,600 SH   DFND 1 20,600 0 0
ELEVANCE HEALTH, INC. COM 036752103   547,174 1,190 SH   DFND   1,190 0 0
ELEVANCE HEALTH, INC. COM 036752103   4,414,176 9,600 SH   DFND 1 9,600 0 0
ENCORE WIRE CORP. COM 292562105   685,721 3,700 SH   DFND   3,700 0 0
ENCORE WIRE CORP. COM 292562105   5,689,631 30,700 SH   DFND 1 30,700 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103   550,932 12,400 SH   DFND   12,400 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103   4,265,280 96,000 SH   DFND 1 96,000 0 0
ENTERPRISE PRODUCTS PARTNERS LP COM 293792107   1,036,000 40,000 SH   DFND 1 40,000 0 0
ESSENT GROUP LTD. COM G3198U102   1,381,725 34,500 SH   DFND   34,500 0 0
ESSENT GROUP LTD. COM G3198U102   8,010,000 200,000 SH   DFND 1 200,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102   977,580 6,000 SH   DFND   6,000 0 0
FIDELITY NATIONAL FINANCIAL, INC. FNF GROUP COM 31620R303   1,921,150 55,000 SH   DFND 1 55,000 0 0
FRANCO-NEVADA CORP. COM 351858105   376,164 2,580 SH   DFND   2,580 0 0
GLOBAL SELF STORAGE INC COM 37955N106   694,419 135,101 SH   DFND   135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106   497,424 96,775 SH   DFND   96,775 0 0
GLOBAL SELF STORAGE INC COM 37955N106   1,041,893 202,703 SH   DFND   202,703 0 0
GLOBAL SELF STORAGE INC COM 37955N106   26,147 5,087 SH   SOLE   5,087 0 0
HAVERTY FURNITURE COS, INC. COM 419596101   360,583 11,300 SH   DFND   11,300 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108   42,120 6,480 SH   DFND 1 6,480 0 0
HOME DEPOT, INC./THE COM 437076102   250,852 850 SH   DFND   850 0 0
HOME DEPOT, INC./THE COM 437076102   4,426,800 15,000 SH   DFND 1 15,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109   508,760 23,000 SH   DFND   23,000 0 0
JPMORGAN CHASE & CO. COM 46625H100   886,108 6,800 SH   DFND   6,800 0 0
KFORCE, INC. COM 493732101   290,904 4,600 SH   DFND   4,600 0 0
KFORCE, INC. COM 493732101   3,162,000 50,000 SH   DFND 1 50,000 0 0
LAM RESEARCH CORP. COM 512807108   636,144 1,200 SH   DFND   1,200 0 0
LAM RESEARCH CORP. COM 512807108   5,142,164 9,700 SH   DFND 1 9,700 0 0
LIFE STORAGE INC COM 53223X107   589,905 4,500 SH   DFND   4,500 0 0
LYONDELLBASELL INDUSTRIES NV SHS - A - N53745100   3,286,150 35,000 SH   DFND 1 35,000 0 0
MASTERCARD, INC. CL A 57636Q104   3,634,100 10,000 SH   DFND   10,000 0 0
MEDIFAST, INC. COM 58470H101   430,231 4,150 SH   DFND   4,150 0 0
MEDIFAST, INC. COM 58470H101   3,628,450 35,000 SH   DFND 1 35,000 0 0
META PLATFORMS, INC. CL A 30303M102   243,731 1,150 SH   DFND   1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105   60,420 6,000 SH   DFND 1 6,000 0 0
NEW AMER HIGH INCOME FD INC COM NEW 641876800   2,043 300 SH   DFND 1 300 0 0
NEXSTAR MEDIA GROUP, INC. COMMON STOCK 65336K103   448,916 2,600 SH   DFND   2,600 0 0
NEXSTAR MEDIA GROUP, INC. COMMON STOCK 65336K103   4,316,500 25,000 SH   DFND 1 25,000 0 0
NMI HOLDINGS, INC. CL A 629209305   526,541 23,580 SH   DFND   23,580 0 0
NMI HOLDINGS, INC. CL A 629209305   4,577,650 205,000 SH   DFND 1 205,000 0 0
OLIN CORP. COM PAR $1 680665205   406,815 7,330 SH   DFND   7,330 0 0
OLIN CORP. COM PAR $1 680665205   2,275,500 41,000 SH   DFND 1 41,000 0 0
POOL CORP. COM 73278L105   2,362,836 6,900 SH   DFND 1 6,900 0 0
PUBLIC STORAGE COM 74460D109   513,638 1,700 SH   DFND   1,700 0 0
RIO TINTO PLC SPONSORED ADR 767204100   5,042,100 73,500 SH   DFND 1 73,500 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103   934,612 11,600 SH   DFND   11,600 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103   5,237,050 65,000 SH   DFND 1 65,000 0 0
ROYAL GOLD, INC. COM 780287108   687,463 5,300 SH   DFND   5,300 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202   29,340 3,600 SH   DFND 1 3,600 0 0
SANDSTORM GOLD, LTD. COM NEW 80013R206   156,870 27,000 SH   DFND   27,000 0 0
SKYWORKS SOLUTIONS, INC. COM 83088M102   5,309,100 45,000 SH   DFND 1 45,000 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107   824,490 4,500 SH   DFND   4,500 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401   4,549 200 SH   DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104   21,880 2,000 SH   DFND 1 2,000 0 0
SSR MINING, INC. COM 784730103   1,209,600 80,000 SH   DFND   80,000 0 0
STEEL DYNAMICS, INC. COM 858119100   893,174 7,900 SH   DFND   7,900 0 0
STEEL DYNAMICS, INC. COM 858119100   18,089,600 160,000 SH   DFND 1 160,000 0 0
SWISS HELVETIA FUND INC COM 870875101   25,931 3,270 SH   DFND 1 3,270 0 0
THOR INDUSTRIES, INC. COM 885160101   3,185,600 40,000 SH   DFND 1 40,000 0 0
TRACTOR SUPPLY CO. COM 892356106   423,072 1,800 SH   DFND   1,800 0 0
TRACTOR SUPPLY CO. COM 892356106   9,989,200 42,500 SH   DFND 1 42,500 0 0
U-HAUL HOLDINGS CO. COM 023586100   127,055 2,130 SH   DFND   2,130 0 0
U-HAUL HOLDINGS CO. COM SER N 023586506   993,965 19,170 SH   DFND   19,170 0 0
U-HAUL HOLDINGS CO. COM 023586100   823,170 13,800 SH   DFND 1 13,800 0 0
U-HAUL HOLDINGS CO. COM SER N 023586506   6,439,770 124,200 SH   DFND 1 124,200 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   1,405,955 2,975 SH   DFND   2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102   6,379,965 13,500 SH   DFND 1 13,500 0 0
WESTLAKE CORP. COM 960413102   8,118,600 70,000 SH   DFND 1 70,000 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102   288,960 6,000 SH   DFND   6,000 0 0
WILLIAMS-SONOMA, INC. COM 969904101   912,450 7,500 SH   DFND   7,500 0 0
WILLIAMS-SONOMA, INC. COM 969904101   5,839,680 48,000 SH   DFND 1 48,000 0 0
WOODSIDE ENERGY GROUP LTD. SPONSORED ADR 980228308   27,544 1,228 SH   DFND   1,228 0 0
WOODSIDE ENERGY GROUP LTD. SPONSORED ADR 980228308   599,845 26,743 SH   DFND 1 26,743 0 0