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
AGNICO EAGLE MINES LTD. COM 008474108 1,984 32,400 SH   DFND   32,400 0 0
ALAMOS GOLD, INC. COM CL A 011532108 1,895 225,000 SH   DFND   225,000 0 0
ALPHABET, INC. CAP STK CL A 02079K305 6,036 2,170 SH   DFND   2,170 0 0
ALPHABET, INC. CAP STK CL A 02079K305 6,953 2,500 SH   DFND 1 2,500 0 0
ALTICE USA, INC. CL A 02156K103 543 43,500 SH   DFND   43,500 0 0
ALTICE USA, INC. CL A 02156K103 3,806 305,000 SH   DFND 1 305,000 0 0
AMERCO COM 023586100 895 1,500 SH   DFND   1,500 0 0
AMERCO COM 023586100 5,969 10,000 SH   DFND 1 10,000 0 0
AMPLIFY ENERGY CORP NEW COM 03212B103 14 2,615 SH   DFND   2,615 0 0
ANTHEM, INC. COM 036752103 585 1,190 SH   DFND   1,190 0 0
ANTHEM, INC. COM 036752103 4,716 9,600 SH   DFND 1 9,600 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104 218 1,360 SH   DFND   1,360 0 0
ASBURY AUTOMOTIVE GROUP, INC. COM 043436104 4,726 29,500 SH   DFND 1 29,500 0 0
AUTOZONE, INC. COM 053332102 2,004 980 SH   DFND   980 0 0
AUTOZONE, INC. COM 053332102 12,370 6,050 SH   DFND 1 6,050 0 0
B2GOLD CORP. COM 11777Q209 1,262 275,000 SH   DFND   275,000 0 0
BARCLAYS PLC ADR 06738E204 229 29,000 SH   DFND   29,000 0 0
BARCLAYS PLC ADR 06738E204 4,859 615,000 SH   DFND 1 615,000 0 0
BARRICK GOLD CORP. COM 067901108 1,228 50,050 SH   DFND   50,050 0 0
BARRICK GOLD CORP. COM 067901108 6,623 270,000 SH   DFND 1 270,000 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702 2,156 6,110 SH   DFND   6,110 0 0
BEST BUY CO, INC. COM 086516101 209 2,300 SH   DFND   2,300 0 0
BEST BUY CO, INC. COM 086516101 4,500 49,500 SH   DFND 1 49,500 0 0
BHP BILLITON LTD. SPONSORED ADS 088606108 263 3,400 SH   DFND   3,400 0 0
BHP BILLITON LTD. SPONSORED ADS 088606108 5,717 74,000 SH   DFND 1 74,000 0 0
BLACKROCK, INC. COM 09247X101 306 400 SH   DFND   400 0 0
BLACKROCK, INC. COM 09247X101 3,592 4,700 SH   DFND 1 4,700 0 0
BRITISH AMERICAN TOBACCO PLC SPONSORED ADR 110448107 12,648 300,000 SH   DFND 1 300,000 0 0
CELANESE CORP. COM 150870103 214 1,500 SH   DFND   1,500 0 0
CELANESE CORP. COM 150870103 3,215 22,500 SH   DFND 1 22,500 0 0
CHECK POINT SOFTWARE TECHNOLOGIES LTD. ORD M22465104 1,217 8,800 SH   DFND   8,800 0 0
CHECK POINT SOFTWARE TECHNOLOGIES LTD. ORD M22465104 4,010 29,000 SH   DFND 1 29,000 0 0
CITIGROUP, INC. COM NEW 172967424 107 2,000 SH   DFND   2,000 0 0
CITIGROUP, INC. COM NEW 172967424 5,474 102,500 SH   DFND 1 102,500 0 0
COMCAST CORP. CL A 20030N101 4,682 100,000 SH   DFND 1 100,000 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 1,348 2,450 SH   DFND   2,450 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 12,659 23,000 SH   DFND 1 23,000 0 0
CUBESMART COM 229663109 728 14,000 SH   DFND   14,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 253 2,300 SH   DFND   2,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 5,510 50,000 SH   DFND 1 50,000 0 0
DOLLAR GENERAL CORP. COM 256677105 4,586 20,600 SH   DFND 1 20,600 0 0
EDUCATIONAL DEVELOPMENT CORP. COM 281479105 310 40,000 SH   DFND   40,000 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103 471 12,400 SH   DFND   12,400 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103 3,645 96,000 SH   DFND 1 96,000 0 0
ENTERPRISE PRODUCTS PARTNERS LP COM 293792107 1,032 40,000 SH   DFND 1 40,000 0 0
ESSENT GROUP LTD. COM G3198U102 1,422 34,500 SH   DFND   34,500 0 0
ESSENT GROUP LTD. COM G3198U102 8,242 200,000 SH   DFND 1 200,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,234 6,000 SH   DFND   6,000 0 0
GENWORTH FINL INC COM CL A 37247D106 718 190,000 SH   DFND   190,000 0 0
GLOBAL SELF STORAGE INC COM 37955N106 757 135,101 SH   DFND   135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106 28 5,087 SH   SOLE   5,087 0 0
GLOBAL SELF STORAGE INC. COM 37955N106 542 96,775 SH   DFND   96,775 0 0
GLOBAL SELF STORAGE INC. COM 37955N106 1,135 202,703 SH   DFND   202,703 0 0
GRAND CANYON EDUCATION, INC. COM 38526M106 388 4,000 SH   DFND   4,000 0 0
GRAND CANYON EDUCATION, INC. COM 38526M106 7,769 80,000 SH   DFND 1 80,000 0 0
HAVERTY FURNITURE COS, INC. COM 419596101 310 11,300 SH   DFND   11,300 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108 51 6,480 SH   DFND 1 6,480 0 0
HIGHLAND INCOME FUND HIGHLAND INCOME FUND 43010E404 161 13,500 SH   DFND   13,500 0 0
HOME DEPOT, INC./THE COM 437076102 718 2,400 SH   DFND   2,400 0 0
HOME DEPOT, INC./THE COM 437076102 4,490 15,000 SH   DFND 1 15,000 0 0
INTEL CORP. COM 458140100 5,253 106,000 SH   DFND 1 106,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 526 23,000 SH   DFND   23,000 0 0
JPMORGAN CHASE & CO. COM 46625H100 927 6,800 SH   DFND   6,800 0 0
KFORCE, INC. COM 493732101 340 4,600 SH   DFND   4,600 0 0
KFORCE, INC. COM 493732101 3,699 50,000 SH   DFND 1 50,000 0 0
LAM RESEARCH CORP. COM 512807108 645 1,200 SH   DFND   1,200 0 0
LAM RESEARCH CORP. COM 512807108 5,215 9,700 SH   DFND 1 9,700 0 0
LCI INDUSTRIES COM 50189K103 486 4,680 SH   DFND   4,680 0 0
LCI INDUSTRIES COM 50189K103 3,401 32,764 SH   DFND 1 32,764 0 0
LIFE STORAGE INC COM 53223X107 632 4,500 SH   DFND   4,500 0 0
LITHIA MOTORS, INC. CL A 536797103 908 3,025 SH   DFND   3,025 0 0
LITHIA MOTORS, INC. CL A 536797103 6,933 23,100 SH   DFND 1 23,100 0 0
LYONDELLBASELL INDUSTRIES NV SHS - A - N53745100 3,599 35,000 SH   DFND 1 35,000 0 0
MASTERCARD, INC. CL A 57636Q104 3,574 10,000 SH   DFND   10,000 0 0
MEDIFAST, INC. COM 58470H101 709 4,150 SH   DFND   4,150 0 0
MEDIFAST, INC. COM 58470H101 5,977 35,000 SH   DFND 1 35,000 0 0
META PLATFORMS, INC. CL A 30303M102 923 4,150 SH   DFND   4,150 0 0
META PLATFORMS, INC. CL A 30303M102 5,448 24,500 SH   DFND 1 24,500 0 0
METHODE ELECTRONICS, INC. COM 591520200 3,568 82,500 SH   DFND 1 82,500 0 0
MEXICO EQUITY & INCOME FD COM 592834105 55 6,000 SH   DFND 1 6,000 0 0
MOLINA HEALTHCARE, INC. COM 60855R100 5,704 17,100 SH   DFND 1 17,100 0 0
NEW AMER HIGH INCOME FD INC COM NEW 641876800 2 300 SH   DFND 1 300 0 0
NEWMONT GOLDCORP CORP. COM 651639106 956 12,030 SH   DFND   12,030 0 0
NEWMONT GOLDCORP CORP. COM 651639106 7,270 91,500 SH   DFND 1 91,500 0 0
NEXSTAR MEDIA GROUP, INC. CL A 65336K103 490 2,600 SH   DFND   2,600 0 0
NEXSTAR MEDIA GROUP, INC. CL A 65336K103 4,712 25,000 SH   DFND 1 25,000 0 0
OSISKO GOLD ROYALTIES LTD. COM 68827L101 231 17,500 SH   DFND   17,500 0 0
PUBLIC STORAGE COM 74460D109 663 1,700 SH   DFND   1,700 0 0
QURATE RETAIL GROUP, INC. QV GROUP COM SER A 74915M100 1,819 382,100 SH   DFND 1 382,100 0 0
RIO TINTO PLC SPONSORED ADR 767204100 5,909 73,500 SH   DFND 1 73,500 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103 1,324 11,600 SH   DFND   11,600 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103 7,422 65,000 SH   DFND 1 65,000 0 0
ROYAL GOLD, INC. COM 780287108 749 5,300 SH   DFND   5,300 0 0
SANDSTORM GOLD, LTD. COM NEW 80013R206 218 27,000 SH   DFND   27,000 0 0
SKYWORKS SOLUTIONS, INC. COM 83088M102 5,998 45,000 SH   DFND 1 45,000 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107 1,084 6,000 SH   DFND   6,000 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401 5 200 SH   DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104 30 2,000 SH   DFND 1 2,000 0 0
SSR MINING, INC. COM 784730103 1,740 80,000 SH   DFND   80,000 0 0
STEEL DYNAMICS, INC. COM 858119100 659 7,900 SH   DFND   7,900 0 0
STEEL DYNAMICS, INC. COM 858119100 13,349 160,000 SH   DFND 1 160,000 0 0
SWISS HELVETIA FUND INC COM 870875101 30 3,270 SH   DFND 1 3,270 0 0
TRACTOR SUPPLY CO. COM 892356106 420 1,800 SH   DFND   1,800 0 0
TRACTOR SUPPLY CO. COM 892356106 9,918 42,500 SH   DFND 1 42,500 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102 1,517 2,975 SH   DFND   2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102 6,885 13,500 SH   DFND 1 13,500 0 0
VALVOLINE, INC. COM 92047W101 252 8,000 SH   DFND   8,000 0 0
VALVOLINE, INC. COM 92047W101 3,787 120,000 SH   DFND 1 120,000 0 0
VONTIER CORP. COM 928881101 89 3,500 SH   DFND   3,500 0 0
VONTIER CORP. COM 928881101 1,841 72,500 SH   DFND 1 72,500 0 0
WESTLAKE CORP. COM 960413102 8,638 70,000 SH   DFND 1 70,000 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102 285 6,000 SH   DFND   6,000 0 0
WILLIAMS-SONOMA, INC. COM 969904101 1,088 7,500 SH   DFND   7,500 0 0
WILLIAMS-SONOMA, INC. COM 969904101 6,960 48,000 SH   DFND 1 48,000 0 0