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 1,680 32,400 SH   DFND   32,400 0 0
ALAMOS GOLD, INC. COM CL A 011532108 1,620 225,000 SH   DFND   225,000 0 0
ALPHABET, INC. CAP STK CL A 02079K305 5,802 2,170 SH   DFND   2,170 0 0
ALPHABET, INC. CAP STK CL A 02079K305 6,684 2,500 SH   DFND 1 2,500 0 0
AMERCO COM 023586100 969 1,500 SH   DFND   1,500 0 0
AMERCO COM 023586100 6,460 10,000 SH   DFND 1 10,000 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 740 2,800 SH   DFND   2,800 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 4,754 18,000 SH   DFND 1 18,000 0 0
AMGEN, INC. COM 031162100 436 2,050 SH   DFND   2,050 0 0
AMGEN, INC. COM 031162100 3,402 16,000 SH   DFND 1 16,000 0 0
AMPLIFY ENERGY CORP NEW COM 03212B103 14 2,615 SH   DFND   2,615 0 0
ANTHEM, INC. COM 036752103 444 1,190 SH   DFND   1,190 0 0
ANTHEM, INC. COM 036752103 3,579 9,600 SH   DFND 1 9,600 0 0
ARISTA NETWORKS, INC. COM 040413106 100 290 SH   DFND   290 0 0
ARISTA NETWORKS, INC. COM 040413106 2,268 6,600 SH   DFND 1 6,600 0 0
AUTOZONE, INC. COM 053332102 1,664 980 SH   DFND   980 0 0
AUTOZONE, INC. COM 053332102 10,273 6,050 SH   DFND 1 6,050 0 0
B2GOLD CORP. COM 11777Q209 1,748 511,000 SH   DFND   511,000 0 0
B2GOLD CORP. COM 11777Q209 6,156 1,800,000 SH   DFND 1 1,800,000 0 0
BARRICK GOLD CORP. COM 067901108 265 14,700 SH   DFND   14,700 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702 1,668 6,110 SH   DFND   6,110 0 0
BG STAFFING, INC. COM 05601C105 518 40,522 SH   DFND 1 40,522 0 0
BLACKROCK, INC. COM 09247X101 335 400 SH   DFND   400 0 0
BLACKROCK, INC. COM 09247X101 3,942 4,700 SH   DFND 1 4,700 0 0
BM TECHNOLOGIES, INC. CL A COM 05591L107 27 3,077 SH   DFND   3,077 0 0
BRITISH AMERICAN TOBACCO PLC SPONSORED ADR 110448107 353 10,000 SH   DFND   10,000 0 0
BRITISH AMERICAN TOBACCO PLC SPONSORED ADR 110448107 7,056 200,000 SH   DFND 1 200,000 0 0
CELANESE CORP. COM 150870103 226 1,500 SH   DFND   1,500 0 0
CELANESE CORP. COM 150870103 3,389 22,500 SH   DFND 1 22,500 0 0
CHECK POINT SOFTWARE TECHNOLOGIES LTD. ORD M22465104 995 8,800 SH   DFND   8,800 0 0
CHECK POINT SOFTWARE TECHNOLOGIES LTD. ORD M22465104 3,278 29,000 SH   DFND 1 29,000 0 0
COMCAST CORP. CL A 20030N101 5,593 100,000 SH   DFND 1 100,000 0 0
COMFORT SYSTEMS USA, INC. COM 199908104 114 1,600 SH   DFND   1,600 0 0
COMFORT SYSTEMS USA, INC. COM 199908104 2,354 33,000 SH   DFND 1 33,000 0 0
COTERRA ENERGY, INC. COM 127097103 7,028 323,000 SH   DFND 1 323,000 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 1,434 2,450 SH   DFND   2,450 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 13,462 23,000 SH   DFND 1 23,000 0 0
CUBESMART COM 229663109 678 14,000 SH   DFND   14,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 283 2,300 SH   DFND   2,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 6,143 50,000 SH   DFND 1 50,000 0 0
DOLLAR GENERAL CORP. COM 256677105 4,370 20,600 SH   DFND 1 20,600 0 0
DORIAN LPT LTD. SHS USD Y2106R110 372 30,000 SH   DFND   30,000 0 0
EBAY, INC. COM 278642103 5,922 85,000 SH   DFND 1 85,000 0 0
EDUCATIONAL DEVELOPMENT CORP. COM 281479105 390 40,000 SH   DFND   40,000 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103 428 12,400 SH   DFND   12,400 0 0
ENOVA INTERNATIONAL, INC. COM 29357K103 3,317 96,000 SH   DFND 1 96,000 0 0
ENTERPRISE PRODUCTS PARTNERS LP COM 293792107 866 40,000 SH   DFND 1 40,000 0 0
ESSENT GROUP LTD. COM G3198U102 1,122 25,500 SH   DFND   25,500 0 0
ESSENT GROUP LTD. COM G3198U102 6,602 150,000 SH   DFND 1 150,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,008 6,000 SH   DFND   6,000 0 0
GENWORTH FINL INC COM CL A 37247D106 863 230,000 SH   DFND   230,000 0 0
GLOBAL SELF STORAGE INC COM 37955N106 696 135,101 SH   DFND   135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106 498 96,775 SH   DFND   96,775 0 0
GLOBAL SELF STORAGE INC COM 37955N106 1,044 202,703 SH   DFND   202,703 0 0
GLOBAL SELF STORAGE INC COM 37955N106 26 5,087 SH   SOLE   5,087 0 0
GRAND CANYON EDUCATION, INC. COM 38526M106 236 2,680 SH   DFND   2,680 0 0
GRAND CANYON EDUCATION, INC. COM 38526M106 4,838 55,000 SH   DFND 1 55,000 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108 28 3,240 SH   DFND 1 3,240 0 0
HIGHLAND INCOME FUND HIGHLAND INCOME FUND 43010E404 208 19,330 SH   DFND   19,330 0 0
HOME DEPOT, INC./THE COM 437076102 788 2,400 SH   DFND   2,400 0 0
HOME DEPOT, INC./THE COM 437076102 4,924 15,000 SH   DFND 1 15,000 0 0
HUMANA, INC. COM 444859102 175 450 SH   DFND   450 0 0
HUMANA, INC. COM 444859102 3,892 10,000 SH   DFND 1 10,000 0 0
HUNTINGTON INGALLS INDUSTRIES, INC. COM 446413106 1,351 7,000 SH   DFND 1 7,000 0 0
INTEL CORP. COM 458140100 762 14,300 SH   DFND   14,300 0 0
INTEL CORP. COM 458140100 5,648 106,000 SH   DFND 1 106,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 472 23,000 SH   DFND   23,000 0 0
JPMORGAN CHASE & CO. COM 46625H100 1,113 6,800 SH   DFND   6,800 0 0
KFORCE, INC. COM 493732101 274 4,600 SH   DFND   4,600 0 0
KFORCE, INC. COM 493732101 2,982 50,000 SH   DFND 1 50,000 0 0
KIRKLAND LAKE GOLD LTD. COM 49741E100 832 20,000 SH   DFND   20,000 0 0
LCI INDUSTRIES COM 50189K103 357 2,650 SH   DFND   2,650 0 0
LCI INDUSTRIES COM 50189K103 3,029 22,500 SH   DFND 1 22,500 0 0
LIFE STORAGE INC COM 53223X107 516 4,500 SH   DFND   4,500 0 0
LOCKHEED MARTIN CORP. COM 539830109 2,761 8,000 SH   DFND 1 8,000 0 0
LYONDELLBASELL INDUSTRIES NV SHS - A - N53745100 3,285 35,000 SH   DFND 1 35,000 0 0
MASTEC, INC. COM 576323109 561 6,500 SH   DFND   6,500 0 0
MASTEC, INC. COM 576323109 3,365 39,000 SH   DFND 1 39,000 0 0
MASTERCARD, INC. CL A 57636Q104 3,477 10,000 SH   DFND   10,000 0 0
MEDIFAST, INC. COM 58470H101 799 4,150 SH   DFND   4,150 0 0
MEDIFAST, INC. COM 58470H101 6,742 35,000 SH   DFND 1 35,000 0 0
METHODE ELECTRONICS, INC. COM 591520200 3,469 82,500 SH   DFND 1 82,500 0 0
MEXICO EQUITY & INCOME FD COM 592834105 30 2,740 SH   DFND 1 2,740 0 0
NU SKIN ENTERPRISES, INC. CL A 67018T105 328 8,100 SH   DFND   8,100 0 0
NU SKIN ENTERPRISES, INC. CL A 67018T105 4,047 100,000 SH   DFND 1 100,000 0 0
ONEMAIN HOLDINGS, INC. COM 68268W103 199 3,600 SH   DFND   3,600 0 0
ONEMAIN HOLDINGS, INC. COM 68268W103 4,260 77,000 SH   DFND 1 77,000 0 0
OPEN TEXT CORP. COM 683715106 3,217 66,000 SH   DFND 1 66,000 0 0
OSISKO GOLD ROYALTIES LTD. COM 68827L101 197 17,500 SH   DFND   17,500 0 0
PRUDENTIAL FINANCIAL, INC. COM 744320102 3,682 35,000 SH   DFND 1 35,000 0 0
PUBLIC STORAGE COM 74460D109 505 1,700 SH   DFND   1,700 0 0
RIO TINTO PLC SPONSORED ADR 767204100 234 3,500 SH   DFND   3,500 0 0
RIO TINTO PLC SPONSORED ADR 767204100 4,911 73,500 SH   DFND 1 73,500 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103 1,164 11,600 SH   DFND   11,600 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103 6,521 65,000 SH   DFND 1 65,000 0 0
ROYAL GOLD, INC. COM 780287108 506 5,300 SH   DFND   5,300 0 0
SANDSTORM GOLD, LTD. COM NEW 80013R206 156 27,000 SH   DFND   27,000 0 0
SKYWORKS SOLUTIONS, INC. COM 83088M102 7,415 45,000 SH   DFND 1 45,000 0 0
SOUTHWEST AIRLINES CO. COM 844741108 154 3,000 SH   DFND   3,000 0 0
SOUTHWEST AIRLINES CO. COM 844741108 2,263 44,000 SH   DFND 1 44,000 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107 1,281 7,800 SH   DFND   7,800 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104 31 2,000 SH   DFND 1 2,000 0 0
SSR MINING, INC. COM 784730103 1,164 80,000 SH   DFND   80,000 0 0
STEEL DYNAMICS, INC. COM 858119100 1,538 26,300 SH   DFND   26,300 0 0
STEEL DYNAMICS, INC. COM 858119100 7,018 120,000 SH   DFND 1 120,000 0 0
SWISS HELVETIA FUND INC COM 870875101 30 3,270 SH   DFND 1 3,270 0 0
TRACTOR SUPPLY CO. COM 892356106 365 1,800 SH   DFND   1,800 0 0
TRACTOR SUPPLY CO. COM 892356106 8,611 42,500 SH   DFND 1 42,500 0 0
TYSON FOODS, INC. CL A 902494103 312 3,950 SH   DFND   3,950 0 0
TYSON FOODS, INC. CL A 902494103 6,670 84,500 SH   DFND 1 84,500 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102 1,162 2,975 SH   DFND   2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102 5,275 13,500 SH   DFND 1 13,500 0 0
VALVOLINE, INC. COM 92047W101 249 8,000 SH   DFND   8,000 0 0
VALVOLINE, INC. COM 92047W101 3,742 120,000 SH   DFND 1 120,000 0 0
VONTIER CORP. COM 928881101 118 3,500 SH   DFND   3,500 0 0
VONTIER CORP. COM 928881101 2,436 72,500 SH   DFND 1 72,500 0 0
WARRIOR MET COAL, INC. COM 93627C101 1,164 50,000 SH   DFND   50,000 0 0
WARRIOR MET COAL, INC. COM 93627C101 8,145 350,000 SH   DFND 1 350,000 0 0
WELLS FARGO & CO. COM 949746101 4,409 95,000 SH   DFND 1 95,000 0 0
WESTLAKE CHEMICAL CORP. COM 960413102 365 4,000 SH   DFND   4,000 0 0
WESTLAKE CHEMICAL CORP. COM 960413102 6,380 70,000 SH   DFND 1 70,000 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102 225 6,000 SH   DFND   6,000 0 0
WILLIAMS-SONOMA, INC. COM 969904101 1,330 7,500 SH   DFND   7,500 0 0
WILLIAMS-SONOMA, INC. COM 969904101 8,512 48,000 SH   DFND 1 48,000 0 0