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
ACCENTURE PLC SHS CLASS A G1151C101 18 80 SH   DFND   80 0 0
ACCENTURE PLC SHS CLASS A G1151C101 1,379 6,100 SH   DFND 1 6,100 0 0
AGNICO EAGLE MINES LTD. COM 008474108 2,579 32,400 SH   DFND   32,400 0 0
ALAMOS GOLD, INC. COM CL A 011532108 1,982 225,000 SH   DFND   225,000 0 0
ALASKA AIR GROUP, INC. COM 011659109 2,381 65,000 SH   DFND 1 65,000 0 0
ALLEGIANT TRAVEL CO. COM 01748X102 2,360 19,700 SH   DFND 1 19,700 0 0
ALPHABET, INC. CAP STK CL A 02079K305 3,180 2,170 SH   DFND   2,170 0 0
ALPHABET, INC. CAP STK CL A 02079K305 1,065 727 SH   DFND 1 727 0 0
AMC NETWORKS, INC. CL A 00164V103 96 3,900 SH   DFND   3,900 0 0
AMC NETWORKS, INC. CL A 00164V103 1,606 65,000 SH   DFND 1 65,000 0 0
AMERCO COM 023586100 285 800 SH   DFND   800 0 0
AMERCO COM 023586100 3,560 10,000 SH   DFND 1 10,000 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 432 2,800 SH   DFND   2,800 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 2,774 18,000 SH   DFND 1 18,000 0 0
AMGEN, INC. COM 031162100 521 2,050 SH   DFND   2,050 0 0
AMGEN, INC. COM 031162100 4,067 16,000 SH   DFND 1 16,000 0 0
AMPLIFY ENERGY CORP NEW COM 03212B103 2 2,615 SH   DFND   2,615 0 0
ARISTA NETWORKS, INC. COM 040413106 60 290 SH   DFND   290 0 0
ARISTA NETWORKS, INC. COM 040413106 1,366 6,600 SH   DFND 1 6,600 0 0
AUTOZONE, INC. COM 053332102 883 750 SH   DFND   750 0 0
AUTOZONE, INC. COM 053332102 4,946 4,200 SH   DFND 1 4,200 0 0
B2GOLD CORP. COM 11777Q209 1,793 275,000 SH   DFND   275,000 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702 1,301 6,110 SH   DFND   6,110 0 0
BG STAFFING, INC. COM 05544A109 343 40,522 SH   DFND 1 40,522 0 0
BIOGEN, INC. COM 09062X103 567 2,000 SH   DFND   2,000 0 0
BIOGEN, INC. COM 09062X103 1,390 4,900 SH   DFND 1 4,900 0 0
BLACKROCK, INC. COM 09247X101 225 400 SH   DFND   400 0 0
BLACKROCK, INC. COM 09247X101 2,649 4,700 SH   DFND 1 4,700 0 0
CABOT OIL & GAS CORP. COM 127097103 531 30,600 SH   DFND   30,600 0 0
CABOT OIL & GAS CORP. COM 127097103 3,576 206,000 SH   DFND 1 206,000 0 0
CELANESE CORP. COM 150870103 161 1,500 SH   DFND   1,500 0 0
CELANESE CORP. COM 150870103 2,418 22,500 SH   DFND 1 22,500 0 0
CHECK POINT SOFTWARE TECHNOLOGIES LTD. ORD M22465104 1,059 8,800 SH   DFND   8,800 0 0
CITIGROUP, INC. COM NEW 172967424 183 4,250 SH   DFND   4,250 0 0
CITIGROUP, INC. COM NEW 172967424 1,724 40,000 SH   DFND 1 40,000 0 0
CITIZENS FINANCIAL GROUP, INC. COM 174610105 517 20,450 SH   DFND   20,450 0 0
CITIZENS FINANCIAL GROUP, INC. COM 174610105 3,539 140,000 SH   DFND 1 140,000 0 0
COMCAST CORP. CL A 20030N101 4,626 100,000 SH   DFND 1 100,000 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 711 2,100 SH   DFND   2,100 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 5,757 17,000 SH   DFND 1 17,000 0 0
CUBESMART COM 229663109 452 14,000 SH   DFND   14,000 0 0
CUMMINS, INC. COM 231021106 264 1,250 SH   DFND   1,250 0 0
CUMMINS, INC. COM 231021106 4,434 21,000 SH   DFND 1 21,000 0 0
CUSTOMERS BANCORP, INC. COM 23204G100 224 20,000 SH   DFND   20,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 133 2,300 SH   DFND   2,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 2,889 50,000 SH   DFND 1 50,000 0 0
DIVIDEND AND INCOME FUND COM NEW 25538A204 4,687 515,107 SH   DFND 1 515,107 0 0
DIVIDEND AND INCOME FUND COM NEW 25538A204 6,270 689,005 SH   DFND   689,005 0 0
DOLLAR GENERAL CORP. COM 256677105 4,318 20,600 SH   DFND 1 20,600 0 0
EBAY, INC. COM 278642103 4,429 85,000 SH   DFND 1 85,000 0 0
ENTERPRISE PRODUCTS PARTNERS LP COM 293792107 632 40,000 SH   DFND 1 40,000 0 0
ESSENT GROUP LTD. COM G3198U102 581 15,700 SH   DFND   15,700 0 0
ESSENT GROUP LTD. COM G3198U102 3,701 100,000 SH   DFND 1 100,000 0 0
EXTRA SPACE STORAGE INC COM 30225T102 642 6,000 SH   DFND   6,000 0 0
GALIANO GOLD, INC. COM 36352H100 400 290,000 SH   DFND   290,000 0 0
GENWORTH FINL INC COM CL A 37247D106 1,039 310,000 SH   DFND   310,000 0 0
GLOBAL SELF STORAGE INC. COM 37955N106 388 96,775 SH   DFND   96,775 0 0
GLOBAL SELF STORAGE INC. COM 37955N106 813 202,703 SH   DFND   202,703 0 0
GLOBAL SELF STORAGE INC. COM 37955N106 542 135,101 SH   SOLE   135,101 0 0
GRAND CANYON EDUCATION, INC. COM 38526M106 3,837 48,000 SH   DFND 1 48,000 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108 3 400 SH   DFND 1 400 0 0
HIGHLAND INCOME FUND HIGHLAND INCOME FUND 43010E404 166 19,330 SH   DFND   19,330 0 0
HOME DEPOT, INC./THE COM 437076102 667 2,400 SH   DFND   2,400 0 0
HOME DEPOT, INC./THE COM 437076102 4,166 15,000 SH   DFND 1 15,000 0 0
HONEYWELL INTERNATIONAL, INC. COM 438516106 347 2,110 SH   DFND   2,110 0 0
HONEYWELL INTERNATIONAL, INC. COM 438516106 2,963 18,000 SH   DFND 1 18,000 0 0
HUNTINGTON INGALLS INDUSTRIES, INC. COM 446413106 985 7,000 SH   DFND 1 7,000 0 0
INTEL CORP. COM 458140100 740 14,300 SH   DFND   14,300 0 0
INTEL CORP. COM 458140100 5,489 106,000 SH   DFND 1 106,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 533 24,643 SH   DFND   24,643 0 0
JB HUNT TRANSPORT SERVICES, INC. COM 445658107 177 1,400 SH   DFND   1,400 0 0
JB HUNT TRANSPORT SERVICES, INC. COM 445658107 2,654 21,000 SH   DFND 1 21,000 0 0
JPMORGAN CHASE & CO. COM 46625H100 655 6,800 SH   DFND   6,800 0 0
KFORCE, INC. COM 493732101 389 12,100 SH   DFND   12,100 0 0
KFORCE, INC. COM 493732101 1,609 50,000 SH   DFND 1 50,000 0 0
KIRKLAND LAKE GOLD LTD. COM 49741E100 975 20,000 SH   DFND   20,000 0 0
LCI INDUSTRIES COM 50189K103 282 2,650 SH   DFND   2,650 0 0
LCI INDUSTRIES COM 50189K103 2,392 22,500 SH   DFND 1 22,500 0 0
LIFE STORAGE INC COM 53223X107 316 3,000 SH   DFND   3,000 0 0
LOCKHEED MARTIN CORP. COM 539830109 3,066 8,000 SH   DFND 1 8,000 0 0
LYONDELLBASELL INDUSTRIES NV SHS - A - N53745100 2,467 35,000 SH   DFND 1 35,000 0 0
MAGNA INTERNATIONAL, INC. COM 559222401 137 3,000 SH   DFND   3,000 0 0
MAGNA INTERNATIONAL, INC. COM 559222401 2,425 53,000 SH   DFND 1 53,000 0 0
MARCUS & MILLICHAP, INC. COM 566324109 275 10,000 SH   DFND   10,000 0 0
MASTEC, INC. COM 576323109 274 6,500 SH   DFND   6,500 0 0
MASTEC, INC. COM 576323109 1,646 39,000 SH   DFND 1 39,000 0 0
MASTERCARD, INC. CL A 57636Q104 3,382 10,000 SH   DFND   10,000 0 0
MAVERIX METALS, INC. COM NEW 57776F405 122 23,900 SH   DFND   23,900 0 0
MEDIFAST, INC. COM 58470H101 682 4,150 SH   DFND   4,150 0 0
MEDIFAST, INC. COM 58470H101 5,756 35,000 SH   DFND 1 35,000 0 0
METHODE ELECTRONICS, INC. COM 591520200 2,351 82,500 SH   DFND 1 82,500 0 0
MEXICO EQUITY & INCOME FD COM 592834105 3 380 SH   DFND 1 380 0 0
MVC CAPITAL INC COM 553829102 3 440 SH   DFND 1 440 0 0
NMI HOLDINGS, INC. CL A 629209305 235 13,200 SH   DFND   13,200 0 0
NMI HOLDINGS, INC. CL A 629209305 1,887 106,000 SH   DFND 1 106,000 0 0
OSHKOSH CORP. COM 688239201 338 4,600 SH   DFND   4,600 0 0
OSHKOSH CORP. COM 688239201 2,389 32,500 SH   DFND 1 32,500 0 0
OSISKO GOLD ROYALTIES LTD. COM 68827L101 207 17,500 SH   DFND   17,500 0 0
PACKAGING CORP. OF AMERICA COM 695156109 131 1,200 SH   DFND   1,200 0 0
PACKAGING CORP. OF AMERICA COM 695156109 3,053 28,000 SH   DFND 1 28,000 0 0
PHILIP MORRIS INTERNATIONAL, INC. COM 718172109 75 1,000 SH   DFND   1,000 0 0
PHILIP MORRIS INTERNATIONAL, INC. COM 718172109 2,925 39,000 SH   DFND 1 39,000 0 0
PRUDENTIAL FINANCIAL, INC. COM 744320102 2,223 35,000 SH   DFND 1 35,000 0 0
PUBLIC STORAGE COM 74460D109 379 1,700 SH   DFND   1,700 0 0
RADIAN GROUP, INC. COM 750236101 1,140 78,000 SH   DFND 1 78,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 2,023 33,500 SH   DFND 1 33,500 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103 614 11,600 SH   DFND   11,600 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103 3,441 65,000 SH   DFND 1 65,000 0 0
ROYAL GOLD, INC. COM 780287108 637 5,300 SH   DFND   5,300 0 0
SANDSTORM GOLD, LTD. COM NEW 80013R206 228 27,000 SH   DFND   27,000 0 0
SEI INVESTMENTS CO. COM 784117103 152 3,000 SH   DFND   3,000 0 0
SEI INVESTMENTS CO. COM 784117103 2,282 45,000 SH   DFND 1 45,000 0 0
SIGNATURE BANK COM 82669G104 1,701 20,500 SH   DFND 1 20,500 0 0
SKYWORKS SOLUTIONS, INC. COM 83088M102 6,548 45,000 SH   DFND 1 45,000 0 0
SLEEP NUMBER CORP. COM 83125X103 584 11,950 SH   DFND   11,950 0 0
SOUTHWEST AIRLINES CO. COM 844741108 113 3,000 SH   DFND   3,000 0 0
SOUTHWEST AIRLINES CO. COM 844741108 1,650 44,000 SH   DFND 1 44,000 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107 1,382 7,800 SH   DFND   7,800 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104 3 280 SH   DFND 1 280 0 0
SSR MINING, INC. COM 784730103 1,494 80,000 SH   DFND   80,000 0 0
STEEL DYNAMICS, INC. COM 858119100 301 10,500 SH   DFND   10,500 0 0
STEEL DYNAMICS, INC. COM 858119100 2,233 78,000 SH   DFND 1 78,000 0 0
SWISS HELVETIA FUND INC COM 870875101 3 400 SH   DFND 1 400 0 0
T. ROWE PRICE GROUP, INC. COM 74144T108 737 5,745 SH   DFND   5,745 0 0
T. ROWE PRICE GROUP, INC. COM 74144T108 5,113 39,876 SH   DFND 1 39,876 0 0
TEXAS INSTRUMENTS, INC. COM 882508104 228 1,600 SH   DFND   1,600 0 0
TEXAS INSTRUMENTS, INC. COM 882508104 3,427 24,000 SH   DFND 1 24,000 0 0
TRACTOR SUPPLY CO. COM 892356106 258 1,800 SH   DFND   1,800 0 0
TRACTOR SUPPLY CO. COM 892356106 6,092 42,500 SH   DFND 1 42,500 0 0
TYSON FOODS, INC. CL A 902494103 107 1,800 SH   DFND   1,800 0 0
TYSON FOODS, INC. CL A 902494103 2,439 41,000 SH   DFND 1 41,000 0 0
U.S. BANCORP COM NEW 902973304 111 3,100 SH   DFND   3,100 0 0
U.S. BANCORP COM NEW 902973304 2,510 70,000 SH   DFND 1 70,000 0 0
UNITED RENTALS, INC. COM 911363109 646 3,700 SH   DFND   3,700 0 0
UNITED RENTALS, INC. COM 911363109 4,014 23,000 SH   DFND 1 23,000 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102 928 2,975 SH   DFND   2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102 4,209 13,500 SH   DFND 1 13,500 0 0
VALVOLINE, INC. COM 92047W101 152 8,000 SH   DFND   8,000 0 0
VALVOLINE, INC. COM 92047W101 2,285 120,000 SH   DFND 1 120,000 0 0
WARRIOR MET COAL, INC. COM 93627C101 171 10,000 SH   DFND   10,000 0 0
WARRIOR MET COAL, INC. COM 93627C101 2,818 165,000 SH   DFND 1 165,000 0 0
WELLS FARGO & CO. COM 949746101 2,233 95,000 SH   DFND 1 95,000 0 0
WESTLAKE CHEMICAL CORP. COM 960413102 133 2,100 SH   DFND   2,100 0 0
WESTLAKE CHEMICAL CORP. COM 960413102 2,339 37,000 SH   DFND 1 37,000 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102 294 6,000 SH   DFND   6,000 0 0
WILLIAMS-SONOMA, INC. COM 969904101 678 7,500 SH   DFND   7,500 0 0
WILLIAMS-SONOMA, INC. COM 969904101 4,341 48,000 SH   DFND 1 48,000 0 0