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 21 80 SH   DFND   80 0 0
ACCENTURE PLC SHS CLASS A G1151C101 1,593 6,100 SH   DFND 1 6,100 0 0
AGNICO EAGLE MINES LTD. COM 008474108 2,285 32,400 SH   DFND   32,400 0 0
ALAMOS GOLD, INC. COM CL A 011532108 1,969 225,000 SH   DFND   225,000 0 0
ALASKA AIR GROUP, INC. COM 011659109 3,380 65,000 SH   DFND 1 65,000 0 0
ALLEGIANT TRAVEL CO. COM 01748X102 3,728 19,700 SH   DFND 1 19,700 0 0
ALPHABET, INC. CAP STK CL A 02079K305 3,803 2,170 SH   DFND   2,170 0 0
ALPHABET, INC. CAP STK CL A 02079K305 1,274 727 SH   DFND 1 727 0 0
AMC NETWORKS, INC. CL A 00164V103 2,325 65,000 SH   DFND 1 65,000 0 0
AMERCO COM 023586100 363 800 SH   DFND   800 0 0
AMERCO COM 023586100 4,540 10,000 SH   DFND 1 10,000 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 544 2,800 SH   DFND   2,800 0 0
AMERIPRISE FINANCIAL, INC. COM 03076C106 3,498 18,000 SH   DFND 1 18,000 0 0
AMGEN, INC. COM 031162100 471 2,050 SH   DFND   2,050 0 0
AMGEN, INC. COM 031162100 3,679 16,000 SH   DFND 1 16,000 0 0
AMPLIFY ENERGY CORP NEW COM 03212B103 3 2,615 SH   DFND   2,615 0 0
ANGLOGOLD ASHANTI LTD. SPONSORED ADR 035128206 708 31,300 SH   DFND   31,300 0 0
ARISTA NETWORKS, INC. COM 040413106 84 290 SH   DFND   290 0 0
ARISTA NETWORKS, INC. COM 040413106 1,918 6,600 SH   DFND 1 6,600 0 0
AUTOZONE, INC. COM 053332102 1,162 980 SH   DFND   980 0 0
AUTOZONE, INC. COM 053332102 7,172 6,050 SH   DFND 1 6,050 0 0
B2GOLD CORP. COM 11777Q209 1,540 275,000 SH   DFND   275,000 0 0
BARINGS BDC INC. COM 06759L103 4 430 SH   DFND 1 430 0 0
BARRICK GOLD CORP. COM 067901108 335 14,700 SH   DFND   14,700 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702 1,417 6,110 SH   DFND   6,110 0 0
BG STAFFING, INC. COM 05544A109 547 40,522 SH   DFND 1 40,522 0 0
BIOGEN, INC. COM 09062X103 490 2,000 SH   DFND   2,000 0 0
BIOGEN, INC. COM 09062X103 1,200 4,900 SH   DFND 1 4,900 0 0
BLACKROCK, INC. COM 09247X101 289 400 SH   DFND   400 0 0
BLACKROCK, INC. COM 09247X101 3,391 4,700 SH   DFND 1 4,700 0 0
CABOT OIL & GAS CORP. COM 127097103 498 30,600 SH   DFND   30,600 0 0
CABOT OIL & GAS CORP. COM 127097103 3,354 206,000 SH   DFND 1 206,000 0 0
CELANESE CORP. COM 150870103 195 1,500 SH   DFND   1,500 0 0
CELANESE CORP. COM 150870103 2,924 22,500 SH   DFND 1 22,500 0 0
CHECK POINT SOFTWARE TECHNOLOGIES LTD. ORD M22465104 1,170 8,800 SH   DFND   8,800 0 0
CHECK POINT SOFTWARE TECHNOLOGIES LTD. ORD M22465104 3,854 29,000 SH   DFND 1 29,000 0 0
CITIGROUP, INC. COM NEW 172967424 2,466 40,000 SH   DFND 1 40,000 0 0
CITIZENS FINANCIAL GROUP, INC. COM 174610105 731 20,450 SH   DFND   20,450 0 0
CITIZENS FINANCIAL GROUP, INC. COM 174610105 5,006 140,000 SH   DFND 1 140,000 0 0
COMCAST CORP. CL A 20030N101 5,240 100,000 SH   DFND 1 100,000 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 346 1,000 SH   DFND   1,000 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 5,884 17,000 SH   DFND 1 17,000 0 0
CUBESMART COM 229663109 471 14,000 SH   DFND   14,000 0 0
CUMMINS, INC. COM 231021106 284 1,250 SH   DFND   1,250 0 0
CUMMINS, INC. COM 231021106 4,769 21,000 SH   DFND 1 21,000 0 0
CUSTOMERS BANCORP, INC. COM 23204G100 364 20,000 SH   DFND   20,000 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 208 2,300 SH   DFND   2,300 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 4,527 50,000 SH   DFND 1 50,000 0 0
DOLLAR GENERAL CORP. COM 256677105 4,332 20,600 SH   DFND 1 20,600 0 0
EBAY, INC. COM 278642103 4,271 85,000 SH   DFND 1 85,000 0 0
ENTERPRISE PRODUCTS PARTNERS LP COM 293792107 784 40,000 SH   DFND 1 40,000 0 0
ESSENT GROUP LTD. COM G3198U102 678 15,700 SH   DFND   15,700 0 0
ESSENT GROUP LTD. COM G3198U102 4,320 100,000 SH   DFND 1 100,000 0 0
EXTRA SPACE STORAGE INC. COM 30225T102 695 6,000 SH   DFND   6,000 0 0
GALIANO GOLD, INC. COM 36352H100 593 525,000 SH   DFND   525,000 0 0
GENWORTH FINL INC. COM CL A 37247D106 1,172 310,000 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 4,469 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 199 19,330 SH   DFND   19,330 0 0
HOME DEPOT, INC./THE COM 437076102 637 2,400 SH   DFND   2,400 0 0
HOME DEPOT, INC./THE COM 437076102 3,984 15,000 SH   DFND 1 15,000 0 0
HONEYWELL INTERNATIONAL, INC. COM 438516106 449 2,110 SH   DFND   2,110 0 0
HONEYWELL INTERNATIONAL, INC. COM 438516106 3,829 18,000 SH   DFND 1 18,000 0 0
HUNTINGTON INGALLS INDUSTRIES, INC. COM 446413106 1,193 7,000 SH   DFND 1 7,000 0 0
INTEL CORP. COM 458140100 712 14,300 SH   DFND   14,300 0 0
INTEL CORP. COM 458140100 5,281 106,000 SH   DFND 1 106,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 565 23,000 SH   DFND   23,000 0 0
JB HUNT TRANSPORT SERVICES, INC. COM 445658107 191 1,400 SH   DFND   1,400 0 0
JB HUNT TRANSPORT SERVICES, INC. COM 445658107 2,870 21,000 SH   DFND 1 21,000 0 0
JPMORGAN CHASE & CO. COM 46625H100 864 6,800 SH   DFND   6,800 0 0
KFORCE, INC. COM 493732101 194 4,600 SH   DFND   4,600 0 0
KFORCE, INC. COM 493732101 2,105 50,000 SH   DFND 1 50,000 0 0
KIRKLAND LAKE GOLD LTD. COM 49741E100 825 20,000 SH   DFND   20,000 0 0
LCI INDUSTRIES COM 50189K103 344 2,650 SH   DFND   2,650 0 0
LCI INDUSTRIES COM 50189K103 2,918 22,500 SH   DFND 1 22,500 0 0
LIFE STORAGE INC. COM 53223X107 358 3,000 SH   DFND   3,000 0 0
LOCKHEED MARTIN CORP. COM 539830109 2,840 8,000 SH   DFND 1 8,000 0 0
LYONDELLBASELL INDUSTRIES NV SHS - A - N53745100 3,208 35,000 SH   DFND 1 35,000 0 0
MASTEC, INC. COM 576323109 443 6,500 SH   DFND   6,500 0 0
MASTEC, INC. COM 576323109 2,659 39,000 SH   DFND 1 39,000 0 0
MASTERCARD, INC. CL A 57636Q104 3,569 10,000 SH   DFND   10,000 0 0
MAVERIX METALS, INC. COM NEW 57776F405 132 23,900 SH   DFND   23,900 0 0
MEDIFAST, INC. COM 58470H101 815 4,150 SH   DFND   4,150 0 0
MEDIFAST, INC. COM 58470H101 6,872 35,000 SH   DFND 1 35,000 0 0
METHODE ELECTRONICS, INC. COM 591520200 3,158 82,500 SH   DFND 1 82,500 0 0
MEXICO EQUITY & INCOME FD COM 592834105 4 380 SH   DFND 1 380 0 0
NEWMONT GOLDCORP CORP. COM 651639106 737 12,300 SH   DFND   12,300 0 0
NMI HOLDINGS, INC. CL A 629209305 106 4,700 SH   DFND   4,700 0 0
NMI HOLDINGS, INC. CL A 629209305 2,401 106,000 SH   DFND 1 106,000 0 0
OPEN TEXT CORP. COM 683715106 109 2,392 SH   DFND   2,392 0 0
OPEN TEXT CORP. COM 683715106 1,011 22,237 SH   DFND 1 22,237 0 0
OSISKO GOLD ROYALTIES LTD. COM 68827L101 222 17,500 SH   DFND   17,500 0 0
PACKAGING CORP. OF AMERICA COM 695156109 165 1,200 SH   DFND   1,200 0 0
PACKAGING CORP. OF AMERICA COM 695156109 3,861 28,000 SH   DFND 1 28,000 0 0
PRUDENTIAL FINANCIAL, INC. COM 744320102 2,732 35,000 SH   DFND 1 35,000 0 0
PUBLIC STORAGE COM 74460D109 393 1,700 SH   DFND   1,700 0 0
RADIAN GROUP, INC. COM 750236101 1,580 78,000 SH   DFND 1 78,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 2,520 33,500 SH   DFND 1 33,500 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103 725 11,600 SH   DFND   11,600 0 0
ROBERT HALF INTERNATIONAL, INC. COM 770323103 4,061 65,000 SH   DFND 1 65,000 0 0
ROYAL GOLD, INC. COM 780287108 564 5,300 SH   DFND   5,300 0 0
SANDSTORM GOLD, LTD. COM NEW 80013R206 194 27,000 SH   DFND   27,000 0 0
SIGNATURE BANK COM 82669G104 2,773 20,500 SH   DFND 1 20,500 0 0
SKYWORKS SOLUTIONS, INC. COM 83088M102 6,880 45,000 SH   DFND 1 45,000 0 0
SLEEP NUMBER CORP. COM 83125X103 978 11,950 SH   DFND   11,950 0 0
SOUTHWEST AIRLINES CO. COM 844741108 140 3,000 SH   DFND   3,000 0 0
SOUTHWEST AIRLINES CO. COM 844741108 2,051 44,000 SH   DFND 1 44,000 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107 1,391 7,800 SH   DFND   7,800 0 0
SPECIAL OPPORTUNITIES FD INC. COM 84741T104 4 280 SH   DFND 1 280 0 0
SSR MINING, INC. COM 784730103 1,609 80,000 SH   DFND   80,000 0 0
STEEL DYNAMICS, INC. COM 858119100 387 10,500 SH   DFND   10,500 0 0
STEEL DYNAMICS, INC. COM 858119100 2,876 78,000 SH   DFND 1 78,000 0 0
SWISS HELVETIA FUND INC. COM 870875101 4 400 SH   DFND 1 400 0 0
T. ROWE PRICE GROUP, INC. COM 74144T108 870 5,745 SH   DFND   5,745 0 0
T. ROWE PRICE GROUP, INC. COM 74144T108 6,037 39,876 SH   DFND 1 39,876 0 0
TRACTOR SUPPLY CO. COM 892356106 253 1,800 SH   DFND   1,800 0 0
TRACTOR SUPPLY CO. COM 892356106 5,975 42,500 SH   DFND 1 42,500 0 0
TYSON FOODS, INC. CL A 902494103 116 1,800 SH   DFND   1,800 0 0
TYSON FOODS, INC. CL A 902494103 2,642 41,000 SH   DFND 1 41,000 0 0
U.S. BANCORP COM NEW 902973304 144 3,100 SH   DFND   3,100 0 0
U.S. BANCORP COM NEW 902973304 3,261 70,000 SH   DFND 1 70,000 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102 1,043 2,975 SH   DFND   2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102 4,734 13,500 SH   DFND 1 13,500 0 0
VALVOLINE, INC. COM 92047W101 185 8,000 SH   DFND   8,000 0 0
VALVOLINE, INC. COM 92047W101 2,777 120,000 SH   DFND 1 120,000 0 0
WARRIOR MET COAL, INC. COM 93627C101 213 10,000 SH   DFND   10,000 0 0
WARRIOR MET COAL, INC. COM 93627C101 3,518 165,000 SH   DFND 1 165,000 0 0
WELLS FARGO & CO. COM 949746101 2,867 95,000 SH   DFND 1 95,000 0 0
WESTLAKE CHEMICAL CORP. COM 960413102 171 2,100 SH   DFND   2,100 0 0
WESTLAKE CHEMICAL CORP. COM 960413102 3,019 37,000 SH   DFND 1 37,000 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102 250 6,000 SH   DFND   6,000 0 0
WILLIAMS-SONOMA, INC. COM 969904101 764 7,500 SH   DFND   7,500 0 0
WILLIAMS-SONOMA, INC. COM 969904101 4,888 48,000 SH   DFND 1 48,000 0 0