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 IRELAND SHS CLASS A G1151C101 3,062 20,000 SH   DFND 1 20,000 0 0
AFFILIATED MANAGERS GROUP COM 008252108 185 900 SH   DFND   900 0 0
AGNICO EAGLE MINES LTD COM 008474108 1,616 35,000 SH   DFND   35,000 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 1,465 225,000 SH   DFND   225,000 0 0
ALASKA AIR GROUP INC COM 011659109 2,573 35,000 SH   DFND 1 35,000 0 0
ALLEGIANT TRAVEL CO COM 01748X102 3,049 19,700 SH   DFND 1 19,700 0 0
ALLEGIANT TRAVEL CO COM 01748X102 62 400 SH   DFND   400 0 0
ALPHABET INC CAP STK CL A 02079K305 2,318 2,200 SH   DFND   2,200 0 0
ALTRIA GROUP INC COM 02209S103 507 7,100 SH   DFND   7,100 0 0
ALTRIA GROUP INC COM 02209S103 2,856 40,000 SH   DFND 1 40,000 0 0
AMERICAN EXPRESS CO COM 025816109 99 1,000 SH   DFND   1,000 0 0
AMERICAN EXPRESS CO COM 025816109 2,383 24,000 SH   DFND 1 24,000 0 0
AMERIPRISE FINL INC COM 03076C106 1,627 9,600 SH   DFND 1 9,600 0 0
AMERISOURCEBERGEN CORP COM 03073E105 1,240 13,500 SH   DFND 1 13,500 0 0
AMGEN INC COM 031162100 2,348 13,500 SH   DFND 1 13,500 0 0
AMGEN INC COM 031162100 165 950 SH   DFND   950 0 0
ANDEAVOR COM 03349M105 1,601 13,998 SH   DFND 1 13,998 0 0
APPLE INC COM 037833100 609 3,600 SH   DFND   3,600 0 0
APPLE INC COM 037833100 3,469 20,500 SH   DFND 1 20,500 0 0
ASSURED GUARANTY LTD COM G0585R106 1,694 50,000 SH   DFND 1 50,000 0 0
AT&T INC COM 00206R102 1,944 50,000 SH   DFND 1 50,000 0 0
AUTONATION INC COM 05329W102 118 2,300 SH   DFND   2,300 0 0
AUTOZONE INC COM 053332102 534 750 SH   DFND   750 0 0
AUTOZONE INC COM 053332102 2,988 4,200 SH   DFND 1 4,200 0 0
B2GOLD CORP COM 11777Q209 620 200,000 SH   DFND   200,000 0 0
BED BATH & BEYOND INC COM 075896100 55 2,500 SH   DFND   2,500 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 2,345 11,830 SH   DFND   11,830 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 957 20,800 SH   DFND   20,800 0 0
BIOGEN INC COM 09062X103 446 1,400 SH   DFND   1,400 0 0
BIOVERATIV INC COM 09075E100 13 250 SH   DFND   250 0 0
CAMPBELL SOUP CO COM 134429109 2,646 55,000 SH   DFND 1 55,000 0 0
CAPELLA EDUCATION COMPANY COM 139594105 194 2,500 SH   DFND   2,500 0 0
CAPITAL ONE FINL CORP COM 14040H105 2,012 20,200 SH   DFND 1 20,200 0 0
CARDINAL HEALTH INC COM 14149Y108 1,899 31,000 SH   DFND 1 31,000 0 0
CARTER INC COM 146229109 2,855 24,300 SH   DFND 1 24,300 0 0
CARTER INC COM 146229109 258 2,200 SH   DFND   2,200 0 0
CINER RES LP COM UNIT LTD 172464109 909 36,034 SH   DFND   36,034 0 0
CINER RES LP COM UNIT LTD 172464109 1,898 75,268 SH   DFND 1 75,268 0 0
CIRRUS LOGIC INC COM 172755100 399 7,700 SH   DFND   7,700 0 0
CIRRUS LOGIC INC COM 172755100 2,282 44,000 SH   DFND 1 44,000 0 0
CISCO SYS INC COM 17275R102 239 6,250 SH   DFND   6,250 0 0
CISCO SYS INC COM 17275R102 1,915 50,000 SH   DFND 1 50,000 0 0
COHEN & STEERS INC COM 19247A100 3,074 65,000 SH   DFND 1 65,000 0 0
COMPASS MINERALS INTL INC COM 20451N101 282 3,900 SH   DFND   3,900 0 0
COPART INC COM 217204106 800 18,526 SH   DFND   18,526 0 0
COPART INC COM 217204106 3,455 80,000 SH   DFND 1 80,000 0 0
CRACKER BARREL OLD CTRY STOR COM 22410J106 2,622 16,500 SH   DFND 1 16,500 0 0
CREDIT ACCEP CORP MICH COM 225310101 3,720 11,500 SH   DFND 1 11,500 0 0
CVS HEALTH CORP COM 126650100 465 6,400 SH   DFND   6,400 0 0
CVS HEALTH CORP COM 126650100 2,683 37,000 SH   DFND 1 37,000 0 0
DELUXE CORP COM 248019101 2,075 27,000 SH   DFND 1 27,000 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 516 2,497 SH   DFND   2,497 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 2,480 12,000 SH   DFND 1 12,000 0 0
DICKS SPORTING GOODS INC COM 253393102 216 7,521 SH   DFND   7,521 0 0
DICKS SPORTING GOODS INC COM 253393102 769 26,764 SH   DFND 1 26,764 0 0
DISCOVER FINL SVCS COM 254709108 1,692 22,000 SH   DFND 1 22,000 0 0
DISNEY WALT CO COM DISNEY 254687106 108 1,000 SH   DFND   1,000 0 0
DISNEY WALT CO COM DISNEY 254687106 2,742 25,500 SH   DFND 1 25,500 0 0
DOLLAR GEN CORP NEW COM 256677105 1,916 20,600 SH   DFND 1 20,600 0 0
DST SYS INC DEL COM 233326107 2,731 44,000 SH   DFND 1 44,000 0 0
DST SYS INC DEL COM 233326107 484 7,800 SH   DFND   7,800 0 0
EATON CORP PLC SHS G29183103 1,422 18,000 SH   DFND 1 18,000 0 0
EBAY INC COM 278642103 2,642 70,000 SH   DFND 1 70,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,060 40,000 SH   DFND 1 40,000 0 0
FEDERATED INVS INC PA CL B 314211103 613 17,000 SH   DFND   17,000 0 0
FEDERATED INVS INC PA CL B 314211103 2,922 81,000 SH   DFND 1 81,000 0 0
FIRST AMERN FINL CORP COM 31847R102 3,082 55,000 SH   DFND 1 55,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,998 160,000 SH   DFND 1 160,000 0 0
FRANCO NEVADA CORP COM 351858105 800 10,000 SH   DFND   10,000 0 0
FRONTIER COMMUNICATIONS CORP PFD CONV SER-A 35906A207 16 1,500 SH   DFND   1,500 0 0
FRONTIER COMMUNICATIONS CORP PFD CONV SER-A 35906A207 189 17,500 SH   DFND 1 17,500 0 0
GAMCO INVESTORS INC CL A COM 361438104 288 9,700 SH   DFND   9,700 0 0
GAMCO INVESTORS INC CL A COM 361438104 2,105 71,000 SH   DFND 1 71,000 0 0
GAP INC DEL COM 364760108 123 3,600 SH   DFND   3,600 0 0
GAP INC DEL COM 364760108 1,362 40,000 SH   DFND 1 40,000 0 0
GENERAL MTRS CO COM 37045V100 1,701 41,500 SH   DFND 1 41,500 0 0
GENERAL MTRS CO COM 37045V100 174 4,250 SH   DFND   4,250 0 0
GENTHERM INC COM 37253A103 277 8,700 SH   DFND   8,700 0 0
GILEAD SCIENCES INC COM 375558103 2,006 28,000 SH   DFND 1 28,000 0 0
GILEAD SCIENCES INC COM 375558103 179 2,500 SH   DFND   2,500 0 0
GLOBALSCAPE INC COM 37940G109 39 11,069 SH   DFND   11,069 0 0
GOLDCORP INC NEW COM 380956409 702 55,000 SH   DFND   55,000 0 0
GRAND CANYON ED INC COM 38526M106 1,567 17,500 SH   DFND 1 17,500 0 0
GREENBRIER COS INC COM 393657101 1,128 21,150 SH   DFND   21,150 0 0
HANESBRANDS INC COM 410345102 481 23,000 SH   DFND   23,000 0 0
HANESBRANDS INC COM 410345102 2,718 130,000 SH   DFND 1 130,000 0 0
HENNESSY ADVISORS INC COM 425885100 74 4,500 SH   DFND   4,500 0 0
HEXCEL CORP NEW COM 428291108 1,453 23,500 SH   DFND 1 23,500 0 0
HFF INC CL A 40418F108 1,494 30,724 SH   DFND 1 30,724 0 0
HOME DEPOT INC COM 437076102 3,222 17,000 SH   DFND 1 17,000 0 0
HONEYWELL INTL INC COM 438516106 2,070 13,500 SH   DFND 1 13,500 0 0
HORMEL FOODS CORP COM 440452100 2,911 80,000 SH   DFND 1 80,000 0 0
HUNTINGTON INGALLS INDS INC COM 446413106 1,108 4,700 SH   DFND 1 4,700 0 0
INTEL CORP COM 458140100 3,000 65,000 SH   DFND 1 65,000 0 0
INTERDIGITAL INC COM 45867G101 114 1,500 SH   DFND   1,500 0 0
INTERDIGITAL INC COM 45867G101 1,675 22,000 SH   DFND 1 22,000 0 0
INVESCO LTD SHS G491BT108 73 2,000 SH   DFND   2,000 0 0
INVESCO LTD SHS G491BT108 1,352 37,000 SH   DFND 1 37,000 0 0
IPG PHOTONICS CORP COM 44980X109 321 1,500 SH   DFND   1,500 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 394 24,643 SH   DFND   24,643 0 0
JOHNSON & JOHNSON COM 478160104 1,537 11,000 SH   DFND   11,000 0 0
JPMORGAN CHASE & CO COM 46625H100 749 7,000 SH   DFND   7,000 0 0
KLA-TENCOR CORP COM 482480100 536 5,100 SH   DFND   5,100 0 0
KLA-TENCOR CORP COM 482480100 2,627 25,000 SH   DFND 1 25,000 0 0
KROGER CO COM 501044101 384 14,000 SH   DFND   14,000 0 0
KROGER CO COM 501044101 2,196 80,000 SH   DFND 1 80,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 207 1,300 SH   DFND   1,300 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 2,233 14,000 SH   DFND 1 14,000 0 0
LAM RESEARCH CORP COM 512807108 2,577 14,000 SH   DFND 1 14,000 0 0
LAZARD LTD SHS A G54050102 2,179 41,500 SH   DFND 1 41,500 0 0
LEAR CORP COM NEW 521865204 1,237 7,000 SH   DFND 1 7,000 0 0
LGI HOMES INC COM 50187T106 191 2,550 SH   DFND   2,550 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 3,034 27,500 SH   DFND 1 27,500 0 0
MAGNA INTL INC COM 559222401 3,004 53,000 SH   DFND 1 53,000 0 0
MARCUS & MILLICHAP INC COM 566324109 489 15,000 SH   DFND   15,000 0 0
MASTERCARD INCORPORATED CL A 57636Q104 2,134 14,100 SH   DFND   14,100 0 0
MAXIMUS INC COM 577933104 2,219 31,000 SH   DFND 1 31,000 0 0
MCKESSON CORP COM 58155Q103 57 365 SH   DFND   365 0 0
MCKESSON CORP COM 58155Q103 936 6,000 SH   DFND 1 6,000 0 0
METHODE ELECTRS INC COM 591520200 1,003 25,000 SH   DFND 1 25,000 0 0
MINERALS TECHNOLOGIES INC COM 603158106 551 8,000 SH   DFND   8,000 0 0
MOLSON COORS BREWING CO CL B 60871R209 1,723 21,000 SH   DFND 1 21,000 0 0
MONSANTO CO NEW COM 61166W101 1,752 15,000 SH   DFND 1 15,000 0 0
NEW GOLD INC CDA COM 644535106 411 125,000 SH   DFND   125,000 0 0
NEWMONT MINING CORP COM 651639106 1,688 45,000 SH   DFND   45,000 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 504 285,000 SH   DFND   285,000 0 0
NUCOR CORP COM 670346105 224 3,519 SH   DFND   3,519 0 0
OMNICOM GROUP INC COM 681919106 435 5,975 SH   DFND   5,975 0 0
OMNICOM GROUP INC COM 681919106 2,695 37,000 SH   DFND 1 37,000 0 0
ORACLE CORP COM 68389X105 2,128 45,000 SH   DFND 1 45,000 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 203 17,500 SH   DFND   17,500 0 0
PHILIP MORRIS INTL INC COM 718172109 106 1,000 SH   DFND   1,000 0 0
PHILIP MORRIS INTL INC COM 718172109 2,958 28,000 SH   DFND 1 28,000 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 155 5,000 SH   DFND   5,000 0 0
POLARIS INDS INC COM 731068102 236 1,900 SH   DFND   1,900 0 0
POLARIS INDS INC COM 731068102 2,591 20,900 SH   DFND 1 20,900 0 0
PRICE T ROWE GROUP INC COM 74144T108 3,242 30,900 SH   DFND 1 30,900 0 0
PRICE T ROWE GROUP INC COM 74144T108 587 5,600 SH   DFND   5,600 0 0
QUALCOMM INC COM 747525103 1,280 20,000 SH   DFND 1 20,000 0 0
RANDGOLD RES LTD ADR 752344309 1,483 15,000 SH   DFND   15,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,575 29,749 SH   DFND   29,749 0 0
ROBERT HALF INTL INC COM 770323103 2,038 36,700 SH   DFND 1 36,700 0 0
ROBERT HALF INTL INC COM 770323103 544 9,800 SH   DFND   9,800 0 0
SCANA CORP NEW COM 80589M102 169 4,250 SH   DFND   4,250 0 0
SCANA CORP NEW COM 80589M102 2,267 57,000 SH   DFND 1 57,000 0 0
SCHWEITZER-MAUDUIT INTL INC COM 808541106 72 1,588 SH   DFND   1,588 0 0
SCHWEITZER-MAUDUIT INTL INC COM 808541106 1,440 31,755 SH   DFND 1 31,755 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 824 6,000 SH   DFND 1 6,000 0 0
SIGNET JEWELERS LIMITED SHS G81276100 184 3,250 SH   DFND   3,250 0 0
SIGNET JEWELERS LIMITED SHS G81276100 701 12,400 SH   DFND 1 12,400 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 2,564 27,000 SH   DFND 1 27,000 0 0
SNAP ON INC COM 833034101 349 2,000 SH   DFND   2,000 0 0
SNAP ON INC COM 833034101 2,789 16,000 SH   DFND 1 16,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 160 2,694 SH   DFND   2,694 0 0
SOUTHWEST AIRLS CO COM 844741108 1,898 29,000 SH   DFND 1 29,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,434 11,600 SH   DFND   11,600 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 79 2,000 SH   DFND   2,000 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 965 24,400 SH   DFND 1 24,400 0 0
STURM RUGER & CO INC COM 864159108 550 9,850 SH   DFND   9,850 0 0
STURM RUGER & CO INC COM 864159108 2,402 43,000 SH   DFND 1 43,000 0 0
SYNCHRONY FINL COM 87165B103 2,510 65,000 SH   DFND 1 65,000 0 0
TAHOE RES INC COM 873868103 216 45,000 SH   DFND   45,000 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 198 5,000 SH   DFND   5,000 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 1,586 40,000 SH   DFND 1 40,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 1,491 56,250 SH   DFND 1 56,250 0 0
TE CONNECTIVITY LTD REG SHS H84989104 3,041 32,000 SH   DFND 1 32,000 0 0
TEXAS INSTRS INC COM 882508104 1,932 18,500 SH   DFND 1 18,500 0 0
TRACTOR SUPPLY CO COM 892356106 90 1,200 SH   DFND   1,200 0 0
TRACTOR SUPPLY CO COM 892356106 3,177 42,500 SH   DFND 1 42,500 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 595 4,025 SH   DFND   4,025 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 2,382 45,000 SH   DFND 1 45,000 0 0
VIACOM INC NEW CL B 92553P201 339 11,000 SH   DFND   11,000 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 548 7,550 SH   DFND   7,550 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 2,687 37,000 SH   DFND 1 37,000 0 0
WAL-MART STORES INC COM 931142103 514 5,200 SH   DFND   5,200 0 0
WAL-MART STORES INC COM 931142103 2,681 27,150 SH   DFND 1 27,150 0 0
WESTPAC BKG CORP SPONSORED ADR 961214301 1,463 60,000 SH   DFND 1 60,000 0 0
WILLIAMS SONOMA INC COM 969904101 2,120 41,000 SH   DFND 1 41,000 0 0
WILLIAMS SONOMA INC COM 969904101 388 7,500 SH   DFND   7,500 0 0
WPP PLC NEW ADR 92937A102 357 3,950 SH   DFND   3,950 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 220 1,900 SH   DFND   1,900 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 3,476 30,000 SH   DFND 1 30,000 0 0