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
Acuity Brands, Inc. COM 00508Y102 1,970 17,000 SH   DFND 1 17,000 0 0
Affiliated Managers Group, Inc. COM 008252108 134 900 SH   DFND   900 0 0
Agnico Eagle Mines Ltd. COM 008474108 1,604 35,000 SH   DFND   35,000 0 0
Alamos Gold, Inc. COM CL A 011532108 1,280 225,000 SH   DFND   225,000 0 0
Alaska Air Group, Inc. COM 011659109 2,114 35,000 SH   DFND 1 35,000 0 0
Allegiant Travel Co. COM 01748X102 2,737 19,700 SH   DFND 1 19,700 0 0
Allegiant Travel Co. COM 01748X102 56 400 SH   DFND   400 0 0
Alphabet, Inc. CAP STK CL A 02079K305 2,450 2,170 SH   DFND   2,170 0 0
AMERCO COM 023586100 2,493 7,000 SH   DFND 1 7,000 0 0
AMERCO COM 023586100 463 1,300 SH   DFND   1,300 0 0
Ameriprise Financial, Inc. COM 03076C106 1,343 9,600 SH   DFND 1 9,600 0 0
AmerisourceBergen Corp. COM 03073E105 490 5,750 SH   DFND 1 5,750 0 0
Amgen, Inc. COM 031162100 2,492 13,500 SH   DFND 1 13,500 0 0
Amgen, Inc. COM 031162100 175 950 SH   DFND   950 0 0
Apogee Enterprises, Inc. COM 037598109 2,553 53,000 SH   DFND 1 53,000 0 0
Apple, Inc. COM 037833100 3,795 20,500 SH   DFND 1 20,500 0 0
Apple, Inc. COM 037833100 666 3,600 SH   DFND   3,600 0 0
AT&T, Inc. COM 00206R102 1,606 50,000 SH   DFND 1 50,000 0 0
AutoNation, Inc. COM 05329W102 112 2,300 SH   DFND   2,300 0 0
AutoZone, Inc. COM 053332102 2,818 4,200 SH   DFND 1 4,200 0 0
AutoZone, Inc. COM 053332102 503 750 SH   DFND   750 0 0
B2Gold Corp. COM 11777Q209 516 200,000 SH   DFND   200,000 0 0
Berkshire Hathaway, Inc. CL B NEW 084670702 2,208 11,830 SH   DFND   11,830 0 0
Big Lots, Inc. COM 089302103 2,298 55,000 SH   DFND 1 55,000 0 0
Biogen, Inc. COM 09062X103 406 1,400 SH   DFND   1,400 0 0
Campbell Soup Co. COM 134429109 2,230 55,000 SH   DFND 1 55,000 0 0
Cardinal Health, Inc. COM 14149Y108 1,514 31,000 SH   DFND 1 31,000 0 0
Carter's, Inc. COM 146229109 2,634 24,300 SH   DFND 1 24,300 0 0
Carter's, Inc. COM 146229109 238 2,200 SH   DFND   2,200 0 0
Ciner Resources LP COM UNIT LTD 172464109 1,980 75,268 SH   DFND 1 75,268 0 0
Ciner Resources LP COM UNIT LTD 172464109 948 36,034 SH   DFND   36,034 0 0
Cirrus Logic, Inc. COM 172755100 1,411 36,807 SH   DFND 1 36,807 0 0
Cirrus Logic, Inc. COM 172755100 345 9,000 SH   DFND   9,000 0 0
Cohen & Steers, Inc. COM 19247A100 2,711 65,000 SH   DFND 1 65,000 0 0
Comcast Corp. CL A 20030N101 2,297 70,000 SH   DFND 1 70,000 0 0
Cracker Barrel Old Country Store, Inc. COM 22410J106 2,577 16,500 SH   DFND 1 16,500 0 0
Credit Acceptance Corp. COM 225310101 4,064 11,500 SH   DFND 1 11,500 0 0
CVS Health Corp. COM 126650100 2,896 45,000 SH   DFND 1 45,000 0 0
CVS Health Corp. COM 126650100 483 7,500 SH   DFND   7,500 0 0
Deluxe Corp. COM 248019101 1,788 27,000 SH   DFND 1 27,000 0 0
Diamond Hill Investment Group, Inc. COM NEW 25264R207 2,333 12,000 SH   DFND 1 12,000 0 0
Diamond Hill Investment Group, Inc. COM NEW 25264R207 485 2,497 SH   DFND   2,497 0 0
Dick's Sporting Goods, Inc. COM 253393102 943 26,764 SH   DFND 1 26,764 0 0
Dick's Sporting Goods, Inc. COM 253393102 86 2,439 SH   DFND   2,439 0 0
Discover Financial Services COM 254709108 1,549 22,000 SH   DFND 1 22,000 0 0
Discovery, Inc. COM SER A 25470F104 3,025 110,000 SH   DFND 1 110,000 0 0
Discovery, Inc. COM SER A 25470F104 358 13,000 SH   DFND   13,000 0 0
Dollar General Corp. COM 256677105 2,031 20,600 SH   DFND 1 20,600 0 0
Dollar Tree, Inc. COM 256746108 850 10,000 SH   DFND 1 10,000 0 0
Dollar Tree, Inc. COM 256746108 43 500 SH   DFND   500 0 0
Eaton Corp. PLC SHS G29183103 1,345 18,000 SH   DFND 1 18,000 0 0
eBay, Inc. COM 278642103 2,538 70,000 SH   DFND 1 70,000 0 0
Enduro Royalty Trust TR UNIT 29269K100 30 8,000 SH   DFND   8,000 0 0
Enterprise Products Partners LP COM 293792107 1,107 40,000 SH   DFND 1 40,000 0 0
EQT Midstream Partners LP UNIT LTD PARTN 26885B100 2,064 40,000 SH   DFND 1 40,000 0 0
EQT Midstream Partners LP UNIT LTD PARTN 26885B100 232 4,500 SH   DFND   4,500 0 0
First American Financial Corp. COM 31847R102 2,845 55,000 SH   DFND 1 55,000 0 0
Ford Motor Co. COM PAR $0.01 345370860 2,657 240,000 SH   DFND 1 240,000 0 0
Ford Motor Co. COM PAR $0.01 345370860 144 13,000 SH   DFND   13,000 0 0
Franco-Nevada Corp. COM 351858105 730 10,000 SH   DFND   10,000 0 0
Frontier Communications Corp. COM NEW 35906A306 125 23,328 SH   DFND 1 23,328 0 0
Frontier Communications Corp. COM NEW 35906A306 11 2,000 SH   DFND   2,000 0 0
GAMCO Investors, Inc. CL A COM 361438104 1,855 69,309 SH   DFND 1 69,309 0 0
GAMCO Investors, Inc. CL A COM 361438104 253 9,468 SH   DFND   9,468 0 0
Gap, Inc./The COM 364760108 1,296 40,000 SH   DFND 1 40,000 0 0
Gap, Inc./The COM 364760108 117 3,600 SH   DFND   3,600 0 0
General Motors Co. COM 37045V100 1,635 41,500 SH   DFND 1 41,500 0 0
General Motors Co. COM 37045V100 167 4,250 SH   DFND   4,250 0 0
Gilead Sciences, Inc. COM 375558103 1,984 28,000 SH   DFND 1 28,000 0 0
Gilead Sciences, Inc. COM 375558103 177 2,500 SH   DFND   2,500 0 0
GlobalSCAPE, Inc. COM 37940G109 43 11,069 SH   DFND   11,069 0 0
Goldcorp, Inc. (Canada) COM 380956409 754 55,000 SH   DFND   55,000 0 0
Grand Canyon Education, Inc. COM 38526M106 1,953 17,500 SH   DFND 1 17,500 0 0
Hanesbrands, Inc. COM 410345102 2,863 130,000 SH   DFND 1 130,000 0 0
Hanesbrands, Inc. COM 410345102 506 23,000 SH   DFND   23,000 0 0
Hawaiian Holdings, Inc. COM 419879101 2,157 60,000 SH   DFND 1 60,000 0 0
Hawaiian Holdings, Inc. COM 419879101 342 9,500 SH   DFND   9,500 0 0
Hennessy Advisors, Inc. COM 425885100 78 4,500 SH   DFND   4,500 0 0
Hormel Foods Corp. COM 440452100 2,977 80,000 SH   DFND 1 80,000 0 0
Huntington Ingalls Industries, Inc. COM 446413106 1,019 4,700 SH   DFND 1 4,700 0 0
Intel Corp. COM 458140100 3,231 65,000 SH   DFND 1 65,000 0 0
IPG Photonics Corp. COM 44980X109 331 1,500 SH   DFND   1,500 0 0
iShares Silver Trust ISHARES 46428Q109 373 24,643 SH   DFND   24,643 0 0
JB Hunt Transport Services Inc COM 445658107 2,188 18,000 SH   DFND 1 18,000 0 0
Johnson & Johnson COM 478160104 1,335 11,000 SH   DFND   11,000 0 0
JPMorgan Chase & Co. COM 46625H100 729 7,000 SH   DFND   7,000 0 0
Kroger Co./The COM 501044101 2,276 80,000 SH   DFND 1 80,000 0 0
Kroger Co./The COM 501044101 398 14,000 SH   DFND   14,000 0 0
L Brands, Inc. COM 501797104 1,254 34,000 SH   DFND 1 34,000 0 0
Laboratory Corp of America Holdings COM NEW 50540R409 2,513 14,000 SH   DFND 1 14,000 0 0
Laboratory Corp of America Holdings COM NEW 50540R409 233 1,300 SH   DFND   1,300 0 0
Lam Research Corp. COM 512807108 2,420 14,000 SH   DFND 1 14,000 0 0
Lazard Ltd. SHS A G54050102 2,030 41,500 SH   DFND 1 41,500 0 0
Lear Corp. COM NEW 521865204 1,301 7,000 SH   DFND 1 7,000 0 0
LGI Homes, Inc. COM 50187T106 147 2,550 SH   DFND   2,550 0 0
Lyondellbasell Industries NV SHS - A - N53745100 3,021 27,500 SH   DFND 1 27,500 0 0
Magna International, Inc. COM 559222401 3,081 53,000 SH   DFND 1 53,000 0 0
Marcus & Millichap, Inc. COM 566324109 585 15,000 SH   DFND   15,000 0 0
MasterCard, Inc. CL A 57636Q104 2,633 13,400 SH   DFND   13,400 0 0
MAXIMUS, Inc. COM 577933104 1,925 31,000 SH   DFND 1 31,000 0 0
McKesson Corp. COM 58155Q103 800 6,000 SH   DFND 1 6,000 0 0
McKesson Corp. COM 58155Q103 49 365 SH   DFND   365 0 0
Methode Electronics, Inc. COM 591520200 1,008 25,000 SH   DFND 1 25,000 0 0
Minerals Technologies, Inc. COM 603158106 603 8,000 SH   DFND   8,000 0 0
Molson Coors Brewing Co. CL B 60871R209 2,586 38,000 SH   DFND 1 38,000 0 0
Molson Coors Brewing Co. CL B 60871R209 34 500 SH   DFND   500 0 0
New Gold, Inc. COM 644535106 260 125,000 SH   DFND   125,000 0 0
Newmont Mining Corp. COM 651639106 1,697 45,000 SH   DFND   45,000 0 0
Nucor Corp. COM 670346105 220 3,519 SH   DFND   3,519 0 0
Omnicom Group, Inc. COM 681919106 2,822 37,000 SH   DFND 1 37,000 0 0
Omnicom Group, Inc. COM 681919106 183 2,400 SH   DFND   2,400 0 0
Oracle Corp. COM 68389X105 1,983 45,000 SH   DFND 1 45,000 0 0
Osisko Gold Royalties Ltd. COM 68827L101 166 17,500 SH   DFND   17,500 0 0
Philip Morris International, Inc. COM 718172109 2,261 28,000 SH   DFND 1 28,000 0 0
Philip Morris International, Inc. COM 718172109 81 1,000 SH   DFND   1,000 0 0
Pilgrim's Pride Corp. COM 72147K108 101 5,000 SH   DFND   5,000 0 0
Prudential Financial, Inc. COM 744320102 2,338 25,000 SH   DFND 1 25,000 0 0
Prudential Financial, Inc. COM 744320102 271 2,900 SH   DFND   2,900 0 0
QUALCOMM, Inc. COM 747525103 1,122 20,000 SH   DFND 1 20,000 0 0
Randgold Resources Ltd. ADR 752344309 1,233 16,000 SH   DFND   16,000 0 0
Robert Half International, Inc. COM 770323103 2,389 36,700 SH   DFND 1 36,700 0 0
Robert Half International, Inc. COM 770323103 638 9,800 SH   DFND   9,800 0 0
Sanderson Farms, Inc. COM 800013104 1,998 19,000 SH   DFND 1 19,000 0 0
Sanderson Farms, Inc. COM 800013104 158 1,500 SH   DFND   1,500 0 0
SCANA Corp. COM 80589M102 2,966 77,000 SH   DFND 1 77,000 0 0
SCANA Corp. COM 80589M102 202 5,250 SH   DFND   5,250 0 0
Schweitzer-Mauduit International, Inc. COM 808541106 1,388 31,755 SH   DFND 1 31,755 0 0
Schweitzer-Mauduit International, Inc. COM 808541106 69 1,588 SH   DFND   1,588 0 0
Signature Bank COM 82669G104 767 6,000 SH   DFND 1 6,000 0 0
Skyworks Solutions, Inc. COM 83088M102 2,610 27,000 SH   DFND 1 27,000 0 0
Snap-on, Inc. COM 833034101 2,572 16,000 SH   DFND 1 16,000 0 0
Snap-on, Inc. COM 833034101 321 2,000 SH   DFND   2,000 0 0
Sociedad Quimica y Minera de Chile SA SPON ADR SER B 833635105 129 2,694 SH   DFND   2,694 0 0
Southwest Airlines Co. COM 844741108 1,476 29,000 SH   DFND 1 29,000 0 0
SPDR Gold Shares GOLD SHS 78463V107 1,376 11,600 SH   DFND   11,600 0 0
Spectra Energy Partners LP COM 84756N109 864 24,400 SH   DFND 1 24,400 0 0
Spectra Energy Partners LP COM 84756N109 106 3,000 SH   DFND   3,000 0 0
SSR Mining, Inc. COM 784730103 790 80,000 SH   DFND   80,000 0 0
Synchrony Financial COM 87165B103 2,170 65,000 SH   DFND 1 65,000 0 0
Taiwan Semiconductor Manufacturing Co. Ltd. SPONSORED ADR 874039100 1,462 40,000 SH   DFND 1 40,000 0 0
Taiwan Semiconductor Manufacturing Co. Ltd. SPONSORED ADR 874039100 183 5,000 SH   DFND   5,000 0 0
Tanger Factory Outlet Centers, Inc. COM 875465106 1,321 56,250 SH   DFND 1 56,250 0 0
TE Connectivity Ltd. REG SHS H84989104 2,882 32,000 SH   DFND 1 32,000 0 0
Tractor Supply Co. COM 892356106 3,251 42,500 SH   DFND 1 42,500 0 0
Tractor Supply Co. COM 892356106 92 1,200 SH   DFND   1,200 0 0
United Therapeutics Corp. COM 91307C102 455 4,025 SH   DFND   4,025 0 0
Viacom, Inc. CL B 92553P201 332 11,000 SH   DFND   11,000 0 0
Walgreens Boots Alliance, Inc. COM 931427108 2,221 37,000 SH   DFND 1 37,000 0 0
Walgreens Boots Alliance, Inc. COM 931427108 123 2,050 SH   DFND   2,050 0 0
Walt Disney Co./The COM DISNEY 254687106 2,673 25,500 SH   DFND 1 25,500 0 0
Walt Disney Co./The COM DISNEY 254687106 105 1,000 SH   DFND   1,000 0 0
Wells Fargo & Co. COM 949746101 2,051 37,000 SH   DFND 1 37,000 0 0
White Mountains Insurance Group Ltd. COM G9618E107 37 41 SH   DFND 1 41 0 0
Williams-Sonoma, Inc. COM 969904101 2,517 41,000 SH   DFND 1 41,000 0 0
Williams-Sonoma, Inc. COM 969904101 460 7,500 SH   DFND   7,500 0 0
Winnebago Industries, Inc. COM 974637100 1,827 45,000 SH   DFND 1 45,000 0 0
Winnebago Industries, Inc. COM 974637100 102 2,500 SH   DFND   2,500 0 0
WPP PLC ADR 92937A102 2,122 27,000 SH   DFND 1 27,000 0 0
WPP PLC ADR 92937A102 310 3,950 SH   DFND   3,950 0 0