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
Abbott Laboratories COM 002824100 421 5,000 SH   DFND   0 0 5,000
Amazon.com Inc COM 023135106 947 500 SH   DFND   0 0 500
Anadarko Petroleum Corp COM 032511107 1,951 27,652 SH   DFND   0 0 27,652
Air Products & Chemicals Inc COM 009158106 407 1,800 SH   DFND   0 0 1,800
Amphenol Corp COM 032095101 1,151 12,000 SH   DFND   0 0 12,000
AstraZeneca PLC COM 046353108 619 15,000 SH   DFND   0 0 10,000
AT&T Inc COM 00206R102 1,262 37,663 SH   DFND   0 0 37,663
Big Lots Inc COM 089302103 5,585 195,200 SH   DFND   0 195,200 0
Cable One Inc COM 12685J105 176 150 SH   DFND   0 0 150
CACI International Inc COM 127190304 1,023 5,000 SH   DFND   0 0 5,000
Check Point Software Technolog COM M22465104 2,694 23,300 SH   DFND   0 0 23,300
Charter Communications Inc COM 16119P108 2,197 5,559 SH   DFND   0 0 5,559
Coherent Inc COM 192479103 477 3,500 SH   DFND   0 0 5,500
United Technologies Corp COM 913017109 537 4,127 SH   DFND   0 0 11,000
CVS Health Corp COM 126650100 1,514 27,792 SH   DFND   0 0 27,792
Darden Restaurants Inc COM 237194105 4,869 40,000 SH   DFND   0 40,000 0
Adtalem Global Education Inc. COM 251893103 6,433 142,800 SH   DFND   0 142,800 0
DXC Technology Co COM 23355L106 1,930 35,000 SH   DFND   0 35,000 0
Emmis Communications Corp COM 291525400 13 2,750 SH   DFND   0 0 2,750
EOG Resources Inc COM 26875P101 5,131 55,077 SH   DFND   0 55,077 0
Four Corners Property Trust In COM 35086T109 547 19,998 SH   DFND   0 19,998 0
FMC Corp COM 302491303 1,493 18,000 SH   DFND   0 0 18,000
Graham Holdings Co COM 384637104 104 150 SH   DFND   0 150 0
Gilead Sciences Inc COM 375558103 811 12,000 SH   DFND   0 0 12,000
Halliburton Co COM 406216101 78 3,444 SH   DFND   0 0 3,444
Interpublic Group of Cos Inc/T COM 460690100 452 20,000 SH   DFND   0 0 20,000
IPG Photonics Corp COM 44980X109 11,569 75,000 SH   DFND   0 0 75,000
Lee Enterprises Inc COM 523768109 1 600 SH   DFND   0 0 600
Lumentum Holdings Inc COM 55024U109 160 3,000 SH   DFND   0 0 3,000
MGIC Investment Corp COM 552848103 3,614 275,000 SH   DFND   0 275,000 0
Newmont Mining Corp COM 651639106 212 5,505 SH   DFND   0 0 5,505
National Western Life Group In COM 638517102 2,969 11,554 SH   DFND   0 11,554 0
New York Times Co/The COM 650111107 97 2,960 SH   DFND   0 0 2,960
Nutrien Ltd COM 67077M108 596 11,150 SH   DFND   0 0 11,150
Perspecta Inc COM 715347100 527 22,500 SH   DFND   0 0 22,500
PTC Inc COM 69370C100 3,689 41,100 SH   DFND   0 0 41,100
Linde PLC COM G5494J103 2,610 13,000 SH   DFND   0 0 13,000
Radian Group Inc COM 750236101 3,428 150,000 SH   DFND   0 150,000 0
Ryman Hospitality Properties I COM 78377T107 2,027 25,000 SH   DFND   0 25,000 0
Rogers Corp COM 775133101 9,475 54,900 SH   DFND   0 54,900 0
Ross Stores Inc COM 778296103 1,982 20,000 SH   DFND   0 20,000 0
Republic Services Inc COM 760759100 1,646 19,000 SH   DFND   0 0 19,000
Skechers U.S.A. Inc COM 830566105 472 15,000 SH   DFND   0 15,000 0
Discovery Inc COM 25470F302 301 10,584 SH   DFND   0 0 10,584
Discovery Inc COM 25470F104 307 10,000 SH   DFND   0 0 10,000
Synopsys Inc COM 871607107 6,628 51,500 SH   DFND   0 0 51,500
Teradata Corp COM 88076W103 645 18,000 SH   DFND   0 0 18,000
Tenet Healthcare Corp COM 88033G407 21 1,000 SH   DFND   0 0 1,000
Timberland Bancorp Inc/WA COM 887098101 2,782 93,093 SH   DFND   0 93,093 0
Texas Instruments Inc COM 882508104 1,155 10,062 SH   DFND   0 0 10,062
Universal Health Services Inc COM 913903100 12,953 99,338 SH   DFND   0 104,338 0
Union Pacific Corp COM 907818108 135 800 SH   DFND   0 0 800
United Rentals Inc COM 911363109 1,061 8,000 SH   DFND   0 8,000 0
Varian Medical Systems Inc COM 92220P105 163 1,200 SH   DFND   0 0 1,200
Varex Imaging Corp COM 92214X106 1,533 50,000 SH   DFND   0 0 50,000
Vodafone Group PLC COM 92857W308 157 9,585 SH   DFND   0 0 9,585
Versum Materials Inc COM 92532W103 21 400 SH   DFND   0 0 400
Verizon Communications Inc COM 92343V104 49 862 SH   DFND   0 0 862
Webster Financial Corp COM 947890109 53 1,100 SH   DFND   0 0 1,100
Wells Fargo & Co COM 949746101 47 1,000 SH   DFND   0 0 1,000
Willis Towers Watson PLC COM G96629103 21,507 112,285 SH   DFND   0 112,285 0
Xylem Inc/NY COM 98419M100 502 6,000 SH   DFND   0 0 6,000
Zebra Technologies Corp COM 989207105 8,380 40,000 SH   DFND   0 40,000 0