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 395 5,000 SH   DFND   0 0 5,000
Adtalem Global Education Inc. COM 251893103 3,826 142,800 SH   DFND   0 142,800 0
Air Products & Chemicals Inc COM 009158106 359 1,800 SH   DFND   0 0 1,800
Alphabet Inc COM 02079K107 1,570 1,350 SH   DFND   0 0 1,350
Amazon.com Inc COM 023135106 975 500 SH   DFND   0 500 0
Amphenol Corp COM 032095101 437 6,000 SH   DFND   0 0 6,000
AstraZeneca PLC COM 046353108 670 15,000 SH   DFND   0 0 15,000
AT&T Inc COM 00206R102 1,098 37,663 SH   DFND   0 37,663 0
Big Lots Inc COM 089302103 4,226 297,190 SH   DFND   0 297,190 0
Bio-Rad Laboratories Inc COM 090572207 526 1,500 SH   DFND   0 0 1,500
Bristol-Myers Squibb Co COM 110122157 38 10,000 SH   DFND   0 0 10,000
Cable One Inc COM 12685J105 247 150 SH   DFND   0 0 150
CACI International Inc COM 127190304 1,056 5,000 SH   DFND   0 0 5,000
Carrier Global Corp COM 14448C104 559 32,400 SH   DFND   0 0 32,400
Charter Communications Inc COM 16119P108 2,425 5,559 SH   DFND   0 0 5,559
Check Point Software Technolog COM M22465104 2,946 29,300 SH   DFND   0 0 29,300
Coherent Inc COM 192479103 372 3,500 SH   DFND   0 0 3,500
CVS Health Corp COM 126650100 1,649 27,792 SH   DFND   0 0 27,792
Darden Restaurants Inc COM 237194105 2,178 40,000 SH   DFND   0 40,000 0
Discovery Inc COM 25470F302 186 10,584 SH   DFND   0 0 10,584
Discovery Inc COM 25470F104 778 40,000 SH   DFND   0 0 40,000
DXC Technology Co COM 23355L106 196 15,000 SH   DFND   0 15,000 0
Eagle Materials Inc COM 26969P108 467 8,000 SH   DFND   0 0 8,000
Emmis Communications Corp COM 291525400 6 2,750 SH   DFND   0 0 2,750
EOG Resources Inc COM 26875P101 1,978 55,077 SH   DFND   0 55,077 0
FMC Corp COM 302491303 1,470 18,000 SH   DFND   0 0 18,000
Four Corners Property Trust In COM 35086T109 374 19,998 SH   DFND   0 19,998 0
Gilead Sciences Inc COM 375558103 897 12,000 SH   DFND   0 0 12,000
Graham Holdings Co COM 384637104 51 150 SH   DFND   0 0 150
Halliburton Co COM 406216101 24 3,444 SH   DFND   0 0 3,444
International Business Machine COM 459200101 1,109 10,000 SH   DFND   0 10,000 0
Interpublic Group of Cos Inc/T COM 460690100 324 20,000 SH   DFND   0 0 20,000
IPG Photonics Corp COM 44980X109 8,547 77,500 SH   DFND   0 0 77,500
iShares MSCI Emerging Markets COM 464287234 6,826 200,000 SH   DFND   0 200,000 0
Lee Enterprises Inc COM 523768109 1 600 SH   DFND   0 0 600
Linde PLC COM G5494J103 2,249 13,000 SH   DFND   0 0 13,000
Lumentum Holdings Inc COM 55024U109 221 3,000 SH   DFND   0 0 3,000
Mediaco Holding Inc COM 58450D104 1 348 SH   DFND   0 0 348
MGIC Investment Corp COM 552848103 1,746 275,000 SH   DFND   0 275,000 0
National Western Life Group In COM 638517102 1,987 11,554 SH   DFND   0 11,554 0
New York Times Co/The COM 650111107 91 2,960 SH   DFND   0 0 2,960
Newmont Mining Corp COM 651639106 249 5,505 SH   DFND   0 0 5,505
Norfolk Southern Corp COM 655844108 876 6,000 SH   DFND   0 0 6,000
Nutrien Ltd COM 67077M108 378 11,150 SH   DFND   0 0 11,150
Occidental Petroleum Corp COM 674599105 94 8,112 SH   DFND   0 0 8,112
Perspecta Inc COM 715347100 410 22,500 SH   DFND   0 22,500 0
PTC Inc COM 69370C100 2,516 41,100 SH   DFND   0 0 41,100
Radian Group Inc COM 750236101 1,943 150,000 SH   DFND   0 150,000 0
Republic Services Inc COM 760759100 1,426 19,000 SH   DFND   0 0 19,000
Rockwell Automation Inc COM 773903109 1,207 8,000 SH   DFND   0 0 8,000
Rogers Corp COM 775133101 5,165 54,700 SH   DFND   0 54,700 0
Ross Stores Inc COM 778296103 1,739 20,000 SH   DFND   0 20,000 0
Ryman Hospitality Properties I COM 78377T107 896 25,000 SH   DFND   0 25,000 0
Skechers U.S.A. Inc COM 830566105 356 15,000 SH   DFND   0 15,000 0
Synopsys Inc COM 871607107 7,599 59,000 SH   DFND   0 0 59,000
Tenet Healthcare Corp COM 88033G407 14 1,000 SH   DFND   0 0 1,000
Teradata Corp COM 88076W103 369 18,000 SH   DFND   0 0 18,000
Texas Instruments Inc COM 882508104 1,005 10,062 SH   DFND   0 0 10,062
Timberland Bancorp Inc/WA COM 887098101 1,703 93,093 SH   DFND   0 93,093 0
Union Pacific Corp COM 907818108 113 800 SH   DFND   0 0 800
United Rentals Inc COM 911363109 823 8,000 SH   DFND   0 8,000 0
United Technologies Corp COM 913017109 389 4,127 SH   DFND   0 0 4,127
Universal Health Services Inc COM 913903100 9,347 94,338 SH   DFND   0 94,338 0
Varex Imaging Corp COM 92214X106 568 25,000 SH   DFND   0 0 25,000
Varian Medical Systems Inc COM 92220P105 123 1,200 SH   DFND   0 0 1,200
Verizon Communications Inc COM 92343V104 46 862 SH   DFND   0 0 862
Vodafone Group PLC COM 92857W308 132 9,585 SH   DFND   0 0 9,585
Webster Financial Corp COM 947890109 25 1,100 SH   DFND   0 1,100 0
Wells Fargo & Co COM 949746101 29 1,000 SH   DFND   0 0 1,000
Willis Towers Watson PLC COM G96629103 19,072 112,285 SH   DFND   0 112,285 0
Xylem Inc/NY COM 98419M100 391 6,000 SH   DFND   0 0 6,000
Zebra Technologies Corp COM 989207105 7,344 40,000 SH   DFND   0 40,000 0
Zoetis Inc COM 98978V103 235 2,000 SH   DFND   0 0 2,000