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 591 5,000 SH   DFND   0 0 5,000
Adtalem Global Education Inc. COM 251893103 4,755 125,759 SH   DFND   0 125,759 0
Air Products & Chemicals Inc COM 009158106 845 3,300 SH   DFND   0 0 3,300
Akamai Technologies, Inc. COM 00971T101 523 5,000 SH   DFND   0 0 5,000
Alphabet Inc COM 02079K107 3,598 1,350 SH   DFND   0 0 1,350
Amazon.com Inc COM 023135106 1,432 436 SH   DFND   0 436 0
Amphenol Corp COM 032095101 439 6,000 SH   DFND   0 0 6,000
AstraZeneca PLC COM 046353108 901 15,000 SH   DFND   0 0 15,000
AT&T Inc COM 00206R102 1,017 37,663 SH   DFND   0 37,663 0
Big Lots Inc COM 089302103 10,603 244,527 SH   DFND   0 244,527 0
Bio-Rad Laboratories Inc COM 090572207 1,119 1,500 SH   DFND   0 0 1,500
Cable One Inc COM 12685J105 272 150 SH   DFND   0 0 150
CACI International Inc COM 127190304 1,311 5,000 SH   DFND   0 0 5,000
Carrier Global Corp COM 14448C104 2,712 52,400 SH   DFND   0 0 52,400
Cognyte Software Ltd COM M25133105 360 17,500 SH   DFND   0 0 17,500
Charter Communications Inc COM 16119P108 4,045 5,559 SH   DFND   0 0 5,559
Check Point Software Technolog COM M22465104 3,877 34,300 SH   DFND   0 0 34,300
Coherent Inc COM 192479103 875 3,500 SH   DFND   0 0 3,500
CVS Health Corp COM 126650100 2,358 27,792 SH   DFND   0 27,792 0
Darden Restaurants Inc COM 237194105 5,301 35,000 SH   DFND   0 35,000 0
Discovery Inc COM 25470F302 257 10,584 SH   DFND   0 0 10,584
Discovery Inc COM 25470F104 1,523 60,000 SH   DFND   0 0 60,000
Eagle Materials Inc COM 26969P108 1,049 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 3,122 38,889 SH   DFND   0 38,889 0
FMC Corp COM 302491303 1,648 18,000 SH   DFND   0 0 18,000
Four Corners Property Trust In COM 35086T109 537 19,998 SH   DFND   0 19,998 0
Gilead Sciences Inc COM 375558103 838 12,000 SH   DFND   0 0 12,000
Graham Holdings Co COM 384637104 88 150 SH   DFND   0 0 150
Halliburton Co COM 406216101 74 3,444 SH   DFND   0 0 3,444
IHS Markit Ltd. COM G47567105 583 5,000 SH   DFND   0 0 5,000
International Business Machine COM 459200101 1,327 10,000 SH   DFND   0 10,000 0
Interpublic Group of Cos Inc/T COM 460690100 733 20,000 SH   DFND   0 0 20,000
IPG Photonics Corp COM 44980X109 12,276 77,500 SH   DFND   0 0 77,500
iShares MSCI Emerging Markets COM 464287234 9,417 186,914 SH   DFND   0 186,914 0
Kansas City Southern COM 485170302 271 1,000 SH   DFND   0 0 1,000
Lee Enterprises Inc COM 523768109 14 600 SH   DFND   0 0 600
Linde PLC COM G5494J103 3,814 13,000 SH   DFND   0 0 13,000
Lumentum Holdings Inc COM 55024U109 794 9,500 SH   DFND   0 0 9,500
Mediaco Holding Inc COM 58450D104 4 348 SH   DFND   0 0 348
MGIC Investment Corp COM 552848103 6,568 439,013 SH   DFND   0 439,013 0
National Western Life Group In COM 638517102 2,115 10,042 SH   DFND   0 10,042 0
Newmont Mining Corp COM 651639106 299 5,505 SH   DFND   0 0 5,505
Norfolk Southern Corp COM 655844108 1,436 6,000 SH   DFND   0 0 6,000
Nutrien Ltd COM 67077M108 723 11,150 SH   DFND   0 0 11,150
Oracle Corp COM 68389X105 3,224 37,000 SH   DFND   0 0 37,000
Occidental Petroleum Corp COM 674599105 240 8,112 SH   DFND   0 0 8,112
Occidental Petroleum Corp COM 674599162 12 1,013 SH   DFND   0 0 1,013
PTC Inc COM 69370C100 4,923 41,100 SH   DFND   0 0 41,100
Radian Group Inc COM 750236101 2,962 130,371 SH   DFND   0 130,371 0
Republic Services Inc COM 760759100 2,281 19,000 SH   DFND   0 0 19,000
Rockwell Automation Inc COM 773903109 2,352 8,000 SH   DFND   0 0 8,000
Rogers Corp COM 775133101 8,831 47,356 SH   DFND   0 47,356 0
Ross Stores Inc COM 778296103 1,850 17,000 SH   DFND   0 17,000 0
Ryman Hospitality Properties I COM 78377T107 2,093 25,000 SH   DFND   0 25,000 0
Skechers U.S.A. Inc COM 830566105 632 15,000 SH   DFND   0 15,000 0
Synopsys Inc COM 871607107 17,665 59,000 SH   DFND   0 0 59,000
Tenet Healthcare Corp COM 88033G407 66 1,000 SH   DFND   0 0 1,000
Teradata Corp COM 88076W103 430 7,500 SH   DFND   0 0 7,500
Texas Instruments Inc COM 882508104 1,934 10,062 SH   DFND   0 0 10,062
Timberland Bancorp Inc/WA COM 887098101 2,338 80,909 SH   DFND   0 80,909 0
Union Pacific Corp COM 907818108 1,725 8,800 SH   DFND   0 0 8,800
United Rentals Inc COM 911363109 2,807 8,000 SH   DFND   0 8,000 0
United Technologies Corp COM 913017109 355 4,127 SH   DFND   0 0 4,127
Uber Technologies Inc COM 90353T100 2,803 62,577 SH   DFND   0 62,577 0
Universal Health Services Inc COM 913903100 13,568 98,059 SH   DFND   0 98,059 0
Verizon Communications Inc COM 92343V104 47 862 SH   DFND   0 0 862
Vodafone Group PLC COM 92857W308 148 9,585 SH   DFND   0 0 9,585
Webster Financial Corp COM 947890109 60 1,100 SH   DFND   0 1,100 0
Wells Fargo & Co COM 949746101 46 1,000 SH   DFND   0 0 1,000
Willis Towers Watson PLC COM G96629103 16,094 69,234 SH   DFND   0 69,234 0
Xylem Inc/NY COM 98419M100 742 6,000 SH   DFND   0 0 6,000
Zebra Technologies Corp COM 989207105 17,697 34,335 SH   DFND   0 34,335 0
Zoetis Inc COM 98978V103 388 2,000 SH   DFND   0 0 2,000
VMware Inc COM 928563402 976 8,000 SH   DFND   0 0 8,000