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 704 5,000 SH   DFND   0 0 5,000
Akamai Technologies, Inc. COM 00971T101 585 5,000 SH   DFND   0 0 5,000
Amazon.com Inc COM 023135106 1,454 436 SH   DFND   0 436 0
Air Products & Chemicals Inc COM 009158106 1,004 3,300 SH   DFND   0 0 3,300
Amphenol Corp COM 032095101 525 6,000 SH   DFND   0 0 6,000
Adtalem Global Education Inc. COM 251893103 3,717 125,759 SH   DFND   0 125,759 0
AstraZeneca PLC COM 046353108 874 15,000 SH   DFND   0 0 15,000
Big Lots Inc COM 089302103 11,016 244,527 SH   DFND   0 244,527 0
Bio-Rad Laboratories Inc COM 090572207 1,133 1,500 SH   DFND   0 0 1,500
Cable One Inc COM 12685J105 265 150 SH   DFND   0 0 150
CACI International Inc COM 127190304 1,346 5,000 SH   DFND   0 0 5,000
Carrier Global Corp COM 14448C104 2,842 52,400 SH   DFND   0 0 52,400
Cognyte Software Ltd COM M25133105 353 22,500 SH   DFND   0 0 22,500
Check Point Software Technolog COM M22465104 3,998 34,300 SH   DFND   0 0 34,300
Charter Communications Inc COM 16119P108 3,624 5,559 SH   DFND   0 0 5,559
Coherent Inc COM 192479103 933 3,500 SH   DFND   0 0 3,500
Canadian Pacific Railway Ltd COM 13645T100 207 2,884 SH   DFND   0 0 2,884
Cerence Inc COM 156727109 383 5,000 SH   DFND   0 0 5,000
CVS Health Corp COM 126650100 2,867 27,792 SH   DFND   0 27,792 0
Discovery Inc COM 25470F104 1,412 60,000 SH   DFND   0 0 60,000
Discovery Inc COM 25470F302 242 10,584 SH   DFND   0 0 10,584
Darden Restaurants Inc COM 237194105 5,272 35,000 SH   DFND   0 35,000 0
iShares MSCI Emerging Markets COM 464287234 9,131 186,914 SH   DFND   0 186,914 0
Emmis Communications Corp COM 291525400 6 2,750 SH   DFND   0 0 2,750
EOG Resources Inc COM 26875P101 3,455 38,889 SH   DFND   0 38,889 0
Eagle Materials Inc COM 26969P108 1,332 8,000 SH   DFND   0 0 8,000
Four Corners Property Trust In COM 35086T109 588 19,998 SH   DFND   0 19,998 0
FMC Corp COM 302491303 1,978 18,000 SH   DFND   0 0 18,000
Graham Holdings Co COM 384637104 94 150 SH   DFND   0 0 150
Gilead Sciences Inc COM 375558103 871 12,000 SH   DFND   0 0 12,000
Alphabet Inc COM 02079K107 3,906 1,350 SH   DFND   0 0 1,350
Halliburton Co COM 406216101 79 3,444 SH   DFND   0 0 3,444
International Business Machine COM 459200101 1,337 10,000 SH   DFND   0 0 10,000
IHS Markit Ltd. COM G47567105 665 5,000 SH   DFND   0 0 5,000
Interpublic Group of Cos Inc/T COM 460690100 749 20,000 SH   DFND   0 0 20,000
IPG Photonics Corp COM 44980X109 13,341 77,500 SH   DFND   0 0 77,500
Lee Enterprises Inc COM 523768109 21 600 SH   DFND   0 0 600
Linde PLC COM G5494J103 4,504 13,000 SH   DFND   0 0 13,000
Lumentum Holdings Inc COM 55024U109 1,005 9,500 SH   DFND   0 0 9,500
Mediaco Holding Inc COM 58450D104 2 348 SH   DFND   0 0 348
MGIC Investment Corp COM 552848103 6,331 439,013 SH   DFND   0 439,013 0
Newmont Mining Corp COM 651639106 341 5,505 SH   DFND   0 0 5,505
Norfolk Southern Corp COM 655844108 1,786 6,000 SH   DFND   0 0 6,000
Nutrien Ltd COM 67077M108 838 11,150 SH   DFND   0 0 11,150
National Western Life Group In COM 638517102 2,153 10,042 SH   DFND   0 10,042 0
Oracle Corp COM 68389X105 3,227 37,000 SH   DFND   0 0 37,000
Occidental Petroleum Corp COM 674599105 235 8,112 SH   DFND   0 0 8,112
Occidental Petroleum Corp COM 674599162 13 1,013 SH   DFND   0 0 1,013
PTC Inc COM 69370C100 4,979 41,100 SH   DFND   0 0 41,100
Radian Group Inc COM 750236101 2,755 130,371 SH   DFND   0 130,371 0
Ryman Hospitality Properties I COM 78377T107 2,299 25,000 SH   DFND   0 25,000 0
Rogers Corp COM 775133101 12,928 47,356 SH   DFND   0 47,356 0
Rockwell Automation Inc COM 773903109 2,791 8,000 SH   DFND   0 0 8,000
Ross Stores Inc COM 778296103 1,943 17,000 SH   DFND   0 17,000 0
Republic Services Inc COM 760759100 2,650 19,000 SH   DFND   0 0 19,000
United Technologies Corp COM 913017109 355 4,127 SH   DFND   0 0 4,127
Skechers U.S.A. Inc COM 830566105 651 15,000 SH   DFND   0 15,000 0
Synopsys Inc COM 871607107 21,742 59,000 SH   DFND   0 0 59,000
AT&T Inc COM 00206R102 927 37,663 SH   DFND   0 37,663 0
Teradata Corp COM 88076W103 319 7,500 SH   DFND   0 0 7,500
Tenet Healthcare Corp COM 88033G407 82 1,000 SH   DFND   0 1,000 0
Timberland Bancorp Inc/WA COM 887098101 2,241 80,909 SH   DFND   0 80,909 0
Texas Instruments Inc COM 882508104 1,896 10,062 SH   DFND   0 0 10,062
Uber Technologies Inc COM 90353T100 2,624 62,577 SH   DFND   0 62,577 0
Universal Health Services Inc COM 913903100 12,714 98,059 SH   DFND   0 98,059 0
Union Pacific Corp COM 907818108 2,217 8,800 SH   DFND   0 0 8,800
United Rentals Inc COM 911363109 2,658 8,000 SH   DFND   0 8,000 0
VMware Inc COM 928563402 927 8,000 SH   DFND   0 0 8,000
Vodafone Group PLC COM 92857W308 143 9,585 SH   DFND   0 0 9,585
Verizon Communications Inc COM 92343V104 45 862 SH   DFND   0 0 862
Webster Financial Corp COM 947890109 61 1,100 SH   DFND   0 1,100 0
Wells Fargo & Co COM 949746101 48 1,000 SH   DFND   0 0 1,000
Willis Towers Watson PLC COM G96629103 16,442 69,234 SH   DFND   0 69,234 0
Xylem Inc/NY COM 98419M100 720 6,000 SH   DFND   0 0 6,000
Zebra Technologies Corp COM 989207105 20,436 34,335 SH   DFND   0 34,335 0
Zoetis Inc COM 98978V103 488 2,000 SH   DFND   0 0 2,000