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 457 5,000 SH   DFND   0 0 5,000
Adtalem Global Education Inc. COM 251893103 4,448 142,800 SH   DFND   0 142,800 0
Air Products & Chemicals Inc COM 009158106 435 1,800 SH   DFND   0 0 1,800
Akamai Technologies, Inc. COM 00971T101 535 5,000 SH   DFND   0 0 5,000
Alphabet Inc COM 02079K107 1,908 1,350 SH   DFND   0 0 1,350
Amazon.com Inc COM 023135106 1,379 500 SH   DFND   0 500 0
Amphenol Corp COM 032095101 575 6,000 SH   DFND   0 0 6,000
AstraZeneca PLC COM 046353108 793 15,000 SH   DFND   0 0 15,000
AT&T Inc COM 00206R102 1,139 37,663 SH   DFND   0 37,663 0
Big Lots Inc COM 089302103 12,062 287,190 SH   DFND   0 287,190 0
Bio-Rad Laboratories Inc COM 090572207 677 1,500 SH   DFND   0 0 1,500
Bristol-Myers Squibb Co COM 110122157 36 10,000 SH   DFND   0 0 10,000
Cable One Inc COM 12685J105 266 150 SH   DFND   0 0 150
CACI International Inc COM 127190304 1,084 5,000 SH   DFND   0 0 5,000
Carrier Global Corp COM 14448C104 1,164 52,400 SH   DFND   0 0 52,400
Charter Communications Inc COM 16119P108 2,835 5,559 SH   DFND   0 0 5,559
Check Point Software Technolog COM M22465104 3,148 29,300 SH   DFND   0 0 29,300
Coherent Inc COM 192479103 458 3,500 SH   DFND   0 0 3,500
CVS Health Corp COM 126650100 1,806 27,792 SH   DFND   0 0 27,792
Darden Restaurants Inc COM 237194105 3,031 40,000 SH   DFND   0 40,000 0
Discovery Inc COM 25470F302 204 10,584 SH   DFND   0 0 10,584
Discovery Inc COM 25470F104 844 40,000 SH   DFND   0 0 40,000
DXC Technology Co COM 23355L106 248 15,000 SH   DFND   0 15,000 0
Eagle Materials Inc COM 26969P108 562 8,000 SH   DFND   0 0 8,000
Emmis Communications Corp COM 291525400 5 2,750 SH   DFND   0 0 2,750
EOG Resources Inc COM 26875P101 2,790 55,077 SH   DFND   0 55,077 0
FMC Corp COM 302491303 1,793 18,000 SH   DFND   0 0 18,000
Four Corners Property Trust In COM 35086T109 488 19,998 SH   DFND   0 19,998 0
Gilead Sciences Inc COM 375558103 923 12,000 SH   DFND   0 0 12,000
Graham Holdings Co COM 384637104 51 150 SH   DFND   0 0 150
Halliburton Co COM 406216101 45 3,444 SH   DFND   0 0 3,444
IHS Markit Ltd. COM G47567105 378 5,000 SH   DFND   0 0 5,000
International Business Machine COM 459200101 1,208 10,000 SH   DFND   0 10,000 0
Interpublic Group of Cos Inc/T COM 460690100 343 20,000 SH   DFND   0 0 20,000
IPG Photonics Corp COM 44980X109 12,430 77,500 SH   DFND   0 0 77,500
iShares MSCI Emerging Markets COM 464287234 7,998 200,000 SH   DFND   0 200,000 0
Lee Enterprises Inc COM 523768109 1 600 SH   DFND   0 0 600
Linde PLC COM G5494J103 2,757 13,000 SH   DFND   0 0 13,000
Lumentum Holdings Inc COM 55024U109 244 3,000 SH   DFND   0 0 3,000
Mediaco Holding Inc COM 58450D104 2 348 SH   DFND   0 0 348
MGIC Investment Corp COM 552848103 2,252 275,000 SH   DFND   0 275,000 0
National Western Life Group In COM 638517102 2,348 11,554 SH   DFND   0 11,554 0
New York Times Co/The COM 650111107 124 2,960 SH   DFND   0 0 2,960
Newmont Mining Corp COM 651639106 340 5,505 SH   DFND   0 0 5,505
Norfolk Southern Corp COM 655844108 1,053 6,000 SH   DFND   0 0 6,000
Nutrien Ltd COM 67077M108 358 11,150 SH   DFND   0 0 11,150
Occidental Petroleum Corp COM 674599105 148 8,112 SH   DFND   0 0 8,112
Perspecta Inc COM 715347100 523 22,500 SH   DFND   0 22,500 0
PTC Inc COM 69370C100 3,197 41,100 SH   DFND   0 0 41,100
Radian Group Inc COM 750236101 2,327 150,000 SH   DFND   0 150,000 0
Republic Services Inc COM 760759100 1,559 19,000 SH   DFND   0 0 19,000
Rockwell Automation Inc COM 773903109 1,704 8,000 SH   DFND   0 0 8,000
Rogers Corp COM 775133101 6,816 54,700 SH   DFND   0 54,700 0
Ross Stores Inc COM 778296103 1,705 20,000 SH   DFND   0 20,000 0
Ryman Hospitality Properties I COM 78377T107 865 25,000 SH   DFND   0 25,000 0
Skechers U.S.A. Inc COM 830566105 471 15,000 SH   DFND   0 15,000 0
Synopsys Inc COM 871607107 11,505 59,000 SH   DFND   0 0 59,000
Tenet Healthcare Corp COM 88033G407 18 1,000 SH   DFND   0 0 1,000
Teradata Corp COM 88076W103 374 18,000 SH   DFND   0 0 18,000
Texas Instruments Inc COM 882508104 1,278 10,062 SH   DFND   0 0 10,062
Timberland Bancorp Inc/WA COM 887098101 1,695 93,093 SH   DFND   0 93,093 0
Union Pacific Corp COM 907818108 135 800 SH   DFND   0 0 800
United Rentals Inc COM 911363109 1,192 8,000 SH   DFND   0 8,000 0
United Technologies Corp COM 913017109 254 4,127 SH   DFND   0 0 4,127
Universal Health Services Inc COM 913903100 8,763 94,338 SH   DFND   0 94,338 0
Varex Imaging Corp COM 92214X106 379 25,000 SH   DFND   0 0 25,000
Varian Medical Systems Inc COM 92220P105 147 1,200 SH   DFND   0 0 1,200
Verizon Communications Inc COM 92343V104 48 862 SH   DFND   0 0 862
Vodafone Group PLC COM 92857W308 153 9,585 SH   DFND   0 0 9,585
Webster Financial Corp COM 947890109 31 1,100 SH   DFND   0 1,100 0
Wells Fargo & Co COM 949746101 26 1,000 SH   DFND   0 0 1,000
Willis Towers Watson PLC COM G96629103 22,115 112,285 SH   DFND   0 112,285 0
Xylem Inc/NY COM 98419M100 390 6,000 SH   DFND   0 0 6,000
Zebra Technologies Corp COM 989207105 10,238 40,000 SH   DFND   0 40,000 0
Zoetis Inc COM 98978V103 274 2,000 SH   DFND   0 0 2,000