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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Abbott Laboratories COM 002824100   439,160 4,000 SH   DFND   0 0 4,000
Akamai Technologies, Inc. COM 00971T101   421,500 5,000 SH   DFND   0 0 5,000
Amazon.com Inc COM 023135106   732,480 8,720 SH   DFND   0 8,720 0
Air Products & Chemicals Inc COM 009158106   770,650 2,500 SH   DFND   0 0 2,500
Adtalem Global Education Inc. COM 251893103   4,464,445 125,759 SH   DFND   0 125,759 0
AstraZeneca PLC COM 046353108   1,017,000 15,000 SH   DFND   0 0 15,000
Big Lots Inc COM 089302103   3,541,627 240,927 SH   DFND   0 240,927 0
Bio-Rad Laboratories Inc COM 090572207   630,735 1,500 SH   DFND   0 0 1,500
Cable One Inc COM 12685J105   106,779 150 SH   DFND   0 0 150
CACI International Inc COM 127190304   1,502,950 5,000 SH   DFND   0 0 5,000
Carrier Global Corp COM 14448C104   2,161,500 52,400 SH   DFND   0 0 52,400
Cognyte Software Ltd COM M25133105   139,950 45,000 SH   DFND   0 0 45,000
Check Point Software Technolog COM M22465104   4,074,968 32,300 SH   DFND   0 0 32,300
Charter Communications Inc COM 16119P108   2,563,257 7,559 SH   DFND   0 0 7,559
Coherent Inc COM 192479103   122,850 3,500 SH   DFND   0 0 3,500
Canadian Pacific Railway Ltd COM 13645T100   215,118 2,884 SH   DFND   0 0 2,884
CVS Health Corp COM 126650100   1,656,173 17,772 SH   DFND   0 17,772 0
Darden Restaurants Inc COM 237194105   4,841,550 35,000 SH   DFND   0 35,000 0
iShares MSCI Emerging Markets COM 464287234   7,084,041 186,914 SH   DFND   0 186,914 0
EOG Resources Inc COM 26875P101   5,036,903 38,889 SH   DFND   0 38,889 0
Eagle Materials Inc COM 26969P108   1,062,800 8,000 SH   DFND   0 0 8,000
Four Corners Property Trust In COM 35086T109   518,548 19,998 SH   DFND   0 19,998 0
FMC Corp COM 302491303   1,872,000 15,000 SH   DFND   0 0 15,000
Graham Holdings Co COM 384637104   90,632 150 SH   DFND   0 0 150
Gilead Sciences Inc COM 375558103   858,500 10,000 SH   DFND   0 0 10,000
Alphabet Inc COM 02079K107   2,129,520 24,000 SH   DFND   0 0 24,000
Halliburton Co COM 406216101   135,521 3,444 SH   DFND   0 0 3,444
International Business Machine COM 459200101   1,408,900 10,000 SH   DFND   0 0 10,000
Warner Bros. Discovery, Inc. COM 934423104   813,384 85,800 SH   DFND   0 0 85,800
Interpublic Group of Cos Inc/T COM 460690100   299,790 9,000 SH   DFND   0 0 9,000
IPG Photonics Corp COM 44980X109   7,336,925 77,500 SH   DFND   0 0 77,500
Livent Corporation COM 53814L108   371,688 18,706 SH   DFND   0 0 18,706
Lee Enterprises Inc COM 523768109   10,022 540 SH   DFND   0 0 540
Linde PLC COM G5494J103   2,935,620 9,000 SH   DFND   0 0 9,000
Lumentum Holdings Inc COM 55024U109   495,615 9,500 SH   DFND   0 0 9,500
Mediaco Holding Inc COM 58450D104   400 348 SH   DFND   0 0 348
MGIC Investment Corp COM 552848103   5,707,169 439,013 SH   DFND   0 439,013 0
Newmont Mining Corp COM 651639106   259,836 5,505 SH   DFND   0 0 5,505
Norfolk Southern Corp COM 655844108   1,478,520 6,000 SH   DFND   0 0 6,000
Nutrien Ltd COM 67077M108   814,285 11,150 SH   DFND   0 0 11,150
National Western Life Group In COM 638517102   1,557,302 5,542 SH   DFND   0 5,542 0
Oracle Corp COM 68389X105   2,860,900 35,000 SH   DFND   0 0 35,000
Occidental Petroleum Corp COM 674599105   455,544 7,232 SH   DFND   0 0 7,232
Occidental Petroleum Corp COM 674599162   37,231 903 SH   DFND   0 0 903
PTC Inc COM 69370C100   3,733,244 31,100 SH   DFND   0 0 31,100
Radian Group Inc COM 750236101   2,486,175 130,371 SH   DFND   0 130,371 0
Ryman Hospitality Properties I COM 78377T107   2,044,500 25,000 SH   DFND   0 25,000 0
Rogers Corp COM 775133101   2,763,437 23,156 SH   DFND   0 23,156 0
Rockwell Automation Inc COM 773903109   2,060,560 8,000 SH   DFND   0 0 8,000
Ross Stores Inc COM 778296103   1,973,190 17,000 SH   DFND   0 17,000 0
Republic Services Inc COM 760759100   1,934,850 15,000 SH   DFND   0 0 15,000
Raytheon Technologies Corp COM 75513E101   416,497 4,127 SH   DFND   0 0 4,127
Skechers U.S.A. Inc COM 830566105   629,250 15,000 SH   DFND   0 15,000 0
Synopsys Inc COM 871607107   16,283,790 51,000 SH   DFND   0 0 51,000
AT&T Inc COM 00206R102   587,629 31,919 SH   DFND   0 31,919 0
Teradata Corp COM 88076W103   252,450 7,500 SH   DFND   0 0 7,500
Tenet Healthcare Corp COM 88033G407   48,790 1,000 SH   DFND   0 1,000 0
Timberland Bancorp Inc/WA COM 887098101   2,761,424 80,909 SH   DFND   0 80,909 0
Texas Instruments Inc COM 882508104   995,616 6,026 SH   DFND   0 0 6,026
Uber Technologies Inc COM 90353T100   1,547,529 62,577 SH   DFND   0 62,577 0
Universal Health Services Inc COM 913903100   9,166,163 65,059 SH   DFND   0 65,059 0
Union Pacific Corp COM 907818108   1,822,216 8,800 SH   DFND   0 0 8,800
United Rentals Inc COM 911363109   2,843,360 8,000 SH   DFND   0 8,000 0
VMware Inc COM 928563402   982,080 8,000 SH   DFND   0 0 8,000
Vodafone Group PLC COM 92857W308   90,969 8,989 SH   DFND   0 0 8,989
Verizon Communications Inc COM 92343V104   33,963 862 SH   DFND   0 0 862
Wells Fargo & Co COM 949746101   41,290 1,000 SH   DFND   0 0 1,000
Willis Towers Watson PLC COM G96629103   16,933,252 69,234 SH   DFND   0 69,234 0
Zebra Technologies Corp COM 989207105   8,803,837 34,335 SH   DFND   0 34,335 0
Zoetis Inc COM 98978V103   293,100 2,000 SH   DFND   0 0 2,000