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   415,640 4,000 SH   DFND   0 0 4,000
Archer-Daniels-Midland Co COM 039483102   453,375 7,500 SH   DFND   0 0 7,500
Akamai Technologies, Inc. COM 00971T101   2,252,000 25,000 SH   DFND   0 0 15,000
Amazon.com Inc COM 023135106   1,685,140 8,720 SH   DFND   0 8,720 0
Ansys Inc COM 03662Q105   321,500 1,000 SH   DFND   0 0 1,000
Air Products & Chemicals Inc COM 009158106   645,125 2,500 SH   DFND   0 0 2,500
Adtalem Global Education Inc. COM 251893103   8,578,021 125,759 SH   DFND   0 125,759 0
AstraZeneca PLC COM 046353108   1,169,850 15,000 SH   DFND   0 0 15,000
Big Lots Inc COM 089302103   261,104 150,927 SH   DFND   0 150,927 0
Bio-Rad Laboratories Inc COM 090572207   819,330 3,000 SH   DFND   0 0 2,000
Cable One Inc COM 12685J105   53,100 150 SH   DFND   0 0 150
CACI International Inc COM 127190304   2,150,650 5,000 SH   DFND   0 0 5,000
Carrier Global Corp COM 14448C104   3,305,392 52,400 SH   DFND   0 0 52,400
Cognyte Software Ltd COM M25133105   343,800 45,000 SH   DFND   0 0 45,000
Check Point Software Technolog COM M22465104   5,329,500 32,300 SH   DFND   0 0 32,300
Charter Communications Inc COM 16119P108   2,259,839 7,559 SH   DFND   0 0 7,559
Coherent Inc COM 192479103   253,610 3,500 SH   DFND   0 0 3,500
Canadian Pacific Railway Ltd COM 13645T100   227,057 2,884 SH   DFND   0 0 2,884
Catalent Inc COM 148806102   224,920 4,000 SH   DFND   0 0 4,000
CVS Health Corp COM 126650100   1,049,614 17,772 SH   DFND   0 17,772 0
Darden Restaurants Inc COM 237194105   5,296,200 35,000 SH   DFND   0 35,000 0
iShares MSCI Emerging Markets COM 464287234   4,259,000 100,000 SH   DFND   0 100,000 0
EOG Resources Inc COM 26875P101   4,894,958 38,889 SH   DFND   0 38,889 0
Eagle Materials Inc COM 26969P108   1,739,680 8,000 SH   DFND   0 0 8,000
Four Corners Property Trust In COM 35086T109   493,351 19,998 SH   DFND   0 19,998 0
FMC Corp COM 302491303   863,250 15,000 SH   DFND   0 0 15,000
Graham Holdings Co COM 384637104   104,933 150 SH   DFND   0 0 150
Gilead Sciences Inc COM 375558103   686,100 10,000 SH   DFND   0 0 10,000
Alphabet Inc COM 02079K107   4,402,080 24,000 SH   DFND   0 0 24,000
Halliburton Co COM 406216101   116,338 3,444 SH   DFND   0 0 3,444
International Business Machine COM 459200101   1,729,500 10,000 SH   DFND   0 0 10,000
Warner Bros. Discovery, Inc. COM 934423104   712,752 95,800 SH   DFND   0 0 95,800
Interpublic Group of Cos Inc/T COM 460690100   407,260 14,000 SH   DFND   0 0 14,000
IPG Photonics Corp COM 44980X109   6,540,225 77,500 SH   DFND   0 0 77,500
Arcadium Lithium PLC COM G0508H110   15,117 4,499 SH   DFND   0 0 4,499
Lee Enterprises Inc COM 523768109   5,999 540 SH   DFND   0 0 540
Linde PLC COM G5494J103   3,949,290 9,000 SH   DFND   0 0 9,000
Lumentum Holdings Inc COM 55024U109   483,740 9,500 SH   DFND   0 0 9,500
MDU Resources Group Inc COM 552690109   125,500 5,000 SH   DFND   0 0 5,000
MGIC Investment Corp COM 552848103   9,460,730 439,013 SH   DFND   0 439,013 0
Newmont Mining Corp COM 651639106   230,494 5,505 SH   DFND   0 0 5,505
Norfolk Southern Corp COM 655844108   1,288,140 6,000 SH   DFND   0 0 6,000
Nutrien Ltd COM 67077M108   567,647 11,150 SH   DFND   0 0 11,150
National Western Life Group In COM 638517102   766,281 1,542 SH   DFND   0 1,542 0
Oracle Corp COM 68389X105   5,365,600 38,000 SH   DFND   0 0 38,000
Occidental Petroleum Corp COM 674599105   455,833 7,232 SH   DFND   0 0 7,232
Occidental Petroleum Corp COM 674599162   37,167 903 SH   DFND   0 0 903
PTC Inc COM 69370C100   5,649,937 31,100 SH   DFND   0 0 31,100
Radian Group Inc COM 750236101   4,054,538 130,371 SH   DFND   0 130,371 0
Ryman Hospitality Properties I COM 78377T107   2,496,500 25,000 SH   DFND   0 25,000 0
Rogers Corp COM 775133101   2,732,540 22,656 SH   DFND   0 22,656 0
Rockwell Automation Inc COM 773903109   2,477,520 9,000 SH   DFND   0 0 9,000
Ross Stores Inc COM 778296103   2,470,440 17,000 SH   DFND   0 17,000 0
Republic Services Inc COM 760759100   2,915,100 15,000 SH   DFND   0 0 15,000
Raytheon Technologies Corp COM 75513E101   414,310 4,127 SH   DFND   0 0 4,127
SentinelOne Inc COM 81730H109   263,125 12,500 SH   DFND   0 0 12,500
Skechers U.S.A. Inc COM 830566105   1,036,800 15,000 SH   DFND   0 15,000 0
Synopsys Inc COM 871607107   30,348,060 51,000 SH   DFND   0 0 51,000
AT&T Inc COM 00206R102   609,972 31,919 SH   DFND   0 31,919 0
Teradata Corp COM 88076W103   259,200 7,500 SH   DFND   0 0 7,500
Tenet Healthcare Corp COM 88033G407   133,030 1,000 SH   DFND   0 1,000 0
Timberland Bancorp Inc/WA COM 887098101   2,191,825 80,909 SH   DFND   0 80,909 0
Texas Instruments Inc COM 882508104   1,172,238 6,026 SH   DFND   0 0 6,026
Uber Technologies Inc COM 90353T100   4,548,096 62,577 SH   DFND   0 62,577 0
Universal Health Services Inc COM 913903100   12,031,361 65,059 SH   DFND   0 65,059 0
Union Pacific Corp COM 907818108   1,991,088 8,800 SH   DFND   0 0 8,800
United Rentals Inc COM 911363109   5,173,840 8,000 SH   DFND   0 8,000 0
Broadcom Inc COM 11135F101   210,646 1,312 SH   DFND   0 0 1,300
Verint Systems Inc COM 92343X100   563,500 17,500 SH   DFND   0 0 17,500
Vodafone Group PLC COM 92857W308   79,732 8,989 SH   DFND   0 0 8,989
Verizon Communications Inc COM 92343V104   35,549 862 SH   DFND   0 0 862
Wells Fargo & Co COM 949746101   59,390 1,000 SH   DFND   0 0 1,000
Willis Towers Watson PLC COM G96629103   18,149,001 69,234 SH   DFND   0 69,234 0
Zebra Technologies Corp COM 989207105   10,607,112 34,335 SH   DFND   0 34,335 0
Zoetis Inc COM 98978V103   346,720 2,000 SH   DFND   0 0 2,000