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   405,040 4,000 SH   DFND   0 0 4,000
Akamai Technologies, Inc. COM 00971T101   391,500 5,000 SH   DFND   0 0 5,000
Amazon.com Inc COM 023135106   900,689 8,720 SH   DFND   0 8,720 0
Air Products & Chemicals Inc COM 009158106   718,025 2,500 SH   DFND   0 0 2,500
Adtalem Global Education Inc. COM 251893103   4,856,813 125,759 SH   DFND   0 125,759 0
AstraZeneca PLC COM 046353108   1,041,150 15,000 SH   DFND   0 0 15,000
Big Lots Inc COM 089302103   2,640,560 240,927 SH   DFND   0 240,927 0
Bio-Rad Laboratories Inc COM 090572207   718,530 1,500 SH   DFND   0 0 1,500
Cable One Inc COM 12685J105   105,300 150 SH   DFND   0 0 150
CACI International Inc COM 127190304   1,481,400 5,000 SH   DFND   0 0 5,000
Carrier Global Corp COM 14448C104   2,397,300 52,400 SH   DFND   0 0 52,400
Cognyte Software Ltd COM M25133105   152,550 45,000 SH   DFND   0 0 45,000
Check Point Software Technolog COM M22465104   4,199,000 32,300 SH   DFND   0 0 32,300
Charter Communications Inc COM 16119P108   2,703,174 7,559 SH   DFND   0 0 7,559
Coherent Inc COM 192479103   133,280 3,500 SH   DFND   0 0 3,500
Canadian Pacific Railway Ltd COM 13645T100   221,895 2,884 SH   DFND   0 0 2,884
CVS Health Corp COM 126650100   1,320,637 17,772 SH   DFND   0 17,772 0
Darden Restaurants Inc COM 237194105   5,430,600 35,000 SH   DFND   0 35,000 0
iShares MSCI Emerging Markets COM 464287234   7,375,626 186,914 SH   DFND   0 186,914 0
EOG Resources Inc COM 26875P101   4,457,846 38,889 SH   DFND   0 38,889 0
Eagle Materials Inc COM 26969P108   1,174,000 8,000 SH   DFND   0 0 8,000
Four Corners Property Trust In COM 35086T109   537,146 19,998 SH   DFND   0 19,998 0
FMC Corp COM 302491303   1,831,950 15,000 SH   DFND   0 0 15,000
Graham Holdings Co COM 384637104   89,376 150 SH   DFND   0 0 150
Gilead Sciences Inc COM 375558103   829,700 10,000 SH   DFND   0 0 10,000
Alphabet Inc COM 02079K107   2,496,000 24,000 SH   DFND   0 0 24,000
Halliburton Co COM 406216101   108,968 3,444 SH   DFND   0 0 3,444
International Business Machine COM 459200101   1,310,900 10,000 SH   DFND   0 0 10,000
Warner Bros. Discovery, Inc. COM 934423104   1,295,580 85,800 SH   DFND   0 0 85,800
Interpublic Group of Cos Inc/T COM 460690100   335,160 9,000 SH   DFND   0 0 9,000
IPG Photonics Corp COM 44980X109   9,556,525 77,500 SH   DFND   0 0 77,500
Livent Corporation COM 53814L108   406,294 18,706 SH   DFND   0 0 18,706
Lee Enterprises Inc COM 523768109   6,723 540 SH   DFND   0 0 540
Linde PLC COM G5494J103   3,198,960 9,000 SH   DFND   0 0 9,000
Lumentum Holdings Inc COM 55024U109   513,095 9,500 SH   DFND   0 0 9,500
Mediaco Holding Inc COM 58450D104   404 348 SH   DFND   0 0 348
MGIC Investment Corp COM 552848103   5,891,554 439,013 SH   DFND   0 439,013 0
Newmont Mining Corp COM 651639106   269,855 5,505 SH   DFND   0 0 5,505
Norfolk Southern Corp COM 655844108   1,272,000 6,000 SH   DFND   0 0 6,000
Nutrien Ltd COM 67077M108   823,428 11,150 SH   DFND   0 0 11,150
National Western Life Group In COM 638517102   1,344,600 5,542 SH   DFND   0 5,542 0
Oracle Corp COM 68389X105   3,252,200 35,000 SH   DFND   0 0 35,000
Occidental Petroleum Corp COM 674599105   451,494 7,232 SH   DFND   0 0 7,232
Occidental Petroleum Corp COM 674599162   37,023 903 SH   DFND   0 0 903
PTC Inc COM 69370C100   3,987,953 31,100 SH   DFND   0 0 31,100
Radian Group Inc COM 750236101   2,881,199 130,371 SH   DFND   0 130,371 0
Ryman Hospitality Properties I COM 78377T107   2,243,250 25,000 SH   DFND   0 25,000 0
Rogers Corp COM 775133101   3,784,385 23,156 SH   DFND   0 23,156 0
Rockwell Automation Inc COM 773903109   2,347,600 8,000 SH   DFND   0 0 8,000
Ross Stores Inc COM 778296103   1,804,210 17,000 SH   DFND   0 17,000 0
Republic Services Inc COM 760759100   2,028,300 15,000 SH   DFND   0 0 15,000
Raytheon Technologies Corp COM 75513E101   404,157 4,127 SH   DFND   0 0 4,127
Skechers U.S.A. Inc COM 830566105   712,800 15,000 SH   DFND   0 15,000 0
Synopsys Inc COM 871607107   19,698,750 51,000 SH   DFND   0 0 51,000
AT&T Inc COM 00206R102   614,441 31,919 SH   DFND   0 31,919 0
Teradata Corp COM 88076W103   302,100 7,500 SH   DFND   0 0 7,500
Tenet Healthcare Corp COM 88033G407   59,420 1,000 SH   DFND   0 1,000 0
Timberland Bancorp Inc/WA COM 887098101   2,186,161 80,909 SH   DFND   0 80,909 0
Texas Instruments Inc COM 882508104   1,120,896 6,026 SH   DFND   0 0 6,026
Uber Technologies Inc COM 90353T100   1,983,691 62,577 SH   DFND   0 62,577 0
Universal Health Services Inc COM 913903100   8,268,999 65,059 SH   DFND   0 65,059 0
Union Pacific Corp COM 907818108   1,771,088 8,800 SH   DFND   0 0 8,800
United Rentals Inc COM 911363109   3,166,080 8,000 SH   DFND   0 8,000 0
VMware Inc COM 928563402   998,800 8,000 SH   DFND   0 0 8,000
Vodafone Group PLC COM 92857W308   99,239 8,989 SH   DFND   0 0 8,989
Verizon Communications Inc COM 92343V104   33,523 862 SH   DFND   0 0 862
Wells Fargo & Co COM 949746101   37,380 1,000 SH   DFND   0 0 1,000
Willis Towers Watson PLC COM G96629103   16,088,597 69,234 SH   DFND   0 69,234 0
Zebra Technologies Corp COM 989207105   10,918,530 34,335 SH   DFND   0 34,335 0
Zoetis Inc COM 98978V103   332,880 2,000 SH   DFND   0 0 2,000