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   530,600 4,000 SH   DFND   0 0 4,000
Archer-Daniels-Midland Co COM 039483102   360,075 7,500 SH   DFND   0 0 7,500
Akamai Technologies, Inc. COM 00971T101   2,012,500 25,000 SH   DFND   0 0 25,000
Amazon.com Inc COM 023135106   1,659,067 8,720 SH   DFND   0 8,720 0
Ansys Inc COM 03662Q105   633,120 2,000 SH   DFND   0 0 2,000
Air Products & Chemicals Inc COM 009158106   737,300 2,500 SH   DFND   0 0 2,500
Adtalem Global Education Inc. COM 251893103   12,656,386 125,759 SH   DFND   0 125,759 0
AstraZeneca PLC COM 046353108   1,102,500 15,000 SH   DFND   0 0 15,000
Bio-Rad Laboratories Inc COM 090572207   730,680 3,000 SH   DFND   0 0 3,000
Cable One Inc COM 12685J105   39,866 150 SH   DFND   0 0 150
CACI International Inc COM 127190304   1,834,600 5,000 SH   DFND   0 0 5,000
Carrier Global Corp COM 14448C104   3,322,160 52,400 SH   DFND   0 0 52,400
Cognyte Software Ltd COM M25133105   351,000 45,000 SH   DFND   0 0 45,000
Check Point Software Technolog COM M22465104   7,361,816 32,300 SH   DFND   0 0 32,300
Charter Communications Inc COM 16119P108   2,785,718 7,559 SH   DFND   0 0 7,559
Coherent Inc COM 192479103   876,690 13,500 SH   DFND   0 0 13,500
Canadian Pacific Railway Ltd COM 13645T100   202,486 2,884 SH   DFND   0 0 2,884
CrowdStrike Holdings, Inc. - A COM 22788C105   352,580 1,000 SH   DFND   0 0 1,000
CVS Health Corp COM 126650100   1,204,053 17,772 SH   DFND   0 17,772 0
Darden Restaurants Inc COM 237194105   7,271,600 35,000 SH   DFND   0 35,000 0
Electronic Arts Inc. COM 285512109   578,080 4,000 SH   DFND   0 0 4,000
iShares MSCI Emerging Markets COM 464287234   4,370,000 100,000 SH   DFND   0 100,000 0
EOG Resources Inc COM 26875P101   4,987,125 38,889 SH   DFND   0 38,889 0
Everus Construction Group COM 300426103   139,088 3,750 SH   DFND   0 0 3,750
Eagle Materials Inc COM 26969P108   1,775,440 8,000 SH   DFND   0 0 8,000
Four Corners Property Trust In COM 35086T109   573,943 19,998 SH   DFND   0 19,998 0
FMC Corp COM 302491303   632,850 15,000 SH   DFND   0 0 15,000
Graham Holdings Co COM 384637104   144,129 150 SH   DFND   0 0 150
Gilead Sciences Inc COM 375558103   1,120,500 10,000 SH   DFND   0 0 10,000
Alphabet Inc COM 02079K107   3,749,520 24,000 SH   DFND   0 0 24,000
Halliburton Co COM 406216101   87,374 3,444 SH   DFND   0 0 3,444
International Business Machine COM 459200101   2,486,600 10,000 SH   DFND   0 0 10,000
Warner Bros. Discovery, Inc. COM 934423104   1,027,934 95,800 SH   DFND   0 0 95,800
Interpublic Group of Cos Inc/T COM 460690100   380,240 14,000 SH   DFND   0 0 14,000
IPG Photonics Corp COM 44980X109   4,893,350 77,500 SH   DFND   0 0 77,500
Lee Enterprises Inc COM 523768109   5,605 540 SH   DFND   0 0 540
Linde PLC COM G5494J103   4,190,760 9,000 SH   DFND   0 0 9,000
Lumentum Holdings Inc COM 55024U109   592,230 9,500 SH   DFND   0 0 9,500
MDU Resources Group Inc COM 552690109   591,850 35,000 SH   DFND   0 0 15,000
MGIC Investment Corp COM 552848103   10,878,742 439,013 SH   DFND   0 439,013 0
Newmont Mining Corp COM 651639106   265,781 5,505 SH   DFND   0 0 5,505
Norfolk Southern Corp COM 655844108   1,421,100 6,000 SH   DFND   0 0 6,000
Nutrien Ltd COM 67077M108   553,821 11,150 SH   DFND   0 0 11,150
Oracle Corp COM 68389X105   5,312,780 38,000 SH   DFND   0 0 38,000
Occidental Petroleum Corp COM 674599105   401,544 8,135 SH   DFND   0 0 8,135
PTC Inc COM 69370C100   4,818,945 31,100 SH   DFND   0 0 31,100
Radian Group Inc COM 750236101   4,311,369 130,371 SH   DFND   0 130,371 0
Ryman Hospitality Properties I COM 78377T107   2,286,000 25,000 SH   DFND   0 25,000 0
Rogers Corp COM 775133101   1,381,394 20,456 SH   DFND   0 21,656 0
Rockwell Automation Inc COM 773903109   2,325,420 9,000 SH   DFND   0 0 9,000
Ross Stores Inc COM 778296103   2,172,430 17,000 SH   DFND   0 17,000 0
Republic Services Inc COM 760759100   3,632,400 15,000 SH   DFND   0 0 15,000
Raytheon Technologies Corp COM 75513E101   546,662 4,127 SH   DFND   0 0 4,127
SentinelOne Inc COM 81730H109   227,250 12,500 SH   DFND   0 0 12,500
Skechers U.S.A. Inc COM 830566105   851,700 15,000 SH   DFND   0 15,000 0
Synopsys Inc COM 871607107   21,871,350 51,000 SH   DFND   0 0 51,000
AT&T Inc COM 00206R102   902,669 31,919 SH   DFND   0 31,919 0
Teradata Corp COM 88076W103   168,600 7,500 SH   DFND   0 0 7,500
Tenet Healthcare Corp COM 88033G407   134,500 1,000 SH   DFND   0 1,000 0
Timberland Bancorp Inc/WA COM 887098101   2,439,406 80,909 SH   DFND   0 80,909 0
Texas Instruments Inc COM 882508104   1,082,872 6,026 SH   DFND   0 0 6,026
Uber Technologies Inc COM 90353T100   4,559,360 62,577 SH   DFND   0 62,577 0
Universal Health Services Inc COM 913903100   12,224,586 65,059 SH   DFND   0 65,059 0
Union Pacific Corp COM 907818108   2,078,912 8,800 SH   DFND   0 0 8,800
United Rentals Inc COM 911363109   5,013,600 8,000 SH   DFND   0 8,000 0
Broadcom Inc COM 11135F101   219,668 1,312 SH   DFND   0 0 1,312
Verint Systems Inc COM 92343X100   401,625 22,500 SH   DFND   0 0 22,500
Vodafone Group PLC COM 92857W308   84,227 8,989 SH   DFND   0 0 8,989
Verizon Communications Inc COM 92343V104   39,100 862 SH   DFND   0 0 862
Vertiv Holdings Co. COM 92537N108   577,600 8,000 SH   DFND   0 0 8,000
Vertex Pharmaceuticals Inc COM 92532F100   1,212,050 2,500 SH   DFND   0 0 2,500
Willis Towers Watson PLC COM G96629103   23,397,630 69,234 SH   DFND   0 69,234 0
Zebra Technologies Corp COM 989207105   9,701,698 34,335 SH   DFND   0 34,335 0
Zoetis Inc COM 98978V103   329,300 2,000 SH   DFND   0 0 2,000