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
Expires: July 31, 2015
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 544,040 4,000 SH DFND 0 0 4,000
Archer-Daniels-Midland Co COM 039483102 395,850 7,500 SH DFND 0 0 7,500
Akamai Technologies, Inc. COM 00971T101 2,009,952 25,200 SH DFND 0 0 25,000
Amazon.com Inc COM 023135106 1,913,081 8,720 SH DFND 0 8,720 0
Amphenol Corp -CL A COM 032095101 246,875 2,500 SH DFND 0 0 2,500
Ansys Inc COM 03662Q105 702,440 2,000 SH DFND 0 0 2,000
Air Products & Chemicals Inc COM 009158106 705,150 2,500 SH DFND 0 0 2,500
Adtalem Global Education Inc. COM 251893103 16,000,318 125,759 SH DFND 0 125,759 0
AstraZeneca PLC COM 046353108 1,048,200 15,000 SH DFND 0 0 15,000
Bio-Rad Laboratories Inc COM 090572207 723,960 3,000 SH DFND 0 0 3,000
Cable One Inc COM 12685J105 20,372 150 SH DFND 0 0 150
CACI International Inc COM 127190304 2,383,500 5,000 SH DFND 0 0 5,000
Carrier Global Corp COM 14448C104 3,835,156 52,400 SH DFND 0 0 52,400
Cognyte Software Ltd COM M25133105 415,800 45,000 SH DFND 0 0 45,000
Check Point Software Technolog COM M22465104 7,146,375 32,300 SH DFND 0 0 32,300
Charter Communications Inc COM 16119P108 3,090,195 7,559 SH DFND 0 0 7,559
Coherent Inc COM 192479103 1,204,335 13,500 SH DFND 0 0 13,500
Canadian Pacific Railway Ltd COM 13645T100 228,615 2,884 SH DFND 0 0 2,884
CrowdStrike Holdings, Inc. - A COM 22788C105 509,310 1,000 SH DFND 0 0 1,000
CVS Health Corp COM 126650100 1,225,913 17,772 SH DFND 0 17,772 0
Darden Restaurants Inc COM 237194105 7,628,950 35,000 SH DFND 0 35,000 0
Elanco Animal Health Inc COM 28414H103 142,800 10,000 SH DFND 0 0 10,000
Electronic Arts Inc. COM 285512109 638,800 4,000 SH DFND 0 0 4,000
iShares MSCI Emerging Markets COM 464287234 4,824,000 100,000 SH DFND 0 100,000 0
EOG Resources Inc COM 26875P101 4,651,513 38,889 SH DFND 0 38,889 0
Everus Construction Group COM 300426103 238,238 3,750 SH DFND 0 0 3,750
Eagle Materials Inc COM 26969P108 1,616,880 8,000 SH DFND 0 0 8,000
Four Corners Property Trust In COM 35086T109 538,146 19,998 SH DFND 0 19,998 0
FMC Corp COM 302491303 626,250 15,000 SH DFND 0 0 15,000
Graham Holdings Co COM 384637104 141,926 150 SH DFND 0 0 150
Gilead Sciences Inc COM 375558103 1,108,700 10,000 SH DFND 0 0 10,000
Alphabet Inc COM 02079K107 4,257,360 24,000 SH DFND 0 0 24,000
Halliburton Co COM 406216101 70,189 3,444 SH DFND 0 0 3,444
International Business Machine COM 459200101 2,947,800 10,000 SH DFND 0 0 10,000
Warner Bros. Discovery, Inc. COM 934423104 1,097,868 95,800 SH DFND 0 0 95,800
Interpublic Group of Cos Inc/T COM 460690100 342,720 14,000 SH DFND 0 0 14,000
IPG Photonics Corp COM 44980X109 5,320,375 77,500 SH DFND 0 0 77,500
Lee Enterprises Inc COM 523768109 3,456 540 SH DFND 0 0 540
Linde PLC COM G5494J103 4,222,620 9,000 SH DFND 0 0 9,000
Lumentum Holdings Inc COM 55024U109 903,070 9,500 SH DFND 0 0 9,500
MDU Resources Group Inc COM 552690109 583,450 35,000 SH DFND 0 0 15,000
MGIC Investment Corp COM 552848103 12,222,122 439,013 SH DFND 0 439,013 0
Newmont Mining Corp COM 651639106 320,721 5,505 SH DFND 0 0 5,505
Norfolk Southern Corp COM 655844108 1,535,820 6,000 SH DFND 0 0 6,000
Nutrien Ltd COM 67077M108 649,376 11,150 SH DFND 0 0 11,150
Oracle Corp COM 68389X105 8,307,940 38,000 SH DFND 0 0 38,000
Occidental Petroleum Corp COM 674599105 341,751 8,135 SH DFND 0 0 8,135
PTC Inc COM 69370C100 5,359,774 31,100 SH DFND 0 0 31,100
Radian Group Inc COM 750236101 4,695,963 130,371 SH DFND 0 130,371 0
Ryman Hospitality Properties I COM 78377T107 2,466,750 25,000 SH DFND 0 25,000 0
Rogers Corp COM 775133101 1,400,827 20,456 SH DFND 0 21,656 0
Rockwell Automation Inc COM 773903109 2,989,530 9,000 SH DFND 0 0 9,000
Ross Stores Inc COM 778296103 2,168,860 17,000 SH DFND 0 17,000 0
Republic Services Inc COM 760759100 3,699,150 15,000 SH DFND 0 0 15,000
Raytheon Technologies Corp COM 75513E101 602,625 4,127 SH DFND 0 0 4,127
SentinelOne Inc COM 81730H109 228,500 12,500 SH DFND 0 0 12,500
Skechers U.S.A. Inc COM 830566105 946,500 15,000 SH DFND 0 15,000 0
Synopsys Inc COM 871607107 26,146,680 51,000 SH DFND 0 0 51,000
AT&T Inc COM 00206R102 923,736 31,919 SH DFND 0 31,919 0
Teradata Corp COM 88076W103 167,325 7,500 SH DFND 0 0 7,500
Tenet Healthcare Corp COM 88033G407 176,000 1,000 SH DFND 0 1,000 0
Timberland Bancorp Inc/WA COM 887098101 2,524,361 80,909 SH DFND 0 80,909 0
Texas Instruments Inc COM 882508104 1,251,118 6,026 SH DFND 0 0 6,026
Uber Technologies Inc COM 90353T100 5,838,434 62,577 SH DFND 0 62,577 0
Universal Health Services Inc COM 913903100 11,785,438 65,059 SH DFND 0 65,059 0
Union Pacific Corp COM 907818108 2,024,704 8,800 SH DFND 0 0 8,800
United Rentals Inc COM 911363109 6,027,200 8,000 SH DFND 0 8,000 0
Broadcom Inc COM 11135F101 361,653 1,312 SH DFND 0 0 1,312
Verint Systems Inc COM 92343X100 442,575 22,500 SH DFND 0 0 22,500
Vodafone Group PLC COM 92857W308 95,823 8,989 SH DFND 0 0 8,989
Verizon Communications Inc COM 92343V104 37,299 862 SH DFND 0 0 862
Vertiv Holdings Co. COM 92537N108 1,027,280 8,000 SH DFND 0 0 8,000
Vertex Pharmaceuticals Inc COM 92532F100 1,113,000 2,500 SH DFND 0 0 2,500
Willis Towers Watson PLC COM G96629103 21,220,221 69,234 SH DFND 0 69,234 0
Zebra Technologies Corp COM 989207105 10,587,541 34,335 SH DFND 0 34,335 0
Zoetis Inc COM 98978V103 311,900 2,000 SH DFND 0 0 2,000