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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AIR PRODS & CHEMS INCCOM00915810624,714154,413SH DFND2,3,6154,41300
AIR PRODS & CHEMS INCCOM0091581066,35939,732SH DFND3,4,639,73200
AIR PRODS & CHEMS INCCOM00915810655,354345,855SH DFND5,6345,85500
ALPHABET INCCAP STK CL A02079K30523,45222,443SH DFND0,622,44300
ALPHABET INCCAP STK CL A02079K30598,22593,999SH DFND2,3,693,99900
ALPHABET INCCAP STK CL A02079K30523,61822,602SH DFND3,4,622,60200
ALPHABET INCCAP STK CL A02079K30542,38040,557SH DFND3,640,55700
ALPHABET INCCAP STK CL A02079K305151,560145,039SH DFND5,6145,03900
AMAZON COM INCCOM02313510618,37712,235SH DFND2,3,612,23500
AMAZON COM INCCOM0231351064,5523,031SH DFND3,4,63,03100
AMAZON COM INCCOM02313510629,64019,734SH DFND5,619,73400
APPLE INCCOM03783310035,334224,000SH DFND2,3,6224,00000
APPLE INCCOM0378331007,10045,010SH DFND3,4,645,01000
APPLE INCCOM03783310039,591250,990SH DFND3,6250,99000
APPLE INCCOM03783310071,772455,000SH DFND5,6455,00000
ARES MANAGEMENT CORPORATIONCL A CM STK03990B101127,2617,157,544SH DFND3,67,157,54400
BERKSHIRE HATHAWAY INC DELCL B NEW08467070234,324168,106SH DFND2,3,6168,10600
BERKSHIRE HATHAWAY INC DELCL B NEW0846707027,83038,350SH DFND3,4,638,35000
BERKSHIRE HATHAWAY INC DELCL B NEW08467070264,315314,994SH DFND5,6314,99400
CIGNA CORP NEWCOM12552310061,765325,217SH DFND2,3,6325,21700
CIGNA CORP NEWCOM12552310014,93078,614SH DFND3,4,678,61400
CIGNA CORP NEWCOM12552310098,980521,169SH DFND5,6521,16900
COMCAST CORP NEWCL A20030N10130,478895,103SH DFND2,3,6895,10300
COMCAST CORP NEWCL A20030N1017,257213,129SH DFND3,4,6213,12900
COMCAST CORP NEWCL A20030N10149,9431,466,768SH DFND5,61,466,76800
CSX CORPCOM1264081035,59290,000SH DFND3,4,690,00000
CSX CORPCOM126408103188,5653,035,000SH DFND3,63,035,00000
CSX CORPCOM12640810354,364875,000SH DFND5,6875,00000
DELTA AIR LINES INC DELCOM NEW2473617027,284145,969SH DFND2,3,6145,96900
DELTA AIR LINES INC DELCOM NEW2473617029,991200,217SH DFND3,4,6200,21700
DELTA AIR LINES INC DELCOM NEW24736170213,813276,814SH DFND5,6276,81400
DISNEY WALT COCOM DISNEY2546871062,00418,278SH DFND2,3,618,27800
DISNEY WALT COCOM DISNEY25468710615,380140,267SH DFND3,4,6140,26700
DISNEY WALT COCOM DISNEY2546871067,83571,455SH DFND5,671,45500
JPMORGAN CHASE & COCOM46625H10043,832449,010SH DFND2,3,6449,01000
JPMORGAN CHASE & COCOM46625H1003,00330,765SH DFND3,4,630,76500
JPMORGAN CHASE & COCOM46625H10099,5941,020,225SH DFND5,61,020,22500
MARSH & MCLENNAN COS INCCOM57174810279,7501,000,000SH DFND3,61,000,00000
MASTERCARD INCORPORATEDCL A57636Q10413,05369,193SH DFND2,3,669,19300
MASTERCARD INCORPORATEDCL A57636Q1041,4277,564SH DFND3,4,67,56400
MASTERCARD INCORPORATEDCL A57636Q10436,455193,243SH DFND5,6193,24300
MICROSOFT CORPCOM594918104121,8841,200,000SH DFND2,3,61,200,00000
MICROSOFT CORPCOM5949181047,11070,000SH DFND3,4,670,00000
MICROSOFT CORPCOM594918104187,9051,850,000SH DFND5,61,850,00000
OLD REP INTL CORPCOM68022310463,2533,075,000SH DFND3,63,075,00000
ROPER TECHNOLOGIES INCCOM77669610667,708254,044SH DFND2,3,6254,04400
ROPER TECHNOLOGIES INCCOM77669610619,45673,002SH DFND3,4,673,00200
ROPER TECHNOLOGIES INCCOM776696106157,235589,954SH DFND5,6589,95400
SERVICE CORP INTLCOM81756510419,490484,112SH DFND2,3,6484,11200
SERVICE CORP INTLCOM8175651044,623114,835SH DFND3,4,6114,83500
SERVICE CORP INTLCOM81756510432,009795,053SH DFND5,6795,05300
THERMO FISHER SCIENTIFIC INCCOM88355610220,90593,414SH DFND2,3,693,41400
THERMO FISHER SCIENTIFIC INCCOM8835561027,01431,343SH DFND3,4,631,34300
THERMO FISHER SCIENTIFIC INCCOM88355610247,722213,243SH DFND5,6213,24300
VISA INCCOM CL A92826C83929,611224,427SH DFND0,6224,42700
VISA INCCOM CL A92826C839118,482897,998SH DFND2,3,6897,99800
VISA INCCOM CL A92826C83929,217221,443SH DFND3,4,6221,44300
VISA INCCOM CL A92826C83953,511405,573SH DFND3,6405,57300
VISA INCCOM CL A92826C839114,862870,559SH DFND5,6870,55900