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
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
AIR PRODS & CHEMS INC COM 009158106 24,714 154,413 SH   DFND 2,3,6 154,413 0 0
AIR PRODS & CHEMS INC COM 009158106 6,359 39,732 SH   DFND 3,4,6 39,732 0 0
AIR PRODS & CHEMS INC COM 009158106 55,354 345,855 SH   DFND 5,6 345,855 0 0
ALPHABET INC CAP STK CL A 02079K305 23,452 22,443 SH   DFND 0,6 22,443 0 0
ALPHABET INC CAP STK CL A 02079K305 98,225 93,999 SH   DFND 2,3,6 93,999 0 0
ALPHABET INC CAP STK CL A 02079K305 23,618 22,602 SH   DFND 3,4,6 22,602 0 0
ALPHABET INC CAP STK CL A 02079K305 42,380 40,557 SH   DFND 3,6 40,557 0 0
ALPHABET INC CAP STK CL A 02079K305 151,560 145,039 SH   DFND 5,6 145,039 0 0
AMAZON COM INC COM 023135106 18,377 12,235 SH   DFND 2,3,6 12,235 0 0
AMAZON COM INC COM 023135106 4,552 3,031 SH   DFND 3,4,6 3,031 0 0
AMAZON COM INC COM 023135106 29,640 19,734 SH   DFND 5,6 19,734 0 0
APPLE INC COM 037833100 35,334 224,000 SH   DFND 2,3,6 224,000 0 0
APPLE INC COM 037833100 7,100 45,010 SH   DFND 3,4,6 45,010 0 0
APPLE INC COM 037833100 39,591 250,990 SH   DFND 3,6 250,990 0 0
APPLE INC COM 037833100 71,772 455,000 SH   DFND 5,6 455,000 0 0
ARES MANAGEMENT CORPORATION CL A CM STK 03990B101 127,261 7,157,544 SH   DFND 3,6 7,157,544 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 34,324 168,106 SH   DFND 2,3,6 168,106 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 7,830 38,350 SH   DFND 3,4,6 38,350 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 64,315 314,994 SH   DFND 5,6 314,994 0 0
CIGNA CORP NEW COM 125523100 61,765 325,217 SH   DFND 2,3,6 325,217 0 0
CIGNA CORP NEW COM 125523100 14,930 78,614 SH   DFND 3,4,6 78,614 0 0
CIGNA CORP NEW COM 125523100 98,980 521,169 SH   DFND 5,6 521,169 0 0
COMCAST CORP NEW CL A 20030N101 30,478 895,103 SH   DFND 2,3,6 895,103 0 0
COMCAST CORP NEW CL A 20030N101 7,257 213,129 SH   DFND 3,4,6 213,129 0 0
COMCAST CORP NEW CL A 20030N101 49,943 1,466,768 SH   DFND 5,6 1,466,768 0 0
CSX CORP COM 126408103 5,592 90,000 SH   DFND 3,4,6 90,000 0 0
CSX CORP COM 126408103 188,565 3,035,000 SH   DFND 3,6 3,035,000 0 0
CSX CORP COM 126408103 54,364 875,000 SH   DFND 5,6 875,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 7,284 145,969 SH   DFND 2,3,6 145,969 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 9,991 200,217 SH   DFND 3,4,6 200,217 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 13,813 276,814 SH   DFND 5,6 276,814 0 0
DISNEY WALT CO COM DISNEY 254687106 2,004 18,278 SH   DFND 2,3,6 18,278 0 0
DISNEY WALT CO COM DISNEY 254687106 15,380 140,267 SH   DFND 3,4,6 140,267 0 0
DISNEY WALT CO COM DISNEY 254687106 7,835 71,455 SH   DFND 5,6 71,455 0 0
JPMORGAN CHASE & CO COM 46625H100 43,832 449,010 SH   DFND 2,3,6 449,010 0 0
JPMORGAN CHASE & CO COM 46625H100 3,003 30,765 SH   DFND 3,4,6 30,765 0 0
JPMORGAN CHASE & CO COM 46625H100 99,594 1,020,225 SH   DFND 5,6 1,020,225 0 0
MARSH & MCLENNAN COS INC COM 571748102 79,750 1,000,000 SH   DFND 3,6 1,000,000 0 0
MASTERCARD INCORPORATED CL A 57636Q104 13,053 69,193 SH   DFND 2,3,6 69,193 0 0
MASTERCARD INCORPORATED CL A 57636Q104 1,427 7,564 SH   DFND 3,4,6 7,564 0 0
MASTERCARD INCORPORATED CL A 57636Q104 36,455 193,243 SH   DFND 5,6 193,243 0 0
MICROSOFT CORP COM 594918104 121,884 1,200,000 SH   DFND 2,3,6 1,200,000 0 0
MICROSOFT CORP COM 594918104 7,110 70,000 SH   DFND 3,4,6 70,000 0 0
MICROSOFT CORP COM 594918104 187,905 1,850,000 SH   DFND 5,6 1,850,000 0 0
OLD REP INTL CORP COM 680223104 63,253 3,075,000 SH   DFND 3,6 3,075,000 0 0
ROPER TECHNOLOGIES INC COM 776696106 67,708 254,044 SH   DFND 2,3,6 254,044 0 0
ROPER TECHNOLOGIES INC COM 776696106 19,456 73,002 SH   DFND 3,4,6 73,002 0 0
ROPER TECHNOLOGIES INC COM 776696106 157,235 589,954 SH   DFND 5,6 589,954 0 0
SERVICE CORP INTL COM 817565104 19,490 484,112 SH   DFND 2,3,6 484,112 0 0
SERVICE CORP INTL COM 817565104 4,623 114,835 SH   DFND 3,4,6 114,835 0 0
SERVICE CORP INTL COM 817565104 32,009 795,053 SH   DFND 5,6 795,053 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 20,905 93,414 SH   DFND 2,3,6 93,414 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 7,014 31,343 SH   DFND 3,4,6 31,343 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 47,722 213,243 SH   DFND 5,6 213,243 0 0
VISA INC COM CL A 92826C839 29,611 224,427 SH   DFND 0,6 224,427 0 0
VISA INC COM CL A 92826C839 118,482 897,998 SH   DFND 2,3,6 897,998 0 0
VISA INC COM CL A 92826C839 29,217 221,443 SH   DFND 3,4,6 221,443 0 0
VISA INC COM CL A 92826C839 53,511 405,573 SH   DFND 3,6 405,573 0 0
VISA INC COM CL A 92826C839 114,862 870,559 SH   DFND 5,6 870,559 0 0