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 17,571 92,013 SH   DFND 2,3,6 92,013 0 0
AIR PRODS & CHEMS INC COM 009158106 5,372 28,132 SH   DFND 3,4,6 28,132 0 0
AIR PRODS & CHEMS INC COM 009158106 49,240 257,855 SH   DFND 5,6 257,855 0 0
ALPHABET INC CAP STK CL A 02079K305 39,425 33,499 SH   DFND 2,3,6 33,499 0 0
ALPHABET INC CAP STK CL A 02079K305 10,124 8,602 SH   DFND 3,4,6 8,602 0 0
ALPHABET INC CAP STK CL A 02079K305 111,262 94,539 SH   DFND 5,6 94,539 0 0
AMAZON COM INC COM 023135106 12,483 7,010 SH   DFND 2,3,6 7,010 0 0
AMAZON COM INC COM 023135106 3,216 1,806 SH   DFND 3,4,6 1,806 0 0
AMAZON COM INC COM 023135106 35,052 19,684 SH   DFND 5,6 19,684 0 0
APPLE INC COM 037833100 42,549 224,000 SH   DFND 2,3,6 224,000 0 0
APPLE INC COM 037833100 8,550 45,010 SH   DFND 3,4,6 45,010 0 0
APPLE INC COM 037833100 47,676 250,990 SH   DFND 3,6 250,990 0 0
APPLE INC COM 037833100 86,427 455,000 SH   DFND 5,6 455,000 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 133,090 5,734,157 SH   DFND 3,6 5,734,157 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 18,905 94,106 SH   DFND 2,3,6 94,106 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 3,998 19,900 SH   DFND 3,4,6 19,900 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 47,208 234,994 SH   DFND 5,6 234,994 0 0
CIGNA CORP NEW COM 125523100 10,124 62,952 SH   DFND 2,3,6 62,952 0 0
CIGNA CORP NEW COM 125523100 2,531 15,739 SH   DFND 3,4,6 15,739 0 0
CIGNA CORP NEW COM 125523100 26,746 166,309 SH   DFND 5,6 166,309 0 0
COMCAST CORP NEW CL A 20030N101 20,594 515,103 SH   DFND 2,3,6 515,103 0 0
COMCAST CORP NEW CL A 20030N101 5,283 132,129 SH   DFND 3,4,6 132,129 0 0
COMCAST CORP NEW CL A 20030N101 54,963 1,374,768 SH   DFND 5,6 1,374,768 0 0
CSX CORP COM 126408103 1,572 21,013 SH   DFND 3,4,6 21,013 0 0
CSX CORP COM 126408103 227,079 3,035,000 SH   DFND 3,6 3,035,000 0 0
CSX CORP COM 126408103 14,963 199,987 SH   DFND 5,6 199,987 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 8,004 154,969 SH   DFND 2,3,6 154,969 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,855 113,367 SH   DFND 3,4,6 113,367 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 34,588 669,664 SH   DFND 5,6 669,664 0 0
JPMORGAN CHASE & CO COM 46625H100 21,664 214,010 SH   DFND 2,3,6 214,010 0 0
JPMORGAN CHASE & CO COM 46625H100 2,811 27,765 SH   DFND 3,4,6 27,765 0 0
JPMORGAN CHASE & CO COM 46625H100 77,059 761,225 SH   DFND 5,6 761,225 0 0
MARSH & MCLENNAN COS INC COM 571748102 93,900 1,000,000 SH   DFND 3,6 1,000,000 0 0
MASTERCARD INC CL A 57636Q104 7,815 33,193 SH   DFND 2,3,6 33,193 0 0
MASTERCARD INC CL A 57636Q104 1,781 7,564 SH   DFND 3,4,6 7,564 0 0
MASTERCARD INC CL A 57636Q104 33,962 144,243 SH   DFND 5,6 144,243 0 0
MICROSOFT CORP COM 594918104 50,579 428,850 SH   DFND 2,3,6 428,850 0 0
MICROSOFT CORP COM 594918104 4,533 38,435 SH   DFND 3,4,6 38,435 0 0
MICROSOFT CORP COM 594918104 124,580 1,056,301 SH   DFND 5,6 1,056,301 0 0
OLD REP INTL CORP COM 680223104 64,329 3,075,000 SH   DFND 3,6 3,075,000 0 0
ROPER TECHNOLOGIES INC COM 776696106 41,393 121,044 SH   DFND 2,3,6 121,044 0 0
ROPER TECHNOLOGIES INC COM 776696106 11,628 34,002 SH   DFND 3,4,6 34,002 0 0
ROPER TECHNOLOGIES INC COM 776696106 139,166 406,954 SH   DFND 5,6 406,954 0 0
SERVICE CORP INTL COM 817565104 13,977 348,112 SH   DFND 2,3,6 348,112 0 0
SERVICE CORP INTL COM 817565104 3,607 89,835 SH   DFND 3,4,6 89,835 0 0
SERVICE CORP INTL COM 817565104 31,921 795,053 SH   DFND 5,6 795,053 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 31,203 113,996 SH   DFND 2,3,6 113,996 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 6,992 25,543 SH   DFND 3,4,6 25,543 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 84,158 307,461 SH   DFND 5,6 307,461 0 0
VISA INC COM CL A 92826C839 3,359 21,509 SH   DFND 0,6 21,509 0 0
VISA INC COM CL A 92826C839 51,007 326,569 SH   DFND 2,3,6 326,569 0 0
VISA INC COM CL A 92826C839 12,981 83,110 SH   DFND 3,4,6 83,110 0 0
VISA INC COM CL A 92826C839 6,071 38,870 SH   DFND 3,6 38,870 0 0
VISA INC COM CL A 92826C839 104,763 670,740 SH   DFND 5,6 670,740 0 0