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 20,829 92,013 SH   DFND 2,3,6 92,013 0 0
AIR PRODS & CHEMS INC COM 009158106 58,371 257,855 SH   DFND 5,6 257,855 0 0
ALPHABET INC CAP STK CL A 02079K305 36,273 33,499 SH   DFND 2,3,6 33,499 0 0
ALPHABET INC CAP STK CL A 02079K305 102,367 94,539 SH   DFND 5,6 94,539 0 0
AMAZON COM INC COM 023135106 13,274 7,010 SH   DFND 2,3,6 7,010 0 0
AMAZON COM INC COM 023135106 37,274 19,684 SH   DFND 5,6 19,684 0 0
APPLE INC COM 037833100 9,378 47,383 SH   DFND 2,3,6 47,383 0 0
APPLE INC COM 037833100 20,681 104,494 SH   DFND 3,6 104,494 0 0
APPLE INC COM 037833100 25,952 131,123 SH   DFND 5,6 131,123 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 20,061 94,106 SH   DFND 2,3,6 94,106 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 50,094 234,994 SH   DFND 5,6 234,994 0 0
CIGNA CORP NEW COM 125523100 15,415 97,840 SH   DFND 2,3,6 97,840 0 0
CIGNA CORP NEW COM 125523100 41,187 261,421 SH   DFND 5,6 261,421 0 0
COMCAST CORP NEW CL A 20030N101 21,779 515,103 SH   DFND 2,3,6 515,103 0 0
COMCAST CORP NEW CL A 20030N101 58,125 1,374,768 SH   DFND 5,6 1,374,768 0 0
CSX CORP COM 126408103 212,303 2,744,000 SH   DFND 3,6 2,744,000 0 0
CSX CORP COM 126408103 15,473 199,987 SH   DFND 5,6 199,987 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 8,794 154,969 SH   DFND 2,3,6 154,969 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 21,679 382,000 SH   DFND 3,6 382,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 38,003 669,664 SH   DFND 5,6 669,664 0 0
JPMORGAN CHASE & CO COM 46625H100 23,926 214,010 SH   DFND 2,3,6 214,010 0 0
JPMORGAN CHASE & CO COM 46625H100 85,105 761,225 SH   DFND 5,6 761,225 0 0
MARSH & MCLENNAN COS INC COM 571748102 99,750 1,000,000 SH   DFND 3,6 1,000,000 0 0
MASTERCARD INC CL A 57636Q104 8,781 33,193 SH   DFND 2,3,6 33,193 0 0
MASTERCARD INC CL A 57636Q104 38,157 144,243 SH   DFND 5,6 144,243 0 0
MICROSOFT CORP COM 594918104 57,449 428,850 SH   DFND 2,3,6 428,850 0 0
MICROSOFT CORP COM 594918104 141,502 1,056,301 SH   DFND 5,6 1,056,301 0 0
OLD REP INTL CORP COM 680223104 68,819 3,075,000 SH   DFND 3,6 3,075,000 0 0
ROPER TECHNOLOGIES INC COM 776696106 44,334 121,044 SH   DFND 2,3,6 121,044 0 0
ROPER TECHNOLOGIES INC COM 776696106 149,051 406,954 SH   DFND 5,6 406,954 0 0
SERVICE CORP INTL COM 817565104 16,285 348,112 SH   DFND 2,3,6 348,112 0 0
SERVICE CORP INTL COM 817565104 37,193 795,053 SH   DFND 5,6 795,053 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 33,478 113,996 SH   DFND 2,3,6 113,996 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 90,295 307,461 SH   DFND 5,6 307,461 0 0
UNITEDHEALTH GROUP INC COM 91324P102 5,313 21,774 SH   DFND 2,3,6 21,774 0 0
UNITEDHEALTH GROUP INC COM 91324P102 14,452 59,226 SH   DFND 5,6 59,226 0 0
VISA INC COM CL A 92826C839 3,733 21,509 SH   DFND 0,6 21,509 0 0
VISA INC COM CL A 92826C839 56,676 326,569 SH   DFND 2,3,6 326,569 0 0
VISA INC COM CL A 92826C839 6,746 38,870 SH   DFND 3,6 38,870 0 0
VISA INC COM CL A 92826C839 116,407 670,740 SH   DFND 5,6 670,740 0 0