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 20,414 92,013 SH   DFND 2,3,6 92,013 0 0
AIR PRODS & CHEMS INC COM 009158106 57,208 257,855 SH   DFND 5,6 257,855 0 0
ALPHABET INC CAP STK CL A 02079K305 40,907 33,499 SH   DFND 2,3,6 33,499 0 0
ALPHABET INC CAP STK CL A 02079K305 115,445 94,539 SH   DFND 5,6 94,539 0 0
AMAZON COM INC COM 023135106 12,169 7,010 SH   DFND 2,3,6 7,010 0 0
AMAZON COM INC COM 023135106 34,170 19,684 SH   DFND 5,6 19,684 0 0
APPLE INC COM 037833100 10,612 47,383 SH   DFND 2,3,6 47,383 0 0
APPLE INC COM 037833100 23,404 104,494 SH   DFND 3,6 104,494 0 0
APPLE INC COM 037833100 29,368 131,123 SH   DFND 5,6 131,123 0 0
CIGNA CORP NEW COM 125523100 14,851 97,840 SH   DFND 2,3,6 97,840 0 0
CIGNA CORP NEW COM 125523100 39,681 261,421 SH   DFND 5,6 261,421 0 0
COMCAST CORP NEW CL A 20030N101 33,361 740,040 SH   DFND 2,3,6 740,040 0 0
COMCAST CORP NEW CL A 20030N101 27,743 615,415 SH   DFND 3,6 615,415 0 0
COMCAST CORP NEW CL A 20030N101 76,610 1,699,416 SH   DFND 5,6 1,699,416 0 0
CSX CORP COM 126408103 90,052 1,300,013 SH   DFND 3,6 1,300,013 0 0
CSX CORP COM 126408103 13,853 199,987 SH   DFND 5,6 199,987 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 3,974 69,000 SH   DFND 2,3,6 69,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 10,714 186,000 SH   DFND 5,6 186,000 0 0
JPMORGAN CHASE & CO COM 46625H100 11,652 99,010 SH   DFND 2,3,6 99,010 0 0
JPMORGAN CHASE & CO COM 46625H100 31,893 270,990 SH   DFND 5,6 270,990 0 0
MARSH & MCLENNAN COS INC COM 571748102 100,050 1,000,000 SH   DFND 3,6 1,000,000 0 0
MASTERCARD INC CL A 57636Q104 9,014 33,193 SH   DFND 2,3,6 33,193 0 0
MASTERCARD INC CL A 57636Q104 39,172 144,243 SH   DFND 5,6 144,243 0 0
MICROSOFT CORP COM 594918104 59,623 428,850 SH   DFND 2,3,6 428,850 0 0
MICROSOFT CORP COM 594918104 146,858 1,056,301 SH   DFND 5,6 1,056,301 0 0
OLD REP INTL CORP COM 680223104 72,478 3,075,000 SH   DFND 3,6 3,075,000 0 0
ROPER TECHNOLOGIES INC COM 776696106 43,164 121,044 SH   DFND 2,3,6 121,044 0 0
ROPER TECHNOLOGIES INC COM 776696106 145,120 406,954 SH   DFND 5,6 406,954 0 0
SERVICE CORP INTL COM 817565104 16,643 348,112 SH   DFND 2,3,6 348,112 0 0
SERVICE CORP INTL COM 817565104 38,011 795,053 SH   DFND 5,6 795,053 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 14,720 106,000 SH   DFND 3,6 106,000 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 33,204 113,996 SH   DFND 2,3,6 113,996 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 89,554 307,461 SH   DFND 5,6 307,461 0 0
UNITEDHEALTH GROUP INC COM 91324P102 16,087 74,025 SH   DFND 2,3,6 74,025 0 0
UNITEDHEALTH GROUP INC COM 91324P102 15,696 72,225 SH   DFND 3,6 72,225 0 0
UNITEDHEALTH GROUP INC COM 91324P102 29,284 134,750 SH   DFND 5,6 134,750 0 0
VISA INC COM CL A 92826C839 3,700 21,509 SH   DFND 0,6 21,509 0 0
VISA INC COM CL A 92826C839 56,173 326,569 SH   DFND 2,3,6 326,569 0 0
VISA INC COM CL A 92826C839 6,686 38,870 SH   DFND 3,6 38,870 0 0
VISA INC COM CL A 92826C839 115,374 670,740 SH   DFND 5,6 670,740 0 0