The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it 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 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 |
| 3M CO | COM | 88579Y101 | 11,072,700 | 81,000 | SH | SOLE | 1 | 81,000 | 0 | 0 | |
| 3M CO | COM | 88579Y101 | 29,082,925 | 212,750 | SH | DFND | 1 | 212,750 | 0 | 0 | |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | 353 | 1 | SH | SOLE | 1 | 1 | 0 | 0 | |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | 56,344,359 | 159,399 | SH | DFND | 1 | 159,399 | 0 | 0 | |
| AIR PRODS & CHEMS INC | COM | 009158106 | 15,482,480 | 52,000 | SH | DFND | 1 | 52,000 | 0 | 0 | |
| AIRBNB INC | COM CL A | 009066101 | 2,428,412 | 19,150 | SH | DFND | 1 | 19,150 | 0 | 0 | |
| ALLSTATE CORP | COM | 020002101 | 29,310,408 | 154,550 | SH | DFND | 1 | 154,550 | 0 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 11,941,200 | 72,000 | SH | SOLE | 1 | 72,000 | 0 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 49,693,884 | 297,230 | SH | SOLE | 1 | 297,230 | 0 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 80,105,550 | 483,000 | SH | DFND | 1 | 483,000 | 0 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 410,055,209 | 2,452,630 | SH | DFND | 1 | 2,452,630 | 0 | 0 | |
| AMAZON COM INC | COM | 023135106 | 27,657,335 | 148,432 | SH | SOLE | 1 | 148,432 | 0 | 0 | |
| AMAZON COM INC | COM | 023135106 | 350,734,176 | 1,882,328 | SH | DFND | 1 | 1,882,328 | 0 | 0 | |
| AMERICAN EXPRESS CO | COM | 025816109 | 2,712,000 | 10,000 | SH | SOLE | 1 | 10,000 | 0 | 0 | |
| AMERICAN EXPRESS CO | COM | 025816109 | 128,616,600 | 474,250 | SH | DFND | 1 | 474,250 | 0 | 0 | |
| AMERICAN TOWER CORP NEW | COM | 03027X100 | 232,560 | 1,000 | SH | SOLE | 1 | 1,000 | 0 | 0 | |
| AMERICAN TOWER CORP NEW | COM | 03027X100 | 11,839,630 | 50,910 | SH | DFND | 1 | 50,910 | 0 | 0 | |
| ANALOG DEVICES INC | COM | 032654105 | 2,531,870 | 11,000 | SH | SOLE | 1 | 11,000 | 0 | 0 | |
| ANALOG DEVICES INC | COM | 032654105 | 266,230,962 | 1,156,671 | SH | DFND | 1 | 1,156,671 | 0 | 0 | |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 | 729,190 | 11,000 | SH | DFND | 1 | 11,000 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 518,985 | 1,500 | SH | SOLE | 1 | 1,500 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 41,051,715 | 118,650 | SH | DFND | 1 | 118,650 | 0 | 0 | |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | 2,810,475 | 22,500 | SH | SOLE | 1 | 22,500 | 0 | 0 | |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | 123,660,900 | 990,000 | SH | DFND | 1 | 990,000 | 0 | 0 | |
| APPLE INC | COM | 037833100 | 11,230,600 | 48,200 | SH | SOLE | 1 | 48,200 | 0 | 0 | |
| APPLE INC | COM | 037833100 | 274,727,970 | 1,179,090 | SH | DFND | 1 | 1,179,090 | 0 | 0 | |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 | 10,199,231 | 170,727 | SH | SOLE | 1 | 170,727 | 0 | 0 | |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 | 77,218,311 | 1,292,573 | SH | DFND | 1 | 1,292,573 | 0 | 0 | |
| BALL CORP | COM | 058498106 | 3,463,410 | 51,000 | SH | DFND | 1 | 51,000 | 0 | 0 | |
| BANK NEW YORK MELLON CORP | COM | 064058100 | 8,730,990 | 121,500 | SH | DFND | 1 | 121,500 | 0 | 0 | |
| BERKLEY W R CORP | COM | 084423102 | 3,446,349 | 60,750 | SH | DFND | 1 | 60,750 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 407,796,200 | 590 | SH | SOLE | 1 | 590 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 508,338,759 | 1,104,460 | SH | SOLE | 1 | 1,104,460 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 362,178,320 | 524 | SH | DFND | 1 | 524 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 196,766,213 | 427,511 | SH | DFND | 1 | 427,511 | 0 | 0 | |
| BLACKROCK INC | COM | 09247X101 | 11,394,120 | 12,000 | SH | SOLE | 1 | 12,000 | 0 | 0 | |
| BLACKROCK INC | COM | 09247X101 | 197,687,982 | 208,200 | SH | DFND | 1 | 208,200 | 0 | 0 | |
| BLACKSTONE INC | COM | 09260D107 | 5,282,985 | 34,500 | SH | SOLE | 1 | 34,500 | 0 | 0 | |
| BLACKSTONE INC | COM | 09260D107 | 182,913,786 | 1,194,500 | SH | DFND | 1 | 1,194,500 | 0 | 0 | |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 | 58,568,666 | 1,238,500 | SH | SOLE | 1 | 1,238,500 | 0 | 0 | |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 | 45,183,372 | 955,453 | SH | DFND | 1 | 955,453 | 0 | 0 | |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | 168,599,135 | 3,172,138 | SH | SOLE | 1 | 3,172,138 | 0 | 0 | |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | 294,642,500 | 5,543,603 | SH | DFND | 1 | 5,543,603 | 0 | 0 | |
| BROWN FORMAN CORP | CL A | 115637100 | 7,913,968 | 164,600 | SH | SOLE | 1 | 164,600 | 0 | 0 | |
| BROWN FORMAN CORP | CL B | 115637209 | 7,153,680 | 145,400 | SH | SOLE | 1 | 145,400 | 0 | 0 | |
| BROWN FORMAN CORP | CL A | 115637100 | 32,617,472 | 678,400 | SH | DFND | 1 | 678,400 | 0 | 0 | |
| BROWN FORMAN CORP | CL B | 115637209 | 16,176,320 | 328,787 | SH | DFND | 1 | 328,787 | 0 | 0 | |
| BRUNSWICK CORP | COM | 117043109 | 1,173,480 | 14,000 | SH | DFND | 1 | 14,000 | 0 | 0 | |
| CABLE ONE INC | COM | 12685J105 | 21,004,890 | 60,050 | SH | DFND | 1 | 60,050 | 0 | 0 | |
| CAPITAL ONE FINL CORP | COM | 14040H105 | 1,122,975 | 7,500 | SH | SOLE | 1 | 7,500 | 0 | 0 | |
| CAPITAL ONE FINL CORP | COM | 14040H105 | 12,502,455 | 83,500 | SH | DFND | 1 | 83,500 | 0 | 0 | |
| CARLYLE GROUP INC | COM | 14316J108 | 1,916,170 | 44,500 | SH | SOLE | 1 | 44,500 | 0 | 0 | |
| CARLYLE GROUP INC | COM | 14316J108 | 55,224,450 | 1,282,500 | SH | DFND | 1 | 1,282,500 | 0 | 0 | |
| CARMAX INC | COM | 143130102 | 541,660 | 7,000 | SH | SOLE | 1 | 7,000 | 0 | 0 | |
| CARMAX INC | COM | 143130102 | 10,020,710 | 129,500 | SH | DFND | 1 | 129,500 | 0 | 0 | |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 | 4,394,754 | 54,600 | SH | SOLE | 1 | 54,600 | 0 | 0 | |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 | 14,520,396 | 180,400 | SH | DFND | 1 | 180,400 | 0 | 0 | |
| CATERPILLAR INC | COM | 149123101 | 3,911,591 | 10,001 | SH | SOLE | 1 | 10,001 | 0 | 0 | |
| CATERPILLAR INC | COM | 149123101 | 120,757,909 | 308,749 | SH | DFND | 1 | 308,749 | 0 | 0 | |
| CELANESE CORP DEL | COM | 150870103 | 815,760 | 6,000 | SH | SOLE | 1 | 6,000 | 0 | 0 | |
| CELANESE CORP DEL | COM | 150870103 | 9,761,928 | 71,800 | SH | DFND | 1 | 71,800 | 0 | 0 | |
| CHOICE HOTELS INTL INC | COM | 169905106 | 15,049,650 | 115,500 | SH | DFND | 1 | 115,500 | 0 | 0 | |
| CISCO SYS INC | COM | 17275R102 | 7,876,560 | 148,000 | SH | SOLE | 1 | 148,000 | 0 | 0 | |
| CISCO SYS INC | COM | 17275R102 | 10,324,680 | 194,000 | SH | DFND | 1 | 194,000 | 0 | 0 | |
| COMCAST CORP NEW | CL A | 20030N101 | 5,559,587 | 133,100 | SH | SOLE | 1 | 133,100 | 0 | 0 | |
| COMCAST CORP NEW | CL A | 20030N101 | 39,603,850 | 948,141 | SH | DFND | 1 | 948,141 | 0 | 0 | |
| COMFORT SYS USA INC | COM | 199908104 | 5,074,550 | 13,000 | SH | DFND | 1 | 13,000 | 0 | 0 | |
| COSTAR GROUP INC | COM | 22160N109 | 1,403,184 | 18,600 | SH | DFND | 1 | 18,600 | 0 | 0 | |
| COSTCO WHSL CORP NEW | COM | 22160K105 | 34,707,258 | 39,150 | SH | DFND | 1 | 39,150 | 0 | 0 | |
| CROWN HLDGS INC | COM | 228368106 | 287,640 | 3,000 | SH | SOLE | 1 | 3,000 | 0 | 0 | |
| CROWN HLDGS INC | COM | 228368106 | 17,881,620 | 186,500 | SH | DFND | 1 | 186,500 | 0 | 0 | |
| DEERE & CO | COM | 244199105 | 362,701,502 | 869,100 | SH | DFND | 1 | 869,100 | 0 | 0 | |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 | 82,142,967 | 585,314 | SH | SOLE | 1 | 585,314 | 0 | 0 | |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 | 109,660,834 | 781,394 | SH | DFND | 1 | 781,394 | 0 | 0 | |
| DISNEY WALT CO | COM | 254687106 | 43,693,057 | 454,237 | SH | SOLE | 1 | 454,237 | 0 | 0 | |
| DISNEY WALT CO | COM | 254687106 | 151,732,799 | 1,577,428 | SH | DFND | 1 | 1,577,428 | 0 | 0 | |
| DOLLAR GEN CORP NEW | COM | 256677105 | 295,995 | 3,500 | SH | SOLE | 1 | 3,500 | 0 | 0 | |
| DOLLAR GEN CORP NEW | COM | 256677105 | 62,476,087 | 738,750 | SH | DFND | 1 | 738,750 | 0 | 0 | |
| DOMINOS PIZZA INC | COM | 25754A201 | 1,935,630 | 4,500 | SH | DFND | 1 | 4,500 | 0 | 0 | |
| DUN & BRADSTREET HLDGS INC | COM | 26484T106 | 1,323,650 | 115,000 | SH | DFND | 1 | 115,000 | 0 | 0 | |
| EASTMAN CHEM CO | COM | 277432100 | 447,800 | 4,000 | SH | SOLE | 1 | 4,000 | 0 | 0 | |
| EASTMAN CHEM CO | COM | 277432100 | 7,942,853 | 70,950 | SH | DFND | 1 | 70,950 | 0 | 0 | |
| ECOLAB INC | COM | 278865100 | 5,872,590 | 23,000 | SH | SOLE | 1 | 23,000 | 0 | 0 | |
| ECOLAB INC | COM | 278865100 | 64,164,429 | 251,300 | SH | DFND | 1 | 251,300 | 0 | 0 | |
| EQUIFAX INC | COM | 294429105 | 21,407,701 | 72,850 | SH | DFND | 1 | 72,850 | 0 | 0 | |
| FACTSET RESH SYS INC | COM | 303075105 | 10,576,550 | 23,000 | SH | SOLE | 1 | 23,000 | 0 | 0 | |
| FACTSET RESH SYS INC | COM | 303075105 | 43,097,143 | 93,720 | SH | DFND | 1 | 93,720 | 0 | 0 | |
| FEDEX CORP | COM | 31428X106 | 1,094,720 | 4,000 | SH | SOLE | 1 | 4,000 | 0 | 0 | |
| FEDEX CORP | COM | 31428X106 | 52,272,880 | 191,000 | SH | DFND | 1 | 191,000 | 0 | 0 | |
| FERGUSON PLC NEW | SHS | 31488V107 | 16,779,165 | 84,500 | SH | DFND | 1 | 84,500 | 0 | 0 | |
| FRANCO NEV CORP | COM | 351858105 | 42,928,605 | 345,500 | SH | DFND | 1 | 345,500 | 0 | 0 | |
| GARTNER INC | COM | 366651107 | 2,888,532 | 5,700 | SH | DFND | 1 | 5,700 | 0 | 0 | |
| GENERAL DYNAMICS CORP | COM | 369550108 | 13,296,800 | 44,000 | SH | SOLE | 1 | 44,000 | 0 | 0 | |
| GENERAL DYNAMICS CORP | COM | 369550108 | 104,863,400 | 347,000 | SH | DFND | 1 | 347,000 | 0 | 0 | |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | 11,709,352 | 23,650 | SH | SOLE | 1 | 23,650 | 0 | 0 | |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | 166,213,378 | 335,710 | SH | DFND | 1 | 335,710 | 0 | 0 | |
| GRAHAM HLDGS CO | COM CL B | 384637104 | 4,272,944 | 5,200 | SH | DFND | 1 | 5,200 | 0 | 0 | |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 | 11,679,913 | 394,725 | SH | DFND | 1 | 394,725 | 0 | 0 | |
| HAGERTY INC | CL A COM | 405166109 | 30,510,000 | 3,000,000 | SH | SOLE | --- | 3,000,000 | 0 | 0 | |
| HANOVER INS GROUP INC | COM | 410867105 | 888,660 | 6,000 | SH | SOLE | 1 | 6,000 | 0 | 0 | |
| HANOVER INS GROUP INC | COM | 410867105 | 36,731,280 | 248,000 | SH | DFND | 1 | 248,000 | 0 | 0 | |
| HCA HEALTHCARE INC | COM | 40412C101 | 20,699,480 | 50,930 | SH | DFND | 1 | 50,930 | 0 | 0 | |
| HEICO CORP NEW | CL A | 422806208 | 2,486,280 | 12,202 | SH | SOLE | 1 | 12,202 | 0 | 0 | |
| HEICO CORP NEW | CL A | 422806208 | 74,869,982 | 367,442 | SH | DFND | 1 | 367,442 | 0 | 0 | |
| HERSHEY CO | COM | 427866108 | 6,904,080 | 36,000 | SH | DFND | 1 | 36,000 | 0 | 0 | |
| HEXCEL CORP NEW | COM | 428291108 | 2,349,540 | 38,000 | SH | SOLE | 1 | 38,000 | 0 | 0 | |
| HEXCEL CORP NEW | COM | 428291108 | 9,336,330 | 151,000 | SH | DFND | 1 | 151,000 | 0 | 0 | |
| HOME DEPOT INC | COM | 437076102 | 112,202,311 | 276,906 | SH | SOLE | 1 | 276,906 | 0 | 0 | |
| HOME DEPOT INC | COM | 437076102 | 260,581,690 | 643,094 | SH | DFND | 1 | 643,094 | 0 | 0 | |
| ILLINOIS TOOL WKS INC | COM | 452308109 | 4,416,142 | 16,851 | SH | SOLE | 1 | 16,851 | 0 | 0 | |
| ILLINOIS TOOL WKS INC | COM | 452308109 | 81,411,784 | 310,649 | SH | DFND | 1 | 310,649 | 0 | 0 | |
| INSPERITY INC | COM | 45778Q107 | 6,172,584 | 70,143 | SH | DFND | 1 | 70,143 | 0 | 0 | |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | 822,477 | 5,120 | SH | DFND | 1 | 5,120 | 0 | 0 | |
| INTUIT | COM | 461202103 | 1,689,120 | 2,720 | SH | DFND | 1 | 2,720 | 0 | 0 | |
| INVESTORS TITLE CO NC | COM | 461804106 | 49,016,339 | 213,300 | SH | DFND | 1 | 213,300 | 0 | 0 | |
| IQVIA HLDGS INC | COM | 46266C105 | 13,916,300 | 58,726 | SH | DFND | 1 | 58,726 | 0 | 0 | |
| JOHNSON & JOHNSON | COM | 478160104 | 4,329,433 | 26,715 | SH | SOLE | 1 | 26,715 | 0 | 0 | |
| JOHNSON & JOHNSON | COM | 478160104 | 94,656,816 | 584,085 | SH | DFND | 1 | 584,085 | 0 | 0 | |
| JPMORGAN CHASE & CO. | COM | 46625H100 | 53,252,693 | 252,550 | SH | DFND | 1 | 252,550 | 0 | 0 | |
| KKR & CO INC | COM | 48251W104 | 2,350,440 | 18,000 | SH | SOLE | 1 | 18,000 | 0 | 0 | |
| KKR & CO INC | COM | 48251W104 | 187,225,604 | 1,433,800 | SH | DFND | 1 | 1,433,800 | 0 | 0 | |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 | 14,829,600 | 111,000 | SH | DFND | 1 | 111,000 | 0 | 0 | |
| LAUDER ESTEE COS INC | CL A | 518439104 | 1,395,660 | 14,000 | SH | DFND | 1 | 14,000 | 0 | 0 | |
| LINDE PLC | SHS | G54950103 | 3,528,764 | 7,400 | SH | SOLE | 1 | 7,400 | 0 | 0 | |
| LINDE PLC | SHS | G54950103 | 70,384,536 | 147,600 | SH | DFND | 1 | 147,600 | 0 | 0 | |
| LOCKHEED MARTIN CORP | COM | 539830109 | 32,947,555 | 56,363 | SH | DFND | 1 | 56,363 | 0 | 0 | |
| LOWES COS INC | COM | 548661107 | 16,724,446 | 61,748 | SH | SOLE | 1 | 61,748 | 0 | 0 | |
| LOWES COS INC | COM | 548661107 | 170,292,062 | 628,732 | SH | DFND | 1 | 628,732 | 0 | 0 | |
| LPL FINL HLDGS INC | COM | 50212V100 | 532,490 | 2,289 | SH | SOLE | 1 | 2,289 | 0 | 0 | |
| LPL FINL HLDGS INC | COM | 50212V100 | 120,529,093 | 518,115 | SH | DFND | 1 | 518,115 | 0 | 0 | |
| MARRIOTT INTL INC NEW | CL A | 571903202 | 8,949,600 | 36,000 | SH | DFND | 1 | 36,000 | 0 | 0 | |
| MARSH & MCLENNAN COS INC | COM | 571748102 | 4,573,345 | 20,500 | SH | SOLE | 1 | 20,500 | 0 | 0 | |
| MARSH & MCLENNAN COS INC | COM | 571748102 | 156,609,181 | 702,000 | SH | DFND | 1 | 702,000 | 0 | 0 | |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | 9,868,099 | 19,984 | SH | SOLE | 1 | 19,984 | 0 | 0 | |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | 92,615,152 | 187,556 | SH | DFND | 1 | 187,556 | 0 | 0 | |
| META PLATFORMS INC | CL A | 30303M102 | 12,370,428 | 21,610 | SH | SOLE | 1 | 21,610 | 0 | 0 | |
| META PLATFORMS INC | CL A | 30303M102 | 145,182,806 | 253,621 | SH | DFND | 1 | 253,621 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 10,163,256 | 23,619 | SH | SOLE | 1 | 23,619 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 211,432,640 | 491,361 | SH | DFND | 1 | 491,361 | 0 | 0 | |
| MOODYS CORP | COM | 615369105 | 10,011,951 | 21,096 | SH | SOLE | 1 | 21,096 | 0 | 0 | |
| MOODYS CORP | COM | 615369105 | 91,498,105 | 192,794 | SH | DFND | 1 | 192,794 | 0 | 0 | |
| MSCI INC | COM | 55354G100 | 582,930 | 1,000 | SH | SOLE | 1 | 1,000 | 0 | 0 | |
| MSCI INC | COM | 55354G100 | 82,688,620 | 141,850 | SH | DFND | 1 | 141,850 | 0 | 0 | |
| NIKE INC | CL B | 654106103 | 4,066,400 | 46,000 | SH | SOLE | 1 | 46,000 | 0 | 0 | |
| NIKE INC | CL B | 654106103 | 33,848,360 | 382,900 | SH | DFND | 1 | 382,900 | 0 | 0 | |
| NORFOLK SOUTHN CORP | COM | 655844108 | 7,206,500 | 29,000 | SH | SOLE | 1 | 29,000 | 0 | 0 | |
| NORFOLK SOUTHN CORP | COM | 655844108 | 49,824,250 | 200,500 | SH | DFND | 1 | 200,500 | 0 | 0 | |
| NOVO-NORDISK A S | ADR | 670100205 | 141,912,389 | 1,191,840 | SH | SOLE | 1 | 1,191,840 | 0 | 0 | |
| NOVO-NORDISK A S | ADR | 670100205 | 114,088,112 | 958,160 | SH | DFND | 1 | 958,160 | 0 | 0 | |
| NVR INC | COM | 62944T105 | 1,717,065 | 175 | SH | SOLE | 1 | 175 | 0 | 0 | |
| NVR INC | COM | 62944T105 | 113,120,241 | 11,529 | SH | DFND | 1 | 11,529 | 0 | 0 | |
| O-I GLASS INC | COM | 67098H104 | 1,312 | 100 | SH | SOLE | 1 | 100 | 0 | 0 | |
| O-I GLASS INC | COM | 67098H104 | 10,679,680 | 814,000 | SH | DFND | 1 | 814,000 | 0 | 0 | |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 | 1,191,840 | 6,000 | SH | SOLE | 1 | 6,000 | 0 | 0 | |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 | 57,406,960 | 289,000 | SH | DFND | 1 | 289,000 | 0 | 0 | |
| OTIS WORLDWIDE CORP | COM | 68902V107 | 2,837,562 | 27,300 | SH | SOLE | 1 | 27,300 | 0 | 0 | |
| OTIS WORLDWIDE CORP | COM | 68902V107 | 9,076,040 | 87,320 | SH | DFND | 1 | 87,320 | 0 | 0 | |
| PAYCHEX INC | COM | 704326107 | 9,393,300 | 70,000 | SH | SOLE | 1 | 70,000 | 0 | 0 | |
| PAYCHEX INC | COM | 704326107 | 10,735,200 | 80,000 | SH | DFND | 1 | 80,000 | 0 | 0 | |
| PEPSICO INC | COM | 713448108 | 16,360,511 | 96,210 | SH | DFND | 1 | 96,210 | 0 | 0 | |
| PHILIP MORRIS INTL INC | COM | 718172109 | 13,900,300 | 114,500 | SH | DFND | 1 | 114,500 | 0 | 0 | |
| PRICE T ROWE GROUP INC | COM | 74144T108 | 3,485,760 | 32,000 | SH | SOLE | 1 | 32,000 | 0 | 0 | |
| PRICE T ROWE GROUP INC | COM | 74144T108 | 30,718,260 | 282,000 | SH | DFND | 1 | 282,000 | 0 | 0 | |
| PROGRESSIVE CORP | COM | 743315103 | 15,225,600 | 60,000 | SH | SOLE | 1 | 60,000 | 0 | 0 | |
| PROGRESSIVE CORP | COM | 743315103 | 176,046,000 | 693,750 | SH | DFND | 1 | 693,750 | 0 | 0 | |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 | 817,200 | 3,000 | SH | SOLE | 1 | 3,000 | 0 | 0 | |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 | 18,250,800 | 67,000 | SH | DFND | 1 | 67,000 | 0 | 0 | |
| RLI CORP | COM | 749607107 | 14,951,696 | 96,475 | SH | SOLE | 1 | 96,475 | 0 | 0 | |
| RLI CORP | COM | 749607107 | 170,601,518 | 1,100,797 | SH | DFND | 1 | 1,100,797 | 0 | 0 | |
| ROCKWELL AUTOMATION INC | COM | 773903109 | 2,120,834 | 7,900 | SH | SOLE | 1 | 7,900 | 0 | 0 | |
| ROCKWELL AUTOMATION INC | COM | 773903109 | 39,463,620 | 147,000 | SH | DFND | 1 | 147,000 | 0 | 0 | |
| ROLLINS INC | COM | 775711104 | 3,159,986 | 62,475 | SH | SOLE | 1 | 62,475 | 0 | 0 | |
| ROLLINS INC | COM | 775711104 | 70,346,665 | 1,390,800 | SH | DFND | 1 | 1,390,800 | 0 | 0 | |
| RTX CORPORATION | COM | 755130000 | 6,615,336 | 54,600 | SH | SOLE | 1 | 54,600 | 0 | 0 | |
| RTX CORPORATION | COM | 755130000 | 20,524,504 | 169,400 | SH | DFND | 1 | 169,400 | 0 | 0 | |
| S&P GLOBAL INC | COM | 78409V104 | 516,620 | 1,000 | SH | SOLE | 1 | 1,000 | 0 | 0 | |
| S&P GLOBAL INC | COM | 78409V104 | 77,332,848 | 149,690 | SH | DFND | 1 | 149,690 | 0 | 0 | |
| SCHWAB CHARLES CORP | COM | 808513105 | 8,360,490 | 129,000 | SH | SOLE | 1 | 129,000 | 0 | 0 | |
| SCHWAB CHARLES CORP | COM | 808513105 | 79,184,858 | 1,221,800 | SH | DFND | 1 | 1,221,800 | 0 | 0 | |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 | 780,300 | 9,000 | SH | SOLE | 1 | 9,000 | 0 | 0 | |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 | 13,785,300 | 159,000 | SH | DFND | 1 | 159,000 | 0 | 0 | |
| SEI INVTS CO | COM | 784117103 | 4,082,210 | 59,000 | SH | SOLE | 1 | 59,000 | 0 | 0 | |
| SEI INVTS CO | COM | 784117103 | 7,901,498 | 114,200 | SH | DFND | 1 | 114,200 | 0 | 0 | |
| SHERWIN WILLIAMS CO | COM | 824348106 | 35,942,628 | 94,172 | SH | DFND | 1 | 94,172 | 0 | 0 | |
| SHOPIFY INC | CL A | 82509L107 | 8,234,385 | 102,750 | SH | DFND | 1 | 102,750 | 0 | 0 | |
| SOLVENTUM CORP | COM SHS | 83444M101 | 52,290 | 750 | SH | DFND | 1 | 750 | 0 | 0 | |
| SONY GROUP CORP | SPONSORED ADR | 835699307 | 6,470,190 | 67,000 | SH | DFND | 1 | 67,000 | 0 | 0 | |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 | 9,544,927 | 25,900 | SH | DFND | 1 | 25,900 | 0 | 0 | |
| STARBUCKS CORP | COM | 855244109 | 3,948,345 | 40,500 | SH | SOLE | 1 | 40,500 | 0 | 0 | |
| STARBUCKS CORP | COM | 855244109 | 54,576,656 | 559,818 | SH | DFND | 1 | 559,818 | 0 | 0 | |
| TARGET CORP | COM | 87612E106 | 1,168,950 | 7,500 | SH | SOLE | 1 | 7,500 | 0 | 0 | |
| TARGET CORP | COM | 87612E106 | 19,560,430 | 125,500 | SH | DFND | 1 | 125,500 | 0 | 0 | |
| TEXAS INSTRS INC | COM | 882508104 | 207 | 1 | SH | SOLE | 1 | 1 | 0 | 0 | |
| TEXAS INSTRS INC | COM | 882508104 | 149,556,474 | 723,999 | SH | DFND | 1 | 723,999 | 0 | 0 | |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | 21,897,379 | 35,400 | SH | DFND | 1 | 35,400 | 0 | 0 | |
| TRANSUNION | COM | 89400J107 | 314,100 | 3,000 | SH | SOLE | 1 | 3,000 | 0 | 0 | |
| TRANSUNION | COM | 89400J107 | 10,265,835 | 98,050 | SH | DFND | 1 | 98,050 | 0 | 0 | |
| TYSON FOODS INC | CL A | 902494103 | 595,600 | 10,000 | SH | SOLE | 1 | 10,000 | 0 | 0 | |
| TYSON FOODS INC | CL A | 902494103 | 46,427,020 | 779,500 | SH | DFND | 1 | 779,500 | 0 | 0 | |
| UBER TECHNOLOGIES INC | COM | 90353T100 | 6,614,080 | 88,000 | SH | DFND | 1 | 88,000 | 0 | 0 | |
| UNION PAC CORP | COM | 907818108 | 2,735,928 | 11,100 | SH | SOLE | 1 | 11,100 | 0 | 0 | |
| UNION PAC CORP | COM | 907818108 | 18,406,634 | 74,678 | SH | DFND | 1 | 74,678 | 0 | 0 | |
| UNITED RENTALS INC | COM | 911363109 | 21,012,494 | 25,950 | SH | DFND | 1 | 25,950 | 0 | 0 | |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | 14,069,740 | 24,064 | SH | DFND | 1 | 24,064 | 0 | 0 | |
| VERISK ANALYTICS INC | COM | 92345Y106 | 669,900 | 2,500 | SH | SOLE | 1 | 2,500 | 0 | 0 | |
| VERISK ANALYTICS INC | COM | 92345Y106 | 38,170,902 | 142,450 | SH | DFND | 1 | 142,450 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 20,937,443 | 76,150 | SH | SOLE | 1 | 76,150 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 253,815,970 | 923,135 | SH | DFND | 1 | 923,135 | 0 | 0 | |
| WATSCO INC | COM | 942622200 | 20,462,208 | 41,600 | SH | SOLE | 1 | 41,600 | 0 | 0 | |
| WATSCO INC | COM | 942622200 | 266,057,891 | 540,900 | SH | DFND | 1 | 540,900 | 0 | 0 | |
| WELLS FARGO CO NEW | COM | 949746101 | 1,807,680 | 32,000 | SH | SOLE | 1 | 32,000 | 0 | 0 | |
| WELLS FARGO CO NEW | COM | 949746101 | 9,741,701 | 172,450 | SH | DFND | 1 | 172,450 | 0 | 0 | |
| WHIRLPOOL CORP | COM | 963320106 | 559,610 | 5,230 | SH | SOLE | 1 | 5,230 | 0 | 0 | |
| WHIRLPOOL CORP | COM | 963320106 | 16,305,623 | 152,389 | SH | DFND | 1 | 152,389 | 0 | 0 | |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 | 2,540,911 | 8,627 | SH | DFND | 1 | 8,627 | 0 | 0 | |
| YUM BRANDS INC | COM | 988498101 | 21,864,895 | 156,502 | SH | DFND | 1 | 156,502 | 0 | 0 | |
