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 | 10,456,290 | 81,000 | SH | SOLE | 1 | 81,000 | 0 | 0 | |
| 3M CO | COM | 88579Y101 | 27,463,898 | 212,750 | SH | DFND | 1 | 212,750 | 0 | 0 | |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | 352 | 1 | SH | SOLE | 1 | 1 | 0 | 0 | |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | 56,074,974 | 159,399 | SH | DFND | 1 | 159,399 | 0 | 0 | |
| ACUITY BRANDS INC | COM | 00508Y102 | 876,390 | 3,000 | SH | DFND | 1 | 3,000 | 0 | 0 | |
| AIR PRODS & CHEMS INC | COM | 009158106 | 18,707,580 | 64,500 | SH | DFND | 1 | 64,500 | 0 | 0 | |
| AIRBNB INC | COM CL A | 009066101 | 15,152,886 | 115,310 | SH | DFND | 1 | 115,310 | 0 | 0 | |
| ALLSTATE CORP | COM | 020002101 | 29,795,695 | 154,550 | SH | DFND | 1 | 154,550 | 0 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 13,629,600 | 72,000 | SH | SOLE | 1 | 72,000 | 0 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 56,604,481 | 297,230 | SH | SOLE | 1 | 297,230 | 0 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 91,431,900 | 483,000 | SH | DFND | 1 | 483,000 | 0 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 467,078,856 | 2,452,630 | SH | DFND | 1 | 2,452,630 | 0 | 0 | |
| AMAZON COM INC | COM | 023135106 | 32,564,496 | 148,432 | SH | SOLE | 1 | 148,432 | 0 | 0 | |
| AMAZON COM INC | COM | 023135106 | 412,963,940 | 1,882,328 | SH | DFND | 1 | 1,882,328 | 0 | 0 | |
| AMERICAN EXPRESS CO | COM | 025816109 | 2,967,900 | 10,000 | SH | SOLE | 1 | 10,000 | 0 | 0 | |
| AMERICAN EXPRESS CO | COM | 025816109 | 140,752,659 | 474,250 | SH | DFND | 1 | 474,250 | 0 | 0 | |
| ANALOG DEVICES INC | COM | 032654105 | 2,337,060 | 11,000 | SH | SOLE | 1 | 11,000 | 0 | 0 | |
| ANALOG DEVICES INC | COM | 032654105 | 245,746,320 | 1,156,671 | SH | DFND | 1 | 1,156,671 | 0 | 0 | |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 | 550,770 | 11,000 | SH | DFND | 1 | 11,000 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 538,740 | 1,500 | SH | SOLE | 1 | 1,500 | 0 | 0 | |
| AON PLC | SHS CL A | G0403H108 | 44,787,252 | 124,700 | SH | DFND | 1 | 124,700 | 0 | 0 | |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | 3,716,100 | 22,500 | SH | SOLE | 1 | 22,500 | 0 | 0 | |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | 163,508,400 | 990,000 | SH | DFND | 1 | 990,000 | 0 | 0 | |
| APPLE INC | COM | 037833100 | 12,070,244 | 48,200 | SH | SOLE | 1 | 48,200 | 0 | 0 | |
| APPLE INC | COM | 037833100 | 295,267,718 | 1,179,090 | SH | DFND | 1 | 1,179,090 | 0 | 0 | |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 | 8,625,128 | 170,727 | SH | SOLE | 1 | 170,727 | 0 | 0 | |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 | 65,856,509 | 1,303,573 | SH | DFND | 1 | 1,303,573 | 0 | 0 | |
| BALL CORP | COM | 058498106 | 2,811,630 | 51,000 | SH | DFND | 1 | 51,000 | 0 | 0 | |
| BANK NEW YORK MELLON CORP | COM | 064058100 | 9,334,845 | 121,500 | SH | DFND | 1 | 121,500 | 0 | 0 | |
| BERKLEY W R CORP | COM | 084423102 | 3,555,090 | 60,750 | SH | DFND | 1 | 60,750 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 401,742,800 | 590 | SH | SOLE | 1 | 590 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 500,629,629 | 1,104,460 | SH | SOLE | 1 | 1,104,460 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 356,802,080 | 524 | SH | DFND | 1 | 524 | 0 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 193,782,186 | 427,511 | SH | DFND | 1 | 427,511 | 0 | 0 | |
| BLACKROCK ORD | COM | 09290D101 | 12,301,320 | 12,000 | SH | SOLE | 1 | 12,000 | 0 | 0 | |
| BLACKROCK ORD | COM | 09290D101 | 213,427,902 | 208,200 | SH | DFND | 1 | 208,200 | 0 | 0 | |
| BLACKSTONE INC | COM | 09260D107 | 5,948,490 | 34,500 | SH | SOLE | 1 | 34,500 | 0 | 0 | |
| BLACKSTONE INC | COM | 09260D107 | 205,955,689 | 1,194,500 | SH | DFND | 1 | 1,194,500 | 0 | 0 | |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 | 67,114,315 | 1,238,500 | SH | SOLE | 1 | 1,238,500 | 0 | 0 | |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 | 51,775,999 | 955,453 | SH | DFND | 1 | 955,453 | 0 | 0 | |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | 182,239,328 | 3,172,138 | SH | SOLE | 1 | 3,172,138 | 0 | 0 | |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | 318,479,992 | 5,543,603 | SH | DFND | 1 | 5,543,603 | 0 | 0 | |
| BROWN FORMAN CORP | CL A | 115637100 | 6,203,774 | 164,600 | SH | SOLE | 1 | 164,600 | 0 | 0 | |
| BROWN FORMAN CORP | CL B | 115637209 | 5,522,292 | 145,400 | SH | SOLE | 1 | 145,400 | 0 | 0 | |
| BROWN FORMAN CORP | CL A | 115637100 | 25,568,896 | 678,400 | SH | DFND | 1 | 678,400 | 0 | 0 | |
| BROWN FORMAN CORP | CL B | 115637209 | 12,487,330 | 328,787 | SH | DFND | 1 | 328,787 | 0 | 0 | |
| BRUNSWICK CORP | COM | 117043109 | 970,200 | 15,000 | SH | DFND | 1 | 15,000 | 0 | 0 | |
| CABLE ONE INC | COM | 12685J105 | 18,431,908 | 50,900 | SH | DFND | 1 | 50,900 | 0 | 0 | |
| CAPITAL ONE FINL CORP | COM | 14040H105 | 1,337,400 | 7,500 | SH | SOLE | 1 | 7,500 | 0 | 0 | |
| CAPITAL ONE FINL CORP | COM | 14040H105 | 14,889,720 | 83,500 | SH | DFND | 1 | 83,500 | 0 | 0 | |
| CARLYLE GROUP INC | COM | 14316J108 | 2,246,805 | 44,500 | SH | SOLE | 1 | 44,500 | 0 | 0 | |
| CARLYLE GROUP INC | COM | 14316J108 | 64,753,425 | 1,282,500 | SH | DFND | 1 | 1,282,500 | 0 | 0 | |
| CARMAX INC | COM | 143130102 | 572,320 | 7,000 | SH | SOLE | 1 | 7,000 | 0 | 0 | |
| CARMAX INC | COM | 143130102 | 10,587,920 | 129,500 | SH | DFND | 1 | 129,500 | 0 | 0 | |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 | 3,726,996 | 54,600 | SH | SOLE | 1 | 54,600 | 0 | 0 | |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 | 12,314,104 | 180,400 | SH | DFND | 1 | 180,400 | 0 | 0 | |
| CATERPILLAR INC | COM | 149123101 | 3,627,963 | 10,001 | SH | SOLE | 1 | 10,001 | 0 | 0 | |
| CATERPILLAR INC | COM | 149123101 | 114,196,485 | 314,799 | SH | DFND | 1 | 314,799 | 0 | 0 | |
| CELANESE CORP DEL | COM | 150870103 | 415,260 | 6,000 | SH | SOLE | 1 | 6,000 | 0 | 0 | |
| CELANESE CORP DEL | COM | 150870103 | 5,211,513 | 75,300 | SH | DFND | 1 | 75,300 | 0 | 0 | |
| CHOICE HOTELS INTL INC | COM | 169905106 | 16,398,690 | 115,500 | SH | DFND | 1 | 115,500 | 0 | 0 | |
| CISCO SYS INC | COM | 17275R102 | 8,761,600 | 148,000 | SH | SOLE | 1 | 148,000 | 0 | 0 | |
| CISCO SYS INC | COM | 17275R102 | 11,484,800 | 194,000 | SH | DFND | 1 | 194,000 | 0 | 0 | |
| CME GROUP INC | COM | 12572Q105 | 696,690 | 3,000 | SH | DFND | 1 | 3,000 | 0 | 0 | |
| COMCAST CORP NEW | CL A | 20030N101 | 4,995,243 | 133,100 | SH | SOLE | 1 | 133,100 | 0 | 0 | |
| COMCAST CORP NEW | CL A | 20030N101 | 31,104,113 | 828,780 | SH | DFND | 1 | 828,780 | 0 | 0 | |
| COMFORT SYS USA INC | COM | 199908104 | 5,512,780 | 13,000 | SH | DFND | 1 | 13,000 | 0 | 0 | |
| COSTAR GROUP INC | COM | 22160N109 | 1,331,574 | 18,600 | SH | DFND | 1 | 18,600 | 0 | 0 | |
| COSTCO WHSL CORP NEW | COM | 22160K105 | 35,871,971 | 39,150 | SH | DFND | 1 | 39,150 | 0 | 0 | |
| CROWN HLDGS INC | COM | 228368106 | 248,070 | 3,000 | SH | SOLE | 1 | 3,000 | 0 | 0 | |
| CROWN HLDGS INC | COM | 228368106 | 15,421,685 | 186,500 | SH | DFND | 1 | 186,500 | 0 | 0 | |
| DEERE & CO | COM | 244199105 | 370,716,315 | 874,950 | SH | DFND | 1 | 874,950 | 0 | 0 | |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 | 74,410,969 | 585,314 | SH | SOLE | 1 | 585,314 | 0 | 0 | |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 | 99,338,620 | 781,394 | SH | DFND | 1 | 781,394 | 0 | 0 | |
| DISNEY WALT CO | COM | 254687106 | 50,579,290 | 454,237 | SH | SOLE | 1 | 454,237 | 0 | 0 | |
| DISNEY WALT CO | COM | 254687106 | 175,646,607 | 1,577,428 | SH | DFND | 1 | 1,577,428 | 0 | 0 | |
| DOLLAR GEN CORP NEW | COM | 256677105 | 265,370 | 3,500 | SH | SOLE | 1 | 3,500 | 0 | 0 | |
| DOLLAR GEN CORP NEW | COM | 256677105 | 63,101,195 | 832,250 | SH | DFND | 1 | 832,250 | 0 | 0 | |
| DOMINOS PIZZA INC | COM | 25754A201 | 2,308,680 | 5,500 | SH | DFND | 1 | 5,500 | 0 | 0 | |
| EASTMAN CHEM CO | COM | 277432100 | 365,280 | 4,000 | SH | SOLE | 1 | 4,000 | 0 | 0 | |
| EASTMAN CHEM CO | COM | 277432100 | 6,479,154 | 70,950 | SH | DFND | 1 | 70,950 | 0 | 0 | |
| ECOLAB INC | COM | 278865100 | 5,389,360 | 23,000 | SH | SOLE | 1 | 23,000 | 0 | 0 | |
| ECOLAB INC | COM | 278865100 | 58,884,616 | 251,300 | SH | DFND | 1 | 251,300 | 0 | 0 | |
| EQUIFAX INC | COM | 294429105 | 18,565,823 | 72,850 | SH | DFND | 1 | 72,850 | 0 | 0 | |
| FACTSET RESH SYS INC | COM | 303075105 | 11,046,440 | 23,000 | SH | SOLE | 1 | 23,000 | 0 | 0 | |
| FACTSET RESH SYS INC | COM | 303075105 | 45,011,842 | 93,720 | SH | DFND | 1 | 93,720 | 0 | 0 | |
| FEDEX CORP | COM | 31428X106 | 1,125,320 | 4,000 | SH | SOLE | 1 | 4,000 | 0 | 0 | |
| FEDEX CORP | COM | 31428X106 | 56,969,325 | 202,500 | SH | DFND | 1 | 202,500 | 0 | 0 | |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 | 18,398,420 | 106,000 | SH | DFND | 1 | 106,000 | 0 | 0 | |
| FRANCO NEV CORP | COM | 351858105 | 56,825,368 | 483,250 | SH | DFND | 1 | 483,250 | 0 | 0 | |
| GARTNER INC | COM | 366651107 | 2,761,479 | 5,700 | SH | DFND | 1 | 5,700 | 0 | 0 | |
| GENERAL DYNAMICS CORP | COM | 369550108 | 11,593,560 | 44,000 | SH | SOLE | 1 | 44,000 | 0 | 0 | |
| GENERAL DYNAMICS CORP | COM | 369550108 | 91,431,030 | 347,000 | SH | DFND | 1 | 347,000 | 0 | 0 | |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | 13,542,463 | 23,650 | SH | SOLE | 1 | 23,650 | 0 | 0 | |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | 192,234,260 | 335,710 | SH | DFND | 1 | 335,710 | 0 | 0 | |
| GRAHAM HLDGS CO | COM CL B | 384637104 | 4,533,984 | 5,200 | SH | DFND | 1 | 5,200 | 0 | 0 | |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 | 11,603,431 | 427,225 | SH | DFND | 1 | 427,225 | 0 | 0 | |
| HAGERTY INC | CL A COM | 405166109 | 29,992,200 | 3,108,000 | SH | SOLE | --- | 3,108,000 | 0 | 0 | |
| HANOVER INS GROUP INC | COM | 410867105 | 927,960 | 6,000 | SH | SOLE | 1 | 6,000 | 0 | 0 | |
| HANOVER INS GROUP INC | COM | 410867105 | 40,366,260 | 261,000 | SH | DFND | 1 | 261,000 | 0 | 0 | |
| HCA HEALTHCARE INC | COM | 40412C101 | 16,982,487 | 56,580 | SH | DFND | 1 | 56,580 | 0 | 0 | |
| HEICO CORP NEW | CL A | 422806208 | 2,270,548 | 12,202 | SH | SOLE | 1 | 12,202 | 0 | 0 | |
| HEICO CORP NEW | CL A | 422806208 | 68,373,608 | 367,442 | SH | DFND | 1 | 367,442 | 0 | 0 | |
| HERSHEY CO | COM | 427866108 | 7,620,750 | 45,000 | SH | DFND | 1 | 45,000 | 0 | 0 | |
| HEXCEL CORP NEW | COM | 428291108 | 2,382,600 | 38,000 | SH | SOLE | 1 | 38,000 | 0 | 0 | |
| HEXCEL CORP NEW | COM | 428291108 | 9,467,700 | 151,000 | SH | DFND | 1 | 151,000 | 0 | 0 | |
| HOME DEPOT INC | COM | 437076102 | 107,713,665 | 276,906 | SH | SOLE | 1 | 276,906 | 0 | 0 | |
| HOME DEPOT INC | COM | 437076102 | 250,157,135 | 643,094 | SH | DFND | 1 | 643,094 | 0 | 0 | |
| HUNTINGTON INGALLS INDS INC | COM | 446413106 | 755,880 | 4,000 | SH | DFND | 1 | 4,000 | 0 | 0 | |
| ILLINOIS TOOL WKS INC | COM | 452308109 | 4,272,740 | 16,851 | SH | SOLE | 1 | 16,851 | 0 | 0 | |
| ILLINOIS TOOL WKS INC | COM | 452308109 | 78,768,160 | 310,649 | SH | DFND | 1 | 310,649 | 0 | 0 | |
| INSPERITY INC | COM | 45778Q107 | 10,210,237 | 131,728 | SH | DFND | 1 | 131,728 | 0 | 0 | |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | 762,931 | 5,120 | SH | DFND | 1 | 5,120 | 0 | 0 | |
| INTUIT | COM | 461202103 | 1,709,520 | 2,720 | SH | DFND | 1 | 2,720 | 0 | 0 | |
| INVESTORS TITLE CO NC | COM | 461804106 | 50,500,908 | 213,300 | SH | DFND | 1 | 213,300 | 0 | 0 | |
| IQVIA HLDGS INC | COM | 46266C105 | 11,540,246 | 58,726 | SH | DFND | 1 | 58,726 | 0 | 0 | |
| JOHNSON & JOHNSON | COM | 478160104 | 3,863,523 | 26,715 | SH | SOLE | 1 | 26,715 | 0 | 0 | |
| JOHNSON & JOHNSON | COM | 478160104 | 84,470,372 | 584,085 | SH | DFND | 1 | 584,085 | 0 | 0 | |
| JPMORGAN CHASE & CO. | COM | 46625H100 | 60,538,761 | 252,550 | SH | DFND | 1 | 252,550 | 0 | 0 | |
| KKR & CO INC | COM | 48251W104 | 2,662,380 | 18,000 | SH | SOLE | 1 | 18,000 | 0 | 0 | |
| KKR & CO INC | COM | 48251W104 | 212,073,358 | 1,433,800 | SH | DFND | 1 | 1,433,800 | 0 | 0 | |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 | 15,095,760 | 124,000 | SH | DFND | 1 | 124,000 | 0 | 0 | |
| LAUDER ESTEE COS INC | CL A | 518439104 | 1,124,700 | 15,000 | SH | DFND | 1 | 15,000 | 0 | 0 | |
| LINDE PLC | SHS | G54950103 | 3,098,158 | 7,400 | SH | SOLE | 1 | 7,400 | 0 | 0 | |
| LINDE PLC | SHS | G54950103 | 67,238,402 | 160,600 | SH | DFND | 1 | 160,600 | 0 | 0 | |
| LOCKHEED MARTIN CORP | COM | 539830109 | 27,389,036 | 56,363 | SH | DFND | 1 | 56,363 | 0 | 0 | |
| LOWES COS INC | COM | 548661107 | 15,239,406 | 61,748 | SH | SOLE | 1 | 61,748 | 0 | 0 | |
| LOWES COS INC | COM | 548661107 | 157,885,858 | 639,732 | SH | DFND | 1 | 639,732 | 0 | 0 | |
| LPL FINL HLDGS INC | COM | 50212V100 | 747,381 | 2,289 | SH | SOLE | 1 | 2,289 | 0 | 0 | |
| LPL FINL HLDGS INC | COM | 50212V100 | 173,087,849 | 530,115 | SH | DFND | 1 | 530,115 | 0 | 0 | |
| MARRIOTT INTL INC NEW | CL A | 571903202 | 13,110,180 | 47,000 | SH | DFND | 1 | 47,000 | 0 | 0 | |
| MARSH & MCLENNAN COS INC | COM | 571748102 | 4,354,405 | 20,500 | SH | SOLE | 1 | 20,500 | 0 | 0 | |
| MARSH & MCLENNAN COS INC | COM | 571748102 | 151,873,151 | 715,000 | SH | DFND | 1 | 715,000 | 0 | 0 | |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | 10,522,975 | 19,984 | SH | SOLE | 1 | 19,984 | 0 | 0 | |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | 98,761,363 | 187,556 | SH | DFND | 1 | 187,556 | 0 | 0 | |
| META PLATFORMS INC | CL A | 30303M102 | 12,652,871 | 21,610 | SH | SOLE | 1 | 21,610 | 0 | 0 | |
| META PLATFORMS INC | CL A | 30303M102 | 150,341,988 | 256,771 | SH | DFND | 1 | 256,771 | 0 | 0 | |
| MGM RESORTS INTERNATIONAL | COM | 552953101 | 1,386,000 | 40,000 | SH | DFND | 1 | 40,000 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 9,955,409 | 23,619 | SH | SOLE | 1 | 23,619 | 0 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 209,005,414 | 495,861 | SH | DFND | 1 | 495,861 | 0 | 0 | |
| MOODYS CORP | COM | 615369105 | 9,986,214 | 21,096 | SH | SOLE | 1 | 21,096 | 0 | 0 | |
| MOODYS CORP | COM | 615369105 | 91,262,896 | 192,794 | SH | DFND | 1 | 192,794 | 0 | 0 | |
| MSCI INC | COM | 55354G100 | 600,010 | 1,000 | SH | SOLE | 1 | 1,000 | 0 | 0 | |
| MSCI INC | COM | 55354G100 | 85,111,418 | 141,850 | SH | DFND | 1 | 141,850 | 0 | 0 | |
| NIKE INC | CL B | 654106103 | 3,480,820 | 46,000 | SH | SOLE | 1 | 46,000 | 0 | 0 | |
| NIKE INC | CL B | 654106103 | 29,238,888 | 386,400 | SH | DFND | 1 | 386,400 | 0 | 0 | |
| NORFOLK SOUTHN CORP | COM | 655844108 | 6,806,300 | 29,000 | SH | SOLE | 1 | 29,000 | 0 | 0 | |
| NORFOLK SOUTHN CORP | COM | 655844108 | 47,057,350 | 200,500 | SH | DFND | 1 | 200,500 | 0 | 0 | |
| NOVO-NORDISK A S | ADR | 670100205 | 102,522,077 | 1,191,840 | SH | SOLE | 1 | 1,191,840 | 0 | 0 | |
| NOVO-NORDISK A S | ADR | 670100205 | 82,420,924 | 958,160 | SH | DFND | 1 | 958,160 | 0 | 0 | |
| NVR INC | COM | 62944T105 | 1,431,308 | 175 | SH | SOLE | 1 | 175 | 0 | 0 | |
| NVR INC | COM | 62944T105 | 95,194,217 | 11,639 | SH | DFND | 1 | 11,639 | 0 | 0 | |
| O-I GLASS INC | COM | 67098H104 | 1,084 | 100 | SH | SOLE | 1 | 100 | 0 | 0 | |
| O-I GLASS INC | COM | 67098H104 | 8,932,160 | 824,000 | SH | DFND | 1 | 824,000 | 0 | 0 | |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 | 1,058,400 | 6,000 | SH | SOLE | 1 | 6,000 | 0 | 0 | |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 | 51,985,080 | 294,700 | SH | DFND | 1 | 294,700 | 0 | 0 | |
| OTIS WORLDWIDE CORP | COM | 68902V107 | 2,528,253 | 27,300 | SH | SOLE | 1 | 27,300 | 0 | 0 | |
| OTIS WORLDWIDE CORP | COM | 68902V107 | 8,086,707 | 87,320 | SH | DFND | 1 | 87,320 | 0 | 0 | |
| PAYCHEX INC | COM | 704326107 | 9,815,400 | 70,000 | SH | SOLE | 1 | 70,000 | 0 | 0 | |
| PAYCHEX INC | COM | 704326107 | 11,217,600 | 80,000 | SH | DFND | 1 | 80,000 | 0 | 0 | |
| PEPSICO INC | COM | 713448108 | 14,629,693 | 96,210 | SH | DFND | 1 | 96,210 | 0 | 0 | |
| PHILIP MORRIS INTL INC | COM | 718172109 | 13,780,075 | 114,500 | SH | DFND | 1 | 114,500 | 0 | 0 | |
| PRICE T ROWE GROUP INC | COM | 74144T108 | 3,618,880 | 32,000 | SH | SOLE | 1 | 32,000 | 0 | 0 | |
| PRICE T ROWE GROUP INC | COM | 74144T108 | 31,891,381 | 282,000 | SH | DFND | 1 | 282,000 | 0 | 0 | |
| PROGRESSIVE CORP | COM | 743315103 | 14,376,600 | 60,000 | SH | SOLE | 1 | 60,000 | 0 | 0 | |
| PROGRESSIVE CORP | COM | 743315103 | 166,229,438 | 693,750 | SH | DFND | 1 | 693,750 | 0 | 0 | |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 | 746,430 | 3,000 | SH | SOLE | 1 | 3,000 | 0 | 0 | |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 | 16,670,270 | 67,000 | SH | DFND | 1 | 67,000 | 0 | 0 | |
| RLI CORP | COM | 749607107 | 15,901,974 | 96,475 | SH | SOLE | 1 | 96,475 | 0 | 0 | |
| RLI CORP | COM | 749607107 | 181,444,370 | 1,100,797 | SH | DFND | 1 | 1,100,797 | 0 | 0 | |
| ROCKWELL AUTOMATION INC | COM | 773903109 | 2,257,741 | 7,900 | SH | SOLE | 1 | 7,900 | 0 | 0 | |
| ROCKWELL AUTOMATION INC | COM | 773903109 | 42,011,130 | 147,000 | SH | DFND | 1 | 147,000 | 0 | 0 | |
| ROLLINS INC | COM | 775711104 | 2,895,716 | 62,475 | SH | SOLE | 1 | 62,475 | 0 | 0 | |
| ROLLINS INC | COM | 775711104 | 64,880,732 | 1,399,800 | SH | DFND | 1 | 1,399,800 | 0 | 0 | |
| RTX CORPORATION | COM | 75513E101 | 6,318,312 | 54,600 | SH | SOLE | 1 | 54,600 | 0 | 0 | |
| RTX CORPORATION | COM | 75513E101 | 19,602,968 | 169,400 | SH | DFND | 1 | 169,400 | 0 | 0 | |
| S&P GLOBAL INC | COM | 78409V104 | 498,030 | 1,000 | SH | SOLE | 1 | 1,000 | 0 | 0 | |
| S&P GLOBAL INC | COM | 78409V104 | 74,550,111 | 149,690 | SH | DFND | 1 | 149,690 | 0 | 0 | |
| SCHWAB CHARLES CORP | COM | 808513105 | 9,547,290 | 129,000 | SH | SOLE | 1 | 129,000 | 0 | 0 | |
| SCHWAB CHARLES CORP | COM | 808513105 | 91,387,548 | 1,234,800 | SH | DFND | 1 | 1,234,800 | 0 | 0 | |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 | 597,060 | 9,000 | SH | SOLE | 1 | 9,000 | 0 | 0 | |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 | 10,548,060 | 159,000 | SH | DFND | 1 | 159,000 | 0 | 0 | |
| SEI INVTS CO | COM | 784117103 | 4,866,320 | 59,000 | SH | SOLE | 1 | 59,000 | 0 | 0 | |
| SEI INVTS CO | COM | 784117103 | 9,419,216 | 114,200 | SH | DFND | 1 | 114,200 | 0 | 0 | |
| SHERWIN WILLIAMS CO | COM | 824348106 | 32,011,888 | 94,172 | SH | DFND | 1 | 94,172 | 0 | 0 | |
| SHOPIFY INC | CL A | 82509L107 | 10,925,408 | 102,750 | SH | DFND | 1 | 102,750 | 0 | 0 | |
| SONY GROUP CORP | SPONSORED ADR | 835699307 | 7,088,600 | 335,000 | SH | DFND | 1 | 335,000 | 0 | 0 | |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 | 11,587,142 | 25,900 | SH | DFND | 1 | 25,900 | 0 | 0 | |
| STARBUCKS CORP | COM | 855244109 | 3,695,625 | 40,500 | SH | SOLE | 1 | 40,500 | 0 | 0 | |
| STARBUCKS CORP | COM | 855244109 | 52,634,643 | 576,818 | SH | DFND | 1 | 576,818 | 0 | 0 | |
| TARGET CORP | COM | 87612E106 | 1,013,850 | 7,500 | SH | SOLE | 1 | 7,500 | 0 | 0 | |
| TARGET CORP | COM | 87612E106 | 16,965,090 | 125,500 | SH | DFND | 1 | 125,500 | 0 | 0 | |
| TEXAS INSTRS INC | COM | 882508104 | 188 | 1 | SH | SOLE | 1 | 1 | 0 | 0 | |
| TEXAS INSTRS INC | COM | 882508104 | 135,757,053 | 723,999 | SH | DFND | 1 | 723,999 | 0 | 0 | |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | 21,381,454 | 41,100 | SH | DFND | 1 | 41,100 | 0 | 0 | |
| TRANSUNION | COM | 89400J107 | 278,130 | 3,000 | SH | SOLE | 1 | 3,000 | 0 | 0 | |
| TRANSUNION | COM | 89400J107 | 9,090,216 | 98,050 | SH | DFND | 1 | 98,050 | 0 | 0 | |
| TYSON FOODS INC | CL A | 902494103 | 574,400 | 10,000 | SH | SOLE | 1 | 10,000 | 0 | 0 | |
| TYSON FOODS INC | CL A | 902494103 | 45,291,440 | 788,500 | SH | DFND | 1 | 788,500 | 0 | 0 | |
| UBER TECHNOLOGIES INC | COM | 90353T100 | 6,574,880 | 109,000 | SH | DFND | 1 | 109,000 | 0 | 0 | |
| UNION PAC CORP | COM | 907818108 | 2,531,244 | 11,100 | SH | SOLE | 1 | 11,100 | 0 | 0 | |
| UNION PAC CORP | COM | 907818108 | 17,029,572 | 74,678 | SH | DFND | 1 | 74,678 | 0 | 0 | |
| UNITED RENTALS INC | COM | 911363109 | 20,886,646 | 29,650 | SH | DFND | 1 | 29,650 | 0 | 0 | |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | 13,513,544 | 26,714 | SH | DFND | 1 | 26,714 | 0 | 0 | |
| VERISK ANALYTICS INC | COM | 92345Y106 | 688,575 | 2,500 | SH | SOLE | 1 | 2,500 | 0 | 0 | |
| VERISK ANALYTICS INC | COM | 92345Y106 | 42,264,734 | 153,450 | SH | DFND | 1 | 153,450 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 24,066,446 | 76,150 | SH | SOLE | 1 | 76,150 | 0 | 0 | |
| VISA INC | COM CL A | 92826C839 | 291,747,585 | 923,135 | SH | DFND | 1 | 923,135 | 0 | 0 | |
| WATSCO INC | COM | 942622200 | 19,713,824 | 41,600 | SH | SOLE | 1 | 41,600 | 0 | 0 | |
| WATSCO INC | COM | 942622200 | 260,118,222 | 548,900 | SH | DFND | 1 | 548,900 | 0 | 0 | |
| WELLS FARGO CO NEW | COM | 949746101 | 2,247,680 | 32,000 | SH | SOLE | 1 | 32,000 | 0 | 0 | |
| WELLS FARGO CO NEW | COM | 949746101 | 12,112,888 | 172,450 | SH | DFND | 1 | 172,450 | 0 | 0 | |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 | 2,702,320 | 8,627 | SH | DFND | 1 | 8,627 | 0 | 0 | |
| YUM BRANDS INC | COM | 988498101 | 27,570,148 | 205,502 | SH | DFND | 1 | 205,502 | 0 | 0 | |
