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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALPHABET CL A ORD CAP STK CL A 02079K305   18,873,176 107,094 SH   DFND 1, 2 107,094 0 0
ALPHABET CL A ORD CAP STK CL A 02079K305   22,401,829 127,117 SH   DFND 1 127,117 0 0
AMAZON COM ORD COM 023135106   47,162,707 214,972 SH   DFND 1, 2 214,972 0 0
AMAZON COM ORD COM 023135106   60,398,067 275,300 SH   DFND 1 275,300 0 0
COMCAST CL A ORD CL A 20030N101   28,962,399 811,499 SH   DFND 1, 2 811,499 0 0
COMCAST CL A ORD CL A 20030N101   6,982,784 195,651 SH   DFND 1 195,651 0 0
CVS HEALTH ORD COM 126650100   27,370,988 396,796 SH   DFND 1, 2 396,796 0 0
CVS HEALTH ORD COM 126650100   13,754,405 199,397 SH   DFND 1 199,397 0 0
GE AEROSPACE ORD COM NEW 369604301   46,109,102 179,141 SH   DFND 1, 2 179,141 0 0
GE AEROSPACE ORD COM NEW 369604301   52,407,950 203,613 SH   DFND 1 203,613 0 0
INTEL ORD COM 458140100   18,107,130 808,354 SH   DFND 1, 2 808,354 0 0
INTEL ORD COM 458140100   30,839,066 1,376,744 SH   DFND 1 1,376,744 0 0
MERCK & CO ORD COM 58933Y105   18,574,182 234,641 SH   DFND 1, 2 234,641 0 0
MERCK & CO ORD COM 58933Y105   20,732,400 261,905 SH   DFND 1 261,905 0 0
MICROSOFT ORD COM 594918104   176,336,322 354,509 SH   DFND 1, 2 354,509 0 0
MICROSOFT ORD COM 594918104   168,330,508 338,414 SH   DFND 1 338,414 0 0
PROCTER & GAMBLE ORD COM 742718109   20,070,337 125,975 SH   DFND 1, 2 125,975 0 0
PROCTER & GAMBLE ORD COM 742718109   24,660,665 154,787 SH   DFND 1 154,787 0 0
RELIANCE ORD COM 759509102   17,983,331 57,290 SH   DFND 1, 2 57,290 0 0
RELIANCE ORD COM 759509102   12,851,380 40,941 SH   DFND 1 40,941 0 0
RENAISSANCERE ORD COM G7496G103   20,820,174 85,715 SH   DFND 1, 2 85,715 0 0
RENAISSANCERE ORD COM G7496G103   81,600,798 335,944 SH   DFND 1 335,944 0 0
SAFETY INSURANCE GROUP ORD COM 78648T100   81,513,762 1,026,751 SH   DFND 1, 2 1,026,751 0 0
SAFETY INSURANCE GROUP ORD COM 78648T100   64,745,165 815,533 SH   DFND 1 815,533 0 0
SEL SECTOR:C DSC SPDR SBI CONS DISCR 81369Y407   4,757,354 21,890 SH   DFND 1, 2 21,890 0 0
SEL SECTOR:C DSC SPDR SBI CONS DISCR 81369Y407   12,035,735 55,380 SH   DFND 1 55,380 0 0
SEL SECTOR:C STP SPDR SBI CONS STPLS 81369Y308   4,824,516 59,584 SH   DFND 1 59,584 0 0
SEL SECTOR:COMM SVC SPDR COMMUNICATION 81369Y852   40,410,820 372,347 SH   DFND 1, 2 372,347 0 0
SEL SECTOR:COMM SVC SPDR COMMUNICATION 81369Y852   46,497,182 428,427 SH   DFND 1 428,427 0 0
SEL SECTOR:H CARE SPDR SBI HEALTHCARE 81369Y209   30,293,244 224,744 SH   DFND 1, 2 224,744 0 0
SEL SECTOR:H CARE SPDR SBI HEALTHCARE 81369Y209   44,760,254 332,074 SH   DFND 1 332,074 0 0
SEL SECTOR:INDUST SPDR INDL 81369Y704   4,959,770 33,621 SH   DFND 1 33,621 0 0
SEL SECTOR:MATRLS SPDR SBI MATERIALS 81369Y100   35,309,455 402,112 SH   DFND 1, 2 402,112 0 0
SEL SECTOR:MATRLS SPDR SBI MATERIALS 81369Y100   40,627,755 462,678 SH   DFND 1 462,678 0 0
SEL SECTOR:TECH SPDR TECHNOLOGY 81369Y803   32,552,463 128,549 SH   DFND 1, 2 128,549 0 0
SEL SECTOR:TECH SPDR TECHNOLOGY 81369Y803   49,540,904 195,636 SH   DFND 1 195,636 0 0
SHERWIN WILLIAMS ORD COM 824348106   17,572,135 51,177 SH   DFND 1, 2 51,177 0 0
SHERWIN WILLIAMS ORD COM 824348106   20,908,220 60,893 SH   DFND 1 60,893 0 0
TOYOTA MOTOR ADR REP 10 ORD ADS 892331307   24,904,662 144,576 SH   DFND 1, 2 144,576 0 0
TOYOTA MOTOR ADR REP 10 ORD ADS 892331307   26,599,700 154,416 SH   DFND 1 154,416 0 0
WALMART ORD COM 931142103   33,694,792 344,598 SH   DFND 1, 2 344,598 0 0
WALMART ORD COM 931142103   41,351,553 422,904 SH   DFND 1 422,904 0 0
WW GRAINGER ORD COM 384802104   32,059,157 30,819 SH   DFND 1, 2 30,819 0 0
WW GRAINGER ORD COM 384802104   41,548,226 39,941 SH   DFND 1 39,941 0 0