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   26,034,551 107,094 SH   DFND 1, 2 107,094 0 0
ALPHABET CL A ORD CAP STK CL A 02079K305   30,902,143 127,117 SH   DFND 1 127,117 0 0
AMAZON COM ORD COM 023135106   47,201,402 214,972 SH   DFND 1, 2 214,972 0 0
AMAZON COM ORD COM 023135106   53,899,604 245,478 SH   DFND 1 245,478 0 0
COMCAST CL A ORD CL A 20030N101   25,497,299 811,499 SH   DFND 1, 2 811,499 0 0
COMCAST CL A ORD CL A 20030N101   6,147,354 195,651 SH   DFND 1 195,651 0 0
CVS HEALTH ORD COM 126650100   29,914,450 396,796 SH   DFND 1, 2 396,796 0 0
CVS HEALTH ORD COM 126650100   9,805,148 130,059 SH   DFND 1 130,059 0 0
GE AEROSPACE ORD COM NEW 369604301   53,889,196 179,141 SH   DFND 1, 2 179,141 0 0
GE AEROSPACE ORD COM NEW 369604301   57,382,618 190,754 SH   DFND 1 190,754 0 0
INTEL ORD COM 458140100   27,120,277 808,354 SH   DFND 1, 2 808,354 0 0
INTEL ORD COM 458140100   46,189,761 1,376,744 SH   DFND 1 1,376,744 0 0
MERCK & CO ORD COM 58933Y105   19,693,419 234,641 SH   DFND 1, 2 234,641 0 0
MERCK & CO ORD COM 58933Y105   20,036,105 238,724 SH   DFND 1 238,724 0 0
MICROSOFT ORD COM 594918104   183,617,937 354,509 SH   DFND 1, 2 354,509 0 0
MICROSOFT ORD COM 594918104   175,281,531 338,414 SH   DFND 1 338,414 0 0
PROCTER & GAMBLE ORD COM 742718109   19,356,059 125,975 SH   DFND 1, 2 125,975 0 0
PROCTER & GAMBLE ORD COM 742718109   21,458,759 139,660 SH   DFND 1 139,660 0 0
RELIANCE ORD COM 759509102   16,088,751 57,290 SH   DFND 1, 2 57,290 0 0
RELIANCE ORD COM 759509102   11,497,461 40,941 SH   DFND 1 40,941 0 0
RENAISSANCERE ORD COM G7496G103   21,765,610 85,715 SH   DFND 1, 2 85,715 0 0
RENAISSANCERE ORD COM G7496G103   84,907,590 334,374 SH   DFND 1 334,374 0 0
SAFETY INSURANCE GROUP ORD COM 78648T100   72,581,028 1,026,751 SH   DFND 1, 2 1,026,751 0 0
SAFETY INSURANCE GROUP ORD COM 78648T100   57,650,028 815,533 SH   DFND 1 815,533 0 0
SEL SECTOR:C DSC SPDR SBI CONS DISCR 81369Y407   5,245,720 21,890 SH   DFND 1, 2 21,890 0 0
SEL SECTOR:C DSC SPDR SBI CONS DISCR 81369Y407   13,271,263 55,380 SH   DFND 1 55,380 0 0
SEL SECTOR:C STP SPDR SBI CONS STPLS 81369Y308   4,669,598 59,584 SH   DFND 1 59,584 0 0
SEL SECTOR:COMM SVC SPDR COMMUNICATION 81369Y852   44,074,714 372,347 SH   DFND 1, 2 372,347 0 0
SEL SECTOR:COMM SVC SPDR COMMUNICATION 81369Y852   50,712,904 428,427 SH   DFND 1 428,427 0 0
SEL SECTOR:H CARE SPDR SBI HEALTHCARE 81369Y209   31,277,622 224,744 SH   DFND 1, 2 224,744 0 0
SEL SECTOR:H CARE SPDR SBI HEALTHCARE 81369Y209   46,214,739 332,074 SH   DFND 1 332,074 0 0
SEL SECTOR:INDUST SPDR INDL 81369Y704   5,185,367 33,621 SH   DFND 1 33,621 0 0
SEL SECTOR:MATRLS SPDR SBI MATERIALS 81369Y100   36,037,277 402,112 SH   DFND 1, 2 402,112 0 0
SEL SECTOR:MATRLS SPDR SBI MATERIALS 81369Y100   41,465,202 462,678 SH   DFND 1 462,678 0 0
SEL SECTOR:TECH SPDR TECHNOLOGY 81369Y803   36,232,821 128,549 SH   DFND 1, 2 128,549 0 0
SEL SECTOR:TECH SPDR TECHNOLOGY 81369Y803   76,687,060 272,075 SH   DFND 1 272,075 0 0
SHERWIN WILLIAMS ORD COM 824348106   17,720,548 51,177 SH   DFND 1, 2 51,177 0 0
SHERWIN WILLIAMS ORD COM 824348106   21,084,810 60,893 SH   DFND 1 60,893 0 0
TOYOTA MOTOR ADR REP 10 ORD ADS 892331307   27,627,028 144,576 SH   DFND 1, 2 144,576 0 0
TOYOTA MOTOR ADR REP 10 ORD ADS 892331307   29,335,372 153,516 SH   DFND 1 153,516 0 0
WALMART ORD COM 931142103   35,514,270 344,598 SH   DFND 1, 2 344,598 0 0
WALMART ORD COM 931142103   39,415,503 382,452 SH   DFND 1 382,452 0 0
WW GRAINGER ORD COM 384802104   29,369,274 30,819 SH   DFND 1, 2 30,819 0 0
WW GRAINGER ORD COM 384802104   35,621,645 37,380 SH   DFND 1 37,380 0 0