Cumberland Partners 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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
Abbott Laboratories	COM	002824100	14,771	135,729	SH		DFND	1	135,729	0	0
Abbott Laboratories	COM	002824100	4,873	44,775	SH		DFND	2	44,775	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	3,760	16,640	SH		DFND	1	16,640	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	8,993	39,794	SH		DFND	2	39,794	0	0
ALGONQUIN POWER&UTI	COM	015857105	3,187	220,100	SH		DFND	2	220,100	0	0
Alibaba Group ADR	SPONSORED ADS	01609W102	2,056	6,995	SH		DFND	1	6,995	0	0
Alibaba Group ADR	SPONSORED ADS	01609W102	9,051	30,787	SH		DFND	2	30,787	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	2,062	1,407	SH		DFND	1	1,407	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	6,973	4,758	SH		DFND	2	4,758	0	0
Alphabet Inc Cl-C	CAP STK CL C	02079K107	24,334	16,558	SH		DFND	1	16,558	0	0
Alphabet Inc Cl-C	CAP STK CL C	02079K107	4,228	2,877	SH		DFND	2	2,877	0	0
Altria Group Inc	COM	02209S103	1,352	35,000	SH		DFND	1	35,000	0	0
Altria Group Inc	COM	02209S103	12	300	SH		DFND	2	300	0	0
Amazon.com Inc	COM	023135106	3,316	1,053	SH		DFND	1	1,053	0	0
Amazon.com Inc	COM	023135106	2,047	650	SH		DFND	2	650	0	0
American Express Co	COM	025816109	168	1,675	SH		DFND	1	1,675	0	0
American Express Co	COM	025816109	157	1,570	SH		DFND	2	1,570	0	0
American Tower Corp	COM	03027X100	34	140	SH		DFND	1	140	0	0
American Tower Corp	COM	03027X100	864	3,575	SH		DFND	2	3,575	0	0
Amgen Inc	COM	031162100	38	149	SH		DFND	1	149	0	0
Amgen Inc	COM	031162100	2,148	8,450	SH		DFND	2	8,450	0	0
Anthem Inc.	COM	036752103	1,334	4,965	SH		DFND	1	4,965	0	0
Anthem Inc.	COM	036752103	1,477	5,500	SH		DFND	2	5,500	0	0
Apple Inc	COM	037833100	16,031	138,421	SH		DFND	1	138,421	0	0
Apple Inc	COM	037833100	906	7,826	SH		DFND	2	7,826	0	0
Automatc Data Proc	COM	053015103	792	5,675	SH		DFND	2	5,675	0	0
B2GOLD CORP	COM	11777Q209	573	88,300	SH		DFND	2	88,300	0	0
Bank of America	COM	060505104	6,058	251,475	SH		DFND	1	251,475	0	0
Bank of America	COM	060505104	51	2,110	SH		DFND	2	2,110	0	0
Bank of Montreal	COM	063671101	1,180	20,206	SH		DFND	1	20,206	0	0
Bank of Montreal	COM	063671101	956	16,400	SH		DFND		16,400	0	0
Bank of Nova Scotia	COM	064149107	5,134	123,661	SH		DFND	1	123,661	0	0
Bank of Nova Scotia	COM	064149107	2,353	46,925	SH		DFND	2	46,925	0	0
Bank of Nova Scotia	COM	064149107	658	15,900	SH		DFND		15,900	0	0
Barrick Gold Corporation	COM	067901108	13	467	SH		DFND	1	467	0	0
Barrick Gold Corporation	COM	067901108	417	14,900	SH		DFND	2	14,900	0	0
Baxter International Inc	COM	071813109	11,624	144,541	SH		DFND	1	144,541	0	0
Baxter International Inc	COM	071813109	2,967	36,894	SH		DFND	2	36,894	0	0
BCE Inc	COM NEW	05534B760	1,101	26,561	SH		DFND	1	26,561	0	0
BCE Inc	COM NEW	05534B760	2,523	61,000	SH		DFND	2	61,000	0	0
Becton, Dickinson & Co	COM	075887109	17,639	75,810	SH		DFND	1	75,810	0	0
Becton, Dickinson & Co	COM	075887109	2,905	12,485	SH		DFND	2	12,485	0	0
Berkshire Hathaway B New	CL B NEW	084670702	215	1,012	SH		DFND	1	1,012	0	0
Berkshire Hathaway B New	CL B NEW	084670702	4	18	SH		DFND	2	18	0	0
BLACK KNIGHT INC	COM	09215C105	1,045	12,000	SH		DFND	2	12,000	0	0
Blackrock Inc	COM	09247X101	2,043	3,625	SH		DFND	2	3,625	0	0
BlackRock Income Trust	COM	09247F100	82	13,475	SH		DFND	1	13,475	0	0
Booz Allen Hamilton Holdings A	CL A	099502106	1,853	22,328	SH		DFND	1	22,328	0	0
Booz Allen Hamilton Holdings A	CL A	099502106	4,566	55,025	SH		DFND	2	55,025	0	0
BOSTON SCIENTIFIC	COM	101137107	860	22,500	SH		DFND	2	22,500	0	0
Broadcom Inc	COM	11135F101	40	110	SH		DFND	1	110	0	0
Broadcom Inc	COM	11135F101	5,947	16,325	SH		DFND	2	16,325	0	0
Brookfield Asset Mgt A LV	CL A LTD VT SH	112585104	31,426	950,477	SH		DFND	1	950,477	0	0
Brookfield Asset Mgt A LV	CL A LTD VT SH	112585104	2,812	85,214	SH		DFND	2	85,214	0	0
BRP INC	COM SUN VTG	05577W200	5,093	96,700	SH		DFND		96,700	0	0
CACI INTERNATIONAL	CL A	127190304	1,066	5,000	SH		DFND	2	5,000	0	0
CANADA GOOSE HLDING	SHS SUB VTG	135086106	3,452	107,800	SH		DFND		107,800	0	0
Canadian Imperial Bank of Commerce	COM	136069101	150	2,003	SH		DFND	1	2,003	0	0
Canadian Imperial Bank of Commerce	COM	136069101	693	9,300	SH		DFND	2	9,300	0	0
Canadian National Railway Company	COM	136375102	16,399	154,103	SH		DFND	1	154,103	0	0
Canadian National Railway Company	COM	136375102	1,267	11,925	SH		DFND	2	11,925	0	0
Canadian Natural Resources Limited	COM	136385101	739	46,143	SH		DFND	1	46,143	0	0
Canadian Natural Resources Limited	COM	136385101	1,441	90,200	SH		DFND	2	90,200	0	0
Canadian Pacific Railway Ltd	COM	13645T100	19,064	62,721	SH		DFND	1	62,721	0	0
Canadian Pacific Railway Ltd	COM	13645T100	768	2,530	SH		DFND	2	2,530	0	0
CBOE GLOBAL MARKET	COM	12503M108	746	8,500	SH		DFND	2	8,500	0	0
Cenovus Energy Inc	COM	15135U109	208	53,440	SH		DFND	1	53,440	0	0
Comcast Corp Cl-A	CL A	20030N101	1,535	33,181	SH		DFND	1	33,181	0	0
Comcast Corp Cl-A	CL A	20030N101	5,958	128,789	SH		DFND	2	128,789	0	0
Constellation Brands Inc-A	CL A	21036P108	8,024	42,341	SH		DFND	1	42,341	0	0
Constellation Brands Inc-A	CL A	21036P108	2,864	15,115	SH		DFND	2	15,115	0	0
Costco Wholesale Corp	COM	22160K105	17,678	49,796	SH		DFND	1	49,796	0	0
Costco Wholesale Corp	COM	22160K105	7,298	20,558	SH		DFND	2	20,558	0	0
Crescent Point Energy Corp.	COM	22576C101	249	205,800	SH		DFND	1	205,800	0	0
CVS Health Corporation	COM	126650100	9,779	167,445	SH		DFND	1	167,445	0	0
CVS Health Corporation	COM	126650100	88	1,510	SH		DFND	2	1,510	0	0
Danaher Corp	COM	235851102	3,360	15,604	SH		DFND	1	15,604	0	0
Danaher Corp	COM	235851102	1,356	6,296	SH		DFND	2	6,296	0	0
Descartes Systems Group Inc	COM	249906108	4	65	SH		DFND	1	65	0	0
Descartes Systems Group Inc	COM	249906108	5,497	96,800	SH		DFND		96,800	0	0
Diageo PLC SP/ADR	SPON ADR NEW	25243Q205	7,802	56,678	SH		DFND	1	56,678	0	0
Diageo PLC SP/ADR	SPON ADR NEW	25243Q205	787	5,715	SH		DFND	2	5,715	0	0
Discover Financial Svcs	COM	254709108	3,593	62,180	SH		DFND	1	62,180	0	0
Discover Financial Svcs	COM	254709108	36	630	SH		DFND	2	630	0	0
Discovery Inc Ser-A	COM SER A	25470F104	6,596	303,000	SH		DFND	1	303,000	0	0
Discovery Inc Ser-A	COM SER A	25470F104	46	2,100	SH		DFND	2	2,100	0	0
DOMINOS PIZZA INC	COM	25754A201	553	1,300	SH		DFND	2	1,300	0	0
Dupont De Nemours Inc	COM	26614N102	6,053	109,108	SH		DFND	1	109,108	0	0
Dupont De Nemours Inc	COM	26614N102	49	880	SH		DFND	2	880	0	0
Eaton Corporation	SHS	G29183103	250	2,450	SH		DFND	2	2,450	0	0
EATON CORPORATION	COM	G29183103	4,347	42,605	SH		DFND	2	42,605	0	0
Ecolab Inc	COM	278865100	2,168	10,848	SH		DFND	1	10,848	0	0
Ecolab Inc	COM	278865100	3,471	17,373	SH		DFND	2	17,373	0	0
Eli Lilly & Co	COM	532457108	44	295	SH		DFND	1	295	0	0
Eli Lilly & Co	COM	532457108	740	5,000	SH		DFND	2	5,000	0	0
Emerging Markets Internet and Ecommerce ETF	EMQQ EM INTERN	301505889	3,594	68,805	SH		DFND	1	68,805	0	0
Emerging Markets Internet and Ecommerce ETF	EMQQ EM INTERN	301505889	307	5,870	SH		DFND	2	5,870	0	0
Enbridge Inc	COM	29250N105	1,781	61,005	SH		DFND	1	61,005	0	0
Enbridge Inc	COM	29250N105	2,324	79,775	SH		DFND	2	79,775	0	0
Encompass Health Corp	COM	29261A100	5,155	79,325	SH		DFND	1	79,325	0	0
Encompass Health Corp	COM	29261A100	36	555	SH		DFND	2	555	0	0
Energy Transfer LP	COM UT LTD PTN	29273V100	8,686	1,602,585	SH		DFND	1	1,602,585	0	0
Energy Transfer LP	COM UT LTD PTN	29273V100	79	14,495	SH		DFND	2	14,495	0	0
Estee Lauder Companies Inc CL-A	CL A	518439104	1,678	7,690	SH		DFND	1	7,690	0	0
Estee Lauder Companies Inc CL-A	CL A	518439104	3,214	14,726	SH		DFND	2	14,726	0	0
Facebook Inc Cl-A	CL A	30303M102	21,826	83,338	SH		DFND	1	83,338	0	0
Facebook Inc Cl-A	CL A	30303M102	7,685	29,343	SH		DFND	2	29,343	0	0
Fidelity Natl Info Svcs	COM	31620M106	1,951	13,253	SH		DFND	1	13,253	0	0
First Republic Bank	COM	33616C100	2,309	21,175	SH		DFND	1	21,175	0	0
First Republic Bank	COM	33616C100	6,890	63,175	SH		DFND	2	63,175	0	0
FIRSTSERVICE CORP	COM	33767E202	263	2,000	SH		DFND	2	2,000	0	0
FIRSTSERVICE CORP	COM	33767E202	8,564	65,100	SH		DFND		65,100	0	0
FISERV INC	COM	337738108	1,237	12,000	SH		DFND	2	12,000	0	0
FlexShares STOXX Global Broad Infra Index ETF	STOXX GLOBR INF	33939L795	219	4,389	SH		DFND	2	4,389	0	0
FOMENTO ECON MEXI	SPON ADR UNITS	344419106	632	11,250	SH		DFND	2	11,250	0	0
FRANCO NEVADA CORP	COM	351858105	731	5,250	SH		DFND	2	5,250	0	0
GCI LIBERTY INC	COM CLASS A	36164V305	2,254	27,500	SH		DFND	2	27,500	0	0
Global Payments Inc.	COM	37940X102	7,151	40,269	SH		DFND	1	40,269	0	0
Global Payments Inc.	COM	37940X102	343	1,930	SH		DFND	2	1,930	0	0
GODADDY INC	CL A	380237107	2,431	32,000	SH		DFND	2	32,000	0	0
GRANITE REAL ESTATE	UNIT99/99/9999	387437114	214	3,700	SH		DFND	2	3,700	0	0
GRIFOLS S.A.	SP ADR REP B NVT	398438408	911	52,500	SH		DFND	2	52,500	0	0
HDFC Bank Ltd ADR	SPONSORED ADS	40415F101	200	4,000	SH		DFND	1	4,000	0	0
HDFC Bank Ltd ADR	SPONSORED ADS	40415F101	3,937	78,816	SH		DFND	2	78,816	0	0
Home Depot Inc	COM	437076102	12,522	45,089	SH		DFND	1	45,089	0	0
Home Depot Inc	COM	437076102	8,279	29,814	SH		DFND	2	29,814	0	0
Honeywell International Inc	COM	438516106	11,549	70,162	SH		DFND	1	70,162	0	0
Honeywell International Inc	COM	438516106	4,053	24,625	SH		DFND	2	24,625	0	0
INTERACTIVE BROKERS	COM CL A	45841N107	1,861	38,500	SH		DFND	2	38,500	0	0
Invesco DWA Industrials Momentum ETF	DWA INDLS MUMT	46137V845	302	3,958	SH		DFND	2	3,958	0	0
Ishares DJ Sel Dvd Fd	SELECT DIVID ETF	464287168	627	7,690	SH		DFND	1	7,690	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	923	11,000	SH		DFND	2	11,000	0	0
ISHARES TR	0-5YR HU YL CP	46434V407	932	21,200	SH		DFND	2	21,200	0	0
Johnson & Johnson	COM	478160104	60	400	SH		DFND	1	400	0	0
Johnson & Johnson	COM	478160104	5,241	35,205	SH		DFND	2	35,205	0	0
JPMorgan Chase & Company	COM	46625H100	26,927	279,706	SH		DFND	1	279,706	0	0
JPMorgan Chase & Company	COM	46625H100	3,337	34,657	SH		DFND	2	34,657	0	0
Keysight Technologies Inc	COM	49338L103	161	1,625	SH		DFND	1	1,625	0	0
Keysight Technologies Inc	COM	49338L103	589	5,965	SH		DFND	2	5,965	0	0
Kimberly Clark Corp	COM	494368103	57	385	SH		DFND	1	385	0	0
Kimberly Clark Corp	COM	494368103	853	5,775	SH		DFND	2	5,775	0	0
KINROSS GOLD CORP	COM	496902404	574	65,300	SH		DFND	2	65,300	0	0
KIRKLAND LAKE GOLD	COM	49741E100	336	6,900	SH		DFND	2	6,900	0	0
KIRKLAND LAKE GOLD	COM	49741E100	4,851	99,682	SH		DFND		99,682	0	0
Kraneshares Quadratic Interest Rate ETF	QUADRTC INT RT	500767736	307	11,205	SH		DFND	2	11,205	0	0
Lockheed Martin Corp	COM	539830109	34	90	SH		DFND	1	90	0	0
Lockheed Martin Corp	COM	539830109	819	2,137	SH		DFND	2	2,137	0	0
Lowe's Companies Inc	COM	548661107	234	1,413	SH		DFND	1	1,413	0	0
Lowe's Companies Inc	COM	548661107	171	1,030	SH		DFND	2	1,030	0	0
Madison Square Garden	CL A	55826T102	2,579	37,650	SH		DFND	1	37,650	0	0
Madison Square Garden	CL A	55826T102	22	325	SH		DFND	2	325	0	0
Manulife Financial Corporation	COM	56501R106	138	9,948	SH		DFND	1	9,948	0	0
Manulife Financial Corporation	COM	56501R106	814	58,725	SH		DFND	2	58,725	0	0
Marsh & McLennan Companies, Inc	COM	571748102	5,866	51,143	SH		DFND	1	51,143	0	0
Marsh & McLennan Companies, Inc	COM	571748102	306	2,660	SH		DFND	2	2,660	0	0
Mastercard Inc Cl-A	CL A	57636Q104	9,055	26,775	SH		DFND	1	26,775	0	0
Mastercard Inc Cl-A	CL A	57636Q104	6,449	19,218	SH		DFND	2	19,218	0	0
McDonald's Corp	COM	580135101	41	187	SH		DFND	1	187	0	0
McDonald's Corp	COM	580135101	738	3,361	SH		DFND	2	3,361	0	0
Medtronic, PLC	SHS	G5960L103	6,120	58,889	SH		DFND	1	58,889	0	0
Medtronic, PLC	SHS	G5960L103	3,408	32,795	SH		DFND	2	32,795	0	0
Microsoft Corp	COM	594918104	30,919	147,003	SH		DFND	1	147,003	0	0
Microsoft Corp	COM	594918104	13,952	66,337	SH		DFND	2	66,337	0	0
MOODYS CORP	COM	615369105	855	2,950	SH		DFND	2	2,950	0	0
Newmont Mining Corp. (Holding Co.)	COM	651639106	5,194	81,850	SH		DFND	2	81,850	0	0
NIKE, Inc Class B	CL B	654106103	19,179	152,774	SH		DFND	1	152,774	0	0
NIKE, Inc Class B	CL B	654106103	2,175	17,327	SH		DFND	2	17,327	0	0
NIKE, Inc Class B	CL B	654106103	2,552	20,329	SH		DFND	2	20,329	0	0
NORTH AMERICAN CONS	COM	656811106	32	4,900	SH		DFND	2	4,900	0	0
NORTH AMERICAN CONS	COM	656811106	3,266	503,200	SH		DFND		503,200	0	0
NUTRIEN LTD	COM	67077M108	430	11,000	SH		DFND	2	11,000	0	0
O-I Glass	COM	67098H104	3,818	360,545	SH		DFND	1	360,545	0	0
O-I Glass	COM	67098H104	31	2,900	SH		DFND	2	2,900	0	0
Open Text Corporation	COM	683715106	4	100	SH		DFND	1	100	0	0
Open Text Corporation	COM	683715106	539	12,800	SH		DFND	2	12,800	0	0
Otis Worldwide Corp	COM	68902V107	586	9,395	SH		DFND	1	9,395	0	0
Otis Worldwide Corp	COM	68902V107	594	9,521	SH		DFND	2	9,521	0	0
Ovintiv Inc	COM	69047Q102	118	14,490	SH		DFND	1	14,490	0	0
PAYCHEX INC	COM	704326107	1,117	14,000	SH		DFND	2	14,000	0	0
Paypal Holdings Inc	COM	70450Y103	5	23	SH		DFND	1	23	0	0
Paypal Holdings Inc	COM	70450Y103	394	2,000	SH		DFND	2	2,000	0	0
Pembina Pipeline Corp	COM	706327103	5,297	249,796	SH		DFND	1	249,796	0	0
Pembina Pipeline Corp	COM	706327103	6	270	SH		DFND	2	270	0	0
PepsiCo, Inc	COM	713448108	7,459	53,819	SH		DFND	1	53,819	0	0
PepsiCo, Inc	COM	713448108	2,610	18,835	SH		DFND	2	18,835	0	0
PERKINELMER INC	COM	714046109	1,130	9,000	SH		DFND	2	9,000	0	0
Philip Morris Intl Inc	COM	718172109	90	1,200	SH		DFND	1	1,200	0	0
Philip Morris Intl Inc	COM	718172109	5,560	74,150	SH		DFND	2	74,150	0	0
Precision Drilling Corp	COM 2010	74022D308	31	48,009	SH		DFND	1	48,009	0	0
Progressive Corp Ohio	COM	743315103	136	1,440	SH		DFND	1	1,440	0	0
Progressive Corp Ohio	COM	743315103	148	1,570	SH		DFND	2	1,570	0	0
ROPER TECHNOLOGIES	COM	776696106	435	1,100	SH		DFND	2	1,100	0	0
Royal Bank of Canada	COM	780087102	23,065	328,774	SH		DFND	1	328,774	0	0
Royal Bank of Canada	COM	780087102	7,163	102,262	SH		DFND	2	102,262	0	0
Royal Bank of Canada	COM	780087102	560	8,000	SH		DFND		8,000	0	0
S&P Global Inc	COM	78409V104	21,713	60,214	SH		DFND	1	60,214	0	0
S&P Global Inc	COM	78409V104	7,107	19,708	SH		DFND	2	19,708	0	0
SCHWAB CHARLES CORP	COM	808513105	725	20,000	SH		DFND	2	20,000	0	0
SCIENCE APLCTNS INT	COM	808625107	863	11,000	SH		DFND	2	11,000	0	0
Shaw Communications Inc -B	CL B CONV	82028K200	22,086	1,211,194	SH		DFND	1	1,211,194	0	0
Shaw Communications Inc -B	CL B CONV	82028K200	362	19,855	SH		DFND	2	19,855	0	0
Sherwin-Williams Co	COM	824348106	6	8	SH		DFND	1	8	0	0
Sherwin-Williams Co	COM	824348106	5,653	8,114	SH		DFND	2	8,114	0	0
SPDR Bloomberg Barclays 1-3 mth T-Bill	SPDR BLOOMBERG	78468R663	1,204	13,151	SH		DFND	2	13,151	0	0
SPDR Gold Trust ETF	GOLD SHS	78463V107	7,027	39,675	SH		DFND	1	39,675	0	0
SPDR Gold Trust ETF	GOLD SHS	78463V107	364	2,053	SH		DFND	2	2,053	0	0
SPDR SERIES TRUST	BLOOMBEG BCLYS	78468R622	867	8,312	SH		DFND	2	8,312	0	0
SPOTIFY TECHNOLOGY	SHS	L8681T102	1,746	7,197	SH		DFND	2	7,197	0	0
Starbucks Corp	COM	855244109	1,099	12,789	SH		DFND	1	12,789	0	0
Starbucks Corp	COM	855244109	891	10,375	SH		DFND	2	10,375	0	0
Sun Life Financial Services Canada Inc	COM	866796105	349	8,567	SH		DFND	1	8,567	0	0
Sun Life Financial Services Canada Inc	COM	866796105	447	11,000	SH		DFND	2	11,000	0	0
Taiwan Semiconductor Manufacturing SP/ADR	SPONSORED ADS	874039100	2,015	24,860	SH		DFND	1	24,860	0	0
Taiwan Semiconductor Manufacturing SP/ADR	SPONSORED ADS	874039100	4,414	54,444	SH		DFND	2	54,444	0	0
Targa Resources Corp	COM	87612G101	491	35,000	SH		DFND	1	35,000	0	0
TC ENERGY	COM	87807B107	255	6,100	SH		DFND	2	6,100	0	0
TCW Strategic Income Fund	COM	872340104	95	16,825	SH		DFND	1	16,825	0	0
Telus Corporation	COM	87971M103	54	3,070	SH		DFND	1	3,070	0	0
Telus Corporation	COM	87971M103	617	35,200	SH		DFND	2	35,200	0	0
Tesla Motors Inc.	COM	88160R101	1,103	2,570	SH		DFND	1	2,570	0	0
Texas Instruments-Cum Rts	COM	882508104	6	40	SH		DFND	1	40	0	0
Texas Instruments-Cum Rts	COM	882508104	4,441	31,100	SH		DFND	2	31,100	0	0
TEXAS PAC LD TR	SUB CTF PROP I T	882610108	926	2,050	SH		DFND	2	2,050	0	0
TFI INTERNATIONAL	COM	87241L109	529	12,700	SH		DFND	2	12,700	0	0
Thermo Fisher Scientific, Inc	COM	883556102	17,832	40,387	SH		DFND	1	40,387	0	0
Thermo Fisher Scientific, Inc	COM	883556102	9,358	21,194	SH		DFND	2	21,194	0	0
THOMSON REUTERS COR	COM NEW	884903709	263	3,300	SH		DFND	2	3,300	0	0
TJX Companies, Inc	COM	872540109	230	4,125	SH		DFND	1	4,125	0	0
TJX Companies, Inc	COM	872540109	295	5,295	SH		DFND	2	5,295	0	0
Toronto-Dominion Bank	COM NEW	891160509	22,164	479,077	SH		DFND	1	479,077	0	0
Toronto-Dominion Bank	COM NEW	891160509	2,823	61,132	SH		DFND	2	61,132	0	0
Toronto-Dominion Bank	COM NEW	891160509	628	13,600	SH		DFND		13,600	0	0
Union Pacific Corp	COM	907818108	520	2,640	SH		DFND	1	2,640	0	0
UnitedHealth Group Inc	COM	91324P102	13,888	44,547	SH		DFND	1	44,547	0	0
UnitedHealth Group Inc	COM	91324P102	5,078	16,288	SH		DFND	2	16,288	0	0
VanEck Vectors Gold Miners ETF	GOLD MINERS ETF	92189F106	8,084	206,440	SH		DFND	1	206,440	0	0
VanEck Vectors Gold Miners ETF	GOLD MINERS ETF	92189F106	75	1,920	SH		DFND	2	1,920	0	0
Vanguard Div Appr ETF	DIV APP ETF	921908844	618	4,800	SH		DFND	1	4,800	0	0
Vanguard S/T Corp Bond ETF	SHRT TRM CORP BD	92206C409	5,644	68,127	SH		DFND	1	68,127	0	0
Vanguard S/T Corp Bond ETF	SHRT TRM CORP BD	92206C409	1,168	14,100	SH		DFND	2	14,100	0	0
Vermilion Energy Inc	COM	923725105	228	97,513	SH		DFND	1	97,513	0	0
Visa Inc	COM CL A	92826C839	23,796	118,997	SH		DFND	1	118,997	0	0
Visa Inc	COM CL A	92826C839	7,624	38,123	SH		DFND	2	38,123	0	0
Wabtec Corp/De .	COM	929740108	5,839	94,355	SH		DFND	1	94,355	0	0
Wabtec Corp/De .	COM	929740108	26	420	SH		DFND	2	420	0	0
Walmart Inc	COM	931142103	8,046	57,506	SH		DFND	1	57,506	0	0
Walmart Inc	COM	931142103	180	1,285	SH		DFND	2	1,285	0	0
Walmart Inc	COM	931142103	358	2,555	SH		DFND	2	2,555	0	0
Walt Disney Co	COM DISNEY	254687106	1,528	12,311	SH		DFND	1	12,311	0	0
Watsco Inc	COM	942622200	2,055	8,825	SH		DFND	2	8,825	0	0