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	15,065	137,596	SH		DFND	1	137,596	0	0
Abbott Laboratories	COM	002824100	5,071	46,314	SH		DFND	2	46,314	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	4,830	18,491	SH		DFND	1	18,491	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	11,276	43,170	SH		DFND	2	43,170	0	0
ACTIVISION BLIZZARD	COM	00507V109	1,021	11,000	SH		DFND	2	11,000	0	0
Activision Blizzard Inc	COM	00507V109	19	200	SH		DFND	1	200	0	0
AGNICO EAGLE MINES	COM	008474108	408	5,800	SH		DFND		5,800	0	0
ALGONQUIN POWER&UTI	COM	015857105	2,569	156,250	SH		DFND	2	156,250	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	2,582	1,473	SH		DFND	1	1,473	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	7,747	4,420	SH		DFND	2	4,420	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	920	525	SH		DFND		525	0	0
Alphabet Inc Cl-C	CAP STK CL C	02079K107	28,932	16,515	SH		DFND	1	16,515	0	0
Alphabet Inc Cl-C	CAP STK CL C	02079K107	4,849	2,768	SH		DFND	2	2,768	0	0
Altria Group Inc	COM	02209S103	1,438	35,075	SH		DFND	1	35,075	0	0
Altria Group Inc	COM	02209S103	8	200	SH		DFND	2	200	0	0
AMAZON COM INC	COM	023135106	5,081	1,560	SH		DFND	2	1,560	0	0
Amazon.com Inc	COM	023135106	3,475	1,067	SH		DFND	1	1,067	0	0
American Express Co	COM	025816109	203	1,675	SH		DFND	1	1,675	0	0
American Express Co	COM	025816109	208	1,720	SH		DFND	2	1,720	0	0
American Tower Corp	COM	03027X100	31	140	SH		DFND	1	140	0	0
American Tower Corp	COM	03027X100	1,072	4,775	SH		DFND	2	4,775	0	0
Amgen Inc	COM	031162100	40	173	SH		DFND	1	173	0	0
Amgen Inc	COM	031162100	1,943	8,450	SH		DFND	2	8,450	0	0
Analog Devices Inc	COM	032654105	7,902	53,491	SH		DFND	1	53,491	0	0
Analog Devices Inc	COM	032654105	2,567	17,375	SH		DFND	2	17,375	0	0
ANTHEM INC	COM	036752103	2,007	6,250	SH		DFND	2	6,250	0	0
Anthem Inc.	COM	036752103	1,791	5,578	SH		DFND	1	5,578	0	0
Apple Inc	COM	037833100	17,975	135,466	SH		DFND	1	135,466	0	0
Apple Inc	COM	037833100	3,254	24,519	SH		DFND	2	24,519	0	0
B2GOLD CORP	COM	11777Q209	579	103,500	SH		DFND	2	103,500	0	0
Bank of America	COM	060505104	8,545	281,925	SH		DFND	1	281,925	0	0
Bank of America	COM	060505104	82	2,710	SH		DFND	2	2,710	0	0
Bank of Montreal	COM	063671101	1,421	18,736	SH		DFND	1	18,736	0	0
Bank of Montreal	COM	063671101	1,246	16,400	SH		DFND		16,400	0	0
Bank of Nova Scotia	COM	064149107	6,449	119,585	SH		DFND	1	119,585	0	0
Bank of Nova Scotia	COM	064149107	859	15,900	SH		DFND		15,900	0	0
BARRICK GOLD CORP	COM	067901108	715	31,400	SH		DFND	2	31,400	0	0
Barrick Gold Corporation	COM	067901108	7	327	SH		DFND	1	327	0	0
Barrick Gold Corporation	COM	067901108	3	140	SH		DFND	2	140	0	0
Baxter International Inc	COM	071813109	11,555	144,003	SH		DFND	1	144,003	0	0
Baxter International Inc	COM	071813109	2,237	27,880	SH		DFND	2	27,880	0	0
BAXTER INTL INC	COM	071813109	272	3,390	SH		DFND	2	3,390	0	0
BCE Inc	COM NEW	05534B760	802	18,788	SH		DFND	1	18,788	0	0
BCE Inc	COM NEW	05534B760	694	16,250	SH		DFND	2	16,250	0	0
Becton, Dickinson & Co	COM	075887109	19,177	76,640	SH		DFND	1	76,640	0	0
Becton, Dickinson & Co	COM	075887109	3,091	12,354	SH		DFND	2	12,354	0	0
Becton, Dickinson & Co	COM	075887109	1,051	4,200	SH		DFND		4,200	0	0
Berkshire Hathaway B New	CL B NEW	084670702	237	1,022	SH		DFND	1	1,022	0	0
Berkshire Hathaway B New	CL B NEW	084670702	4	18	SH		DFND	2	18	0	0
BLACK KNIGHT INC	COM	09215C105	508	5,750	SH		DFND	2	5,750	0	0
Blackrock Inc	COM	09247X101	7	10	SH		DFND	1	10	0	0
Blackrock Inc	COM	09247X101	1,894	2,625	SH		DFND	2	2,625	0	0
BlackRock Income Trust	COM	09247F100	136	22,410	SH		DFND	1	22,410	0	0
BlackRock Income Trust	COM	09247F100	34	5,575	SH		DFND	2	5,575	0	0
Booz Allen Hamilton Holdings A	CL A	099502106	2,103	24,125	SH		DFND	1	24,125	0	0
Booz Allen Hamilton Holdings A	CL A	099502106	4,584	52,575	SH		DFND	2	52,575	0	0
BOSTON SCIENTIFIC	COM	101137107	899	25,000	SH		DFND	2	25,000	0	0
Broadcom Inc	COM	11135F101	48	110	SH		DFND	1	110	0	0
Broadcom Inc	COM	11135F101	7,498	17,125	SH		DFND	2	17,125	0	0
BROADRIDGE FINL SOL	COM	11133T103	858	5,600	SH		DFND		5,600	0	0
Brookfield Asset Mgt A LV	CL A LTD VT SH	112585104	34,711	841,576	SH		DFND	1	841,576	0	0
Brookfield Asset Mgt A LV	CL A LTD VT SH	112585104	3,791	91,784	SH		DFND	2	91,784	0	0
Brookfield Infra Ptnr LPU	LP INT UNIT	G16252101	111	2,243	SH		DFND	1	2,243	0	0
BRP INC	COM SUN VTG	05577W200	251	3,800	SH		DFND	2	3,800	0	0
BRP INC	COM SUN VTG	05577W200	6,343	96,100	SH		DFND		96,100	0	0
CACI INTERNATIONAL	CL A	127190304	1,496	6,000	SH		DFND	2	6,000	0	0
CAE Inc	COM	124765108	6,344	229,465	SH		DFND	1	229,465	0	0
CAE Inc	COM	124765108	8	300	SH		DFND	2	300	0	0
CANADA GOOSE HLDING	SHS SUB VTG	135086106	2,079	70,000	SH		DFND		70,000	0	0
Canadian Imperial Bank of Commerce	COM	136069101	1,161	13,600	SH		DFND	2	13,600	0	0
Canadian Imperial Bank of Commerce	COM	136069101	184	2,161	SH		DFND	1	2,161	0	0
Canadian National Railway Company	COM	136375102	16,742	152,631	SH		DFND	1	152,631	0	0
Canadian National Railway Company	COM	136375102	3,232	29,425	SH		DFND	2	29,425	0	0
Canadian Natural Resources Limited	COM	136385101	1,076	44,896	SH		DFND	1	44,896	0	0
Canadian Natural Resources Limited	COM	136385101	3,330	138,700	SH		DFND	2	138,700	0	0
Canadian Pacific Railway Ltd	COM	13645T100	21,357	61,710	SH		DFND	1	61,710	0	0
Canadian Pacific Railway Ltd	COM	13645T100	1,153	3,330	SH		DFND	2	3,330	0	0
Cenovus Energy Inc	COM	15135U109	321	52,933	SH		DFND	1	52,933	0	0
Cheniere Energy Inc	COM	16411R208	32	535	SH		DFND	1	535	0	0
CISCO SYSTEMS INC	COM	17275R102	1,087	24,300	SH		DFND		24,300	0	0
Comcast Corp Cl-A	CL A	20030N101	1,928	36,797	SH		DFND	1	36,797	0	0
Comcast Corp Cl-A	CL A	20030N101	6,594	125,838	SH		DFND	2	125,838	0	0
Comcast Corp Cl-A	CL A	20030N101	1,074	20,500	SH		DFND		20,500	0	0
Constellation Brands Inc-A	CL A	21036P108	17,611	80,397	SH		DFND	1	80,397	0	0
Constellation Brands Inc-A	CL A	21036P108	4,193	19,141	SH		DFND	2	19,141	0	0
Costco Wholesale Corp	COM	22160K105	19,107	50,710	SH		DFND	1	50,710	0	0
Costco Wholesale Corp	COM	22160K105	6,052	16,064	SH		DFND	2	16,064	0	0
Crescent Point Energy Corp.	COM	22576C101	479	205,803	SH		DFND	1	205,803	0	0
CVS Health Corporation	COM	126650100	11,337	165,990	SH		DFND	1	165,990	0	0
CVS Health Corporation	COM	126650100	96	1,410	SH		DFND	2	1,410	0	0
Danaher Corp	COM	235851102	3,414	15,369	SH		DFND	1	15,369	0	0
Danaher Corp	COM	235851102	888	3,996	SH		DFND	2	3,996	0	0
Descartes Systems Group Inc	COM	249906108	4	65	SH		DFND	2	65	0	0
Descartes Systems Group Inc	COM	249906108	4,248	72,700	SH		DFND		72,700	0	0
Diageo PLC SP/ADR	SPON ADR NEW	25243Q205	8,856	55,763	SH		DFND	1	55,763	0	0
Diageo PLC SP/ADR	SPON ADR NEW	25243Q205	908	5,715	SH		DFND	2	5,715	0	0
Discover Financial Svcs	COM	254709108	5,995	66,220	SH		DFND	1	66,220	0	0
Discover Financial Svcs	COM	254709108	65	715	SH		DFND	2	715	0	0
Discovery Inc Ser-A	COM SER A	25470F104	6,305	209,550	SH		DFND	1	209,550	0	0
Discovery Inc Ser-A	COM SER A	25470F104	35	1,175	SH		DFND	2	1,175	0	0
DOCEBO INC	COM	25609L105	4,073	62,700	SH		DFND		62,700	0	0
DOMINOS PIZZA INC	COM	25754A201	690	1,800	SH		DFND	2	1,800	0	0
Domino's Pizza Inc	COM	25754A201	35	90	SH		DFND	1	90	0	0
Dupont De Nemours Inc	COM	26614N102	7,682	108,033	SH		DFND	1	108,033	0	0
Dupont De Nemours Inc	COM	26614N102	57	805	SH		DFND	2	805	0	0
Eaton Corporation	SHS	G29183103	216	1,800	SH		DFND	2	1,800	0	0
Eaton Corporation	SHS	G29183103	4,572	38,055	SH		DFND	2	38,055	0	0
Ebay Inc	COM	278642103	30	596	SH		DFND	1	596	0	0
Ebay Inc	COM	278642103	1,131	22,500	SH		DFND	2	22,500	0	0
Ecolab Inc	COM	278865100	2,945	13,611	SH		DFND	1	13,611	0	0
Ecolab Inc	COM	278865100	2,777	12,837	SH		DFND	2	12,837	0	0
ELECTRONIC ARTS INC	COM	285512109	1,005	7,000	SH		DFND	2	7,000	0	0
Eli Lilly & Co	COM	532457108	44	260	SH		DFND	1	260	0	0
Eli Lilly & Co	COM	532457108	6	35	SH		DFND	2	35	0	0
Emerging Markets Internet and Ecommerce ETF	EMQQ EM INTERN	301505889	9,226	145,115	SH		DFND	1	145,115	0	0
Emerging Markets Internet and Ecommerce ETF	EMQQ EM INTERN	301505889	496	7,806	SH		DFND	2	7,806	0	0
Enbridge Inc	COM	29250N105	2,237	70,110	SH		DFND	1	70,110	0	0
Enbridge Inc	COM	29250N105	2,957	92,525	SH		DFND	2	92,525	0	0
Encompass Health Corp	COM	29261A100	6,530	78,975	SH		DFND	1	78,975	0	0
Encompass Health Corp	COM	29261A100	40	480	SH		DFND	2	480	0	0
Energy Transfer LP	COM UT LTD PTN	29273V100	11,077	1,792,435	SH		DFND	1	1,792,435	0	0
Energy Transfer LP	COM UT LTD PTN	29273V100	95	15,365	SH		DFND	2	15,365	0	0
Estee Lauder Companies Inc CL-A	CL A	518439104	2,402	9,024	SH		DFND	1	9,024	0	0
Estee Lauder Companies Inc CL-A	CL A	518439104	3,693	13,873	SH		DFND	2	13,873	0	0
Facebook Inc Cl-A	CL A	30303M102	22,837	83,603	SH		DFND	1	83,603	0	0
Facebook Inc Cl-A	CL A	30303M102	7,345	26,886	SH		DFND	2	26,886	0	0
First Republic Bank	COM	33616C100	3,966	26,995	SH		DFND	1	26,995	0	0
First Republic Bank	COM	33616C100	9,608	65,392	SH		DFND	2	65,392	0	0
FIRSTSERVICE CORP	COM	33767E202	561	4,100	SH		DFND	2	4,100	0	0
FIRSTSERVICE CORP	COM	33767E202	6,742	49,300	SH		DFND		49,300	0	0
FISERV INC	COM	337738108	1,594	14,000	SH		DFND	2	14,000	0	0
FORTIS INC	COM	349553107	939	23,000	SH		DFND		23,000	0	0
FRANCO NEVADA CORP	COM	351858105	877	7,000	SH		DFND	2	7,000	0	0
Franco-Nevada Corp	COM	351858105	3	25	SH		DFND	2	25	0	0
GLOBAL PAYMENTS INC	COM	37940X102	226	1,050	SH		DFND	2	1,050	0	0
Global Payments Inc.	COM	37940X102	8,515	39,529	SH		DFND	1	39,529	0	0
Global Payments Inc.	COM	37940X102	164	760	SH		DFND	2	760	0	0
GODADDY INC	CL A	380237107	2,779	33,500	SH		DFND	2	33,500	0	0
GRANITE REAL ESTATE	UNIT99/99/10000	387437114	196	3,200	SH		DFND	2	3,200	0	0
GRANITE REAL ESTATE	UNIT99/99/9999	387437114	984	16,100	SH		DFND		16,100	0	0
GRIFOLS S.A.	SP ADR REP B NVT	398438408	1,060	57,500	SH		DFND	2	57,500	0	0
HDFC Bank Ltd ADR	SPONSORED ADS	40415F101	266	3,675	SH		DFND	1	3,675	0	0
HDFC Bank Ltd ADR	SPONSORED ADS	40415F101	5,514	76,316	SH		DFND	2	76,316	0	0
Home Depot Inc	COM	437076102	12,368	46,562	SH		DFND	1	46,562	0	0
Home Depot Inc	COM	437076102	7,834	29,493	SH		DFND	2	29,493	0	0
Honeywell International Inc	COM	438516106	15,659	73,620	SH		DFND	1	73,620	0	0
Honeywell International Inc	COM	438516106	5,340	25,107	SH		DFND	2	25,107	0	0
HUNTINGTON INGALLS	COM	446413106	477	2,800	SH		DFND		2,800	0	0
INTER CONTINENTAL E	COM	45866F104	1,441	12,500	SH		DFND	2	12,500	0	0
INTERACTIVE BROKERS	COM CL A	45841N107	1,980	32,500	SH		DFND	2	32,500	0	0
Intuit Inc	COM	461202103	9,279	24,428	SH		DFND	1	24,428	0	0
Intuit Inc	COM	461202103	2,830	7,448	SH		DFND	2	7,448	0	0
Invesco DWA Industrials Momentum ETF	DWA INDLS MUMT	46137V845	404	4,348	SH		DFND	2	4,348	0	0
Ishares DJ Sel Dvd Fd	SELECT DIVID ETF	464287168	249	2,590	SH		DFND	1	2,590	0	0
ISHARES TR	IBOXX HI YD ETD	464288513	437	5,000	SH		DFND	2	5,000	0	0
ISHARES TR	0-5YR HI YL CP	46434V407	650	14,300	SH		DFND	2	14,300	0	0
Johnson & Johnson	COM	478160104	45	285	SH		DFND	1	285	0	0
Johnson & Johnson	COM	478160104	2,756	17,510	SH		DFND	2	17,510	0	0
Johnson & Johnson	COM	478160104	1,102	7,000	SH		DFND		7,000	0	0
JPMorgan Chase & Company	COM	46625H100	29,318	230,725	SH		DFND	1	230,725	0	0
JPMorgan Chase & Company	COM	46625H100	4,529	35,640	SH		DFND	2	35,640	0	0
Keysight Technologies Inc	COM	49338L103	208	1,575	SH		DFND	1	1,575	0	0
Keysight Technologies Inc	COM	49338L103	742	5,615	SH		DFND	2	5,615	0	0
Kimberly Clark Corp	COM	494368103	52	385	SH		DFND	1	385	0	0
Kimberly Clark Corp	COM	494368103	1,045	7,750	SH		DFND	2	7,750	0	0
KINROSS GOLD CORP	COM	496902404	542	73,900	SH		DFND	2	73,900	0	0
Kraneshares Quadratic Interest Rate ETF	QUADRTC INT RT	500767736	331	11,840	SH		DFND	2	11,840	0	0
LIBERTY BROADBAND	COM SER C	530307305	2,434	15,370	SH		DFND	2	15,370	0	0
LILLY ELI & CO	COM	532457108	1,224	7,250	SH		DFND	2	7,250	0	0
Lowe's Companies Inc	COM	548661107	205	1,279	SH		DFND	1	1,279	0	0
Lowe's Companies Inc	COM	548661107	188	1,170	SH		DFND	2	1,170	0	0
Madison Square Garden	CL A	55826T102	3,897	37,100	SH		DFND	1	37,100	0	0
Madison Square Garden	CL A	55826T102	26	250	SH		DFND	2	250	0	0
MAGNA INTL INC	COM	559222401	488	6,900	SH		DFND	2	6,900	0	0
MAGNA INTL INC	COM	559222401	1,160	16,400	SH		DFND		16,400	0	0
Manulife Financial Corporation	COM	56501R106	155	8,747	SH		DFND	1	8,747	0	0
Marsh & McLennan Companies, Inc	COM	571748102	5,884	50,290	SH		DFND	1	50,290	0	0
Marsh & McLennan Companies, Inc	COM	571748102	282	2,410	SH		DFND	2	2,410	0	0
Mastercard Inc Cl-A	CL A	57636Q104	9,768	27,365	SH		DFND	1	27,365	0	0
Mastercard Inc Cl-A	CL A	57636Q104	6,077	17,026	SH		DFND	2	17,026	0	0
MCDONALDS CORP	COM	580135101	648	3,021	SH		DFND	2	3,021	0	0
McDonald's Corp	COM	580135101	40	187	SH		DFND	1	187	0	0
MEDTRONIC PLC	SHS	G5960L103	3,689	31,495	SH		DFND	2	31,495	0	0
Medtronic, PLC	SHS	G5960L103	6,734	57,487	SH		DFND	1	57,487	0	0
Medtronic, PLC	SHS	G5960L103	202	1,725	SH		DFND	2	1,725	0	0
Microsoft Corp	COM	594918104	33,222	149,367	SH		DFND	1	149,367	0	0
Microsoft Corp	COM	594918104	14,173	63,722	SH		DFND	2	63,722	0	0
MOODYS CORP	COM	615369105	813	2,800	SH		DFND	2	2,800	0	0
Newmont Mining Corp. (Holding Co.)	COM	651639106	4,650	77,650	SH		DFND	2	77,650	0	0
NIKE, Inc Class B	CL B	654106103	21,755	153,779	SH		DFND	1	153,779	0	0
NIKE, Inc Class B	CL B	654106103	6,567	46,419	SH		DFND	2	46,419	0	0
NORTH AMERICAN CONS	COM	656811106	3,543	362,800	SH		DFND		362,800	0	0
NUTRIEN LTD	COM	67077M108	3,447	71,700	SH		DFND	2	71,700	0	0
Nuveen ESG Small-Cap ETF	NUVEEN ESG SMLCP	67092P607	362	9,443	SH		DFND	2	9,443	0	0
NVR INC	COM	62944T105	2,244	550	SH		DFND	2	550	0	0
O-I Glass	COM	67098H104	4,286	360,145	SH		DFND	1	360,145	0	0
O-I Glass	COM	67098H104	32	2,700	SH		DFND	2	2,700	0	0
OPEN TEXT CORP	COM	683715106	563	12,400	SH		DFND	2	12,400	0	0
Open Text Corporation	COM	683715106	5	100	SH		DFND	1	100	0	0
ORACLE CORP	COM	68389X105	951	14,700	SH		DFND		14,700	0	0
Oracle Corporation	COM	68389X105	4	58	SH		DFND	1	58	0	0
O'Reilly Automotive Inc	COM	67103H107	38	85	SH		DFND	1	85	0	0
Otis Worldwide Corp	COM	68902V107	750	11,109	SH		DFND	1	11,109	0	0
Otis Worldwide Corp	COM	68902V107	645	9,548	SH		DFND	2	9,548	0	0
PAYPAL HLDGS INC	COM	70450Y103	410	1,750	SH		DFND	2	1,750	0	0
Paypal Holdings Inc	COM	70450Y103	11	45	SH		DFND	1	45	0	0
Paypal Holdings Inc	COM	70450Y103	5	23	SH		DFND	2	23	0	0
Pembina Pipeline Corp	COM	706327103	6,584	279,066	SH		DFND	1	279,066	0	0
Pembina Pipeline Corp	COM	706327103	6	270	SH		DFND	2	270	0	0
PEPSICO INC	COM	713448108	2,065	13,925	SH		DFND	2	13,925	0	0
PepsiCo, Inc	COM	713448108	405	2,732	SH		DFND	1	2,732	0	0
PepsiCo, Inc	COM	713448108	295	1,990	SH		DFND	2	1,990	0	0
PERKINELMER INC	COM	714046109	1,435	10,000	SH		DFND	2	10,000	0	0
Philip Morris Intl Inc	COM	718172109	99	1,200	SH		DFND	1	1,200	0	0
Philip Morris Intl Inc	COM	718172109	5,462	65,975	SH		DFND	2	65,975	0	0
Progressive Corp Ohio	COM	743315103	142	1,440	SH		DFND	1	1,440	0	0
Progressive Corp Ohio	COM	743315103	155	1,570	SH		DFND	2	1,570	0	0
ROKU INC	COM CL A	77543R102	1,660	5,000	SH		DFND	2	5,000	0	0
Royal Bank of Canada	COM	780087102	26,936	328,574	SH		DFND	1	328,574	0	0
Royal Bank of Canada	COM	780087102	7,783	94,851	SH		DFND	2	94,851	0	0
Royal Bank of Canada	COM	780087102	1,683	20,500	SH		DFND		20,500	0	0
S&P Global Inc	COM	78409V104	14,744	44,850	SH		DFND	1	44,850	0	0
S&P Global Inc	COM	78409V104	7,659	23,297	SH		DFND	2	23,297	0	0
SBA COMMUNICATIONS	CL A	78410G104	649	2,300	SH		DFND	2	2,300	0	0
SCHWAB CHARLES CORP	COM	808513105	1,140	21,500	SH		DFND	2	21,500	0	0
SCIENCE APLCTNS INT	COM	808625107	1,136	12,000	SH		DFND	2	12,000	0	0
Shaw Communications Inc -B	CL B CONV	82028K200	20,678	1,180,890	SH		DFND	1	1,180,890	0	0
Shaw Communications Inc -B	CL B CONV	82028K200	348	19,855	SH		DFND	2	19,855	0	0
SHERWIN WILLIAMS CO	COM	824348106	5,086	6,920	SH		DFND	2	6,920	0	0
Sherwin-Williams Co	COM	824348106	13,872	18,876	SH		DFND	1	18,876	0	0
Sherwin-Williams Co	COM	824348106	2,849	3,877	SH		DFND	2	3,877	0	0
SHOPIFY INC	CL A	82509L107	790	700	SH		DFND	2	700	0	0
SPDR Bloomberg Barclays 1-3 mth T-Bill	SPDR BLOOMBERG	78468R663	881	9,626	SH		DFND	2	9,626	0	0
SPDR Gold Trust ETF	GOLD SHS	78463V107	8,843	49,578	SH		DFND	1	49,578	0	0
SPDR Gold Trust ETF	GOLD SHS	78463V107	401	2,246	SH		DFND	2	2,246	0	0
SPDR SERIES TRUST	BLOOMBERG BRCLYS	78468R622	590	5,412	SH		DFND	2	5,412	0	0
Starbucks Corp	COM	855244109	1,452	13,576	SH		DFND	1	13,576	0	0
Starbucks Corp	COM	855244109	1,912	17,875	SH		DFND	2	17,875	0	0
Stryker Corp	COM	863667101	230	939	SH		DFND	1	939	0	0
Sun Life Financial Services Canada Inc	COM	866796105	391	8,816	SH		DFND	1	8,816	0	0
Sun Life Financial Services Canada Inc	COM	866796105	618	13,900	SH		DFND	2	13,900	0	0
Taiwan Semiconductor Manufacturing SP/ADR	SPONSORED ADS	874039100	3,227	29,596	SH		DFND	1	29,596	0	0
Taiwan Semiconductor Manufacturing SP/ADR	SPONSORED ADS	874039100	7,075	64,886	SH		DFND	2	64,886	0	0
Targa Resources Corp	COM	87612G101	923	35,000	SH		DFND	1	35,000	0	0
TC ENERGY	COM	87807B107	613	15,100	SH		DFND	2	15,100	0	0
TCW Strategic Income Fund	COM	872340104	139	24,365	SH		DFND	1	24,365	0	0
TCW Strategic Income Fund	COM	872340104	34	6,060	SH		DFND	2	6,060	0	0
TELUS CORP	COM	87971M103	1,241	62,700	SH		DFND	2	62,700	0	0
TELUS CORP	COM	87971M103	1,009	51,000	SH		DFND		51,000	0	0
Telus Corporation	COM	87971M103	41	2,070	SH		DFND	1	2,070	0	0
Telus Corporation	COM	87971M103	111	5,625	SH		DFND	2	5,625	0	0
Tesla Motors Inc.	COM	88160R101	1,824	2,585	SH		DFND	1	2,585	0	0
Texas Instruments-Cum Rts	COM	882508104	7	40	SH		DFND	1	40	0	0
Texas Instruments-Cum Rts	COM	882508104	5,433	33,100	SH		DFND	2	33,100	0	0
TEXAS PAC LD TR	SUB CTF PROP I T	882610108	1,527	2,100	SH		DFND	2	2,100	0	0
TFI INTERNATIONAL	COM	87241L109	792	15,400	SH		DFND	2	15,400	0	0
TFI INTERNATIONAL	COM	87241L109	1,003	19,500	SH		DFND		19,500	0	0
Thermo Fisher Scientific, Inc	COM	883556102	19,353	41,549	SH		DFND	1	41,549	0	0
Thermo Fisher Scientific, Inc	COM	883556102	8,765	18,818	SH		DFND	2	18,818	0	0
TJX Companies, Inc	COM	872540109	199	2,915	SH		DFND	1	2,915	0	0
TJX Companies, Inc	COM	872540109	243	3,550	SH		DFND	2	3,550	0	0
Toronto-Dominion Bank	COM NEW	891160509	26,653	472,803	SH		DFND	1	472,803	0	0
Toronto-Dominion Bank	COM NEW	891160509	3,601	63,792	SH		DFND	2	63,792	0	0
Toronto-Dominion Bank	COM NEW	891160509	768	13,600	SH		DFND		13,600	0	0
Townsquare Media Inc Cl A	CL A	892231101	67	10,000	SH		DFND	1	10,000	0	0
Union Pacific Corp	COM	907818108	754	3,620	SH		DFND	1	3,620	0	0
Union Pacific Corp	COM	907818108	223	1,070	SH		DFND	2	1,070	0	0
Union Pacific Corp	COM	907818108	1,072	5,150	SH		DFND		5,150	0	0
UnitedHealth Group Inc	COM	91324P102	15,666	44,672	SH		DFND	1	44,672	0	0
UnitedHealth Group Inc	COM	91324P102	9,319	26,575	SH		DFND	2	26,575	0	0
VanEck Vectors Gold Miners ETF	GOLD MINERS ETF	92189F106	7,404	205,565	SH		DFND	1	205,565	0	0
VanEck Vectors Gold Miners ETF	GOLD MINERS ETF	92189F106	66	1,820	SH		DFND	2	1,820	0	0
Vanguard Div Appr ETF	DIV APP ETF	921908844	226	1,600	SH		DFND	1	1,600	0	0
Vanguard S/T Corp Bond ETF	SHRT TRM CORP BD	92206C409	6,679	80,227	SH		DFND	1	80,227	0	0
Vanguard S/T Corp Bond ETF	SHRT TRM CORP BD	92206C409	1,565	18,800	SH		DFND	2	18,800	0	0
Verizon Communications Inc	COM	92343V104	47	800	SH		DFND	1	800	0	0
Verizon Communications Inc	COM	92343V104	987	16,800	SH		DFND		16,800	0	0
Vermilion Energy Inc	COM	923725105	434	97,513	SH		DFND	1	97,513	0	0
Vertex Pharmaceutical Inc	COM	92532F100	27	115	SH		DFND	1	115	0	0
Visa Inc	COM CL A	92826C839	26,648	121,831	SH		DFND	1	121,831	0	0
Visa Inc	COM CL A	92826C839	7,782	35,581	SH		DFND	2	35,581	0	0
Visa Inc	COM CL A	92826C839	1,050	4,800	SH		DFND		4,800	0	0
Wabtec Corp/De .	COM	929740108	6,870	93,857	SH		DFND	1	93,857	0	0
Wabtec Corp/De .	COM	929740108	31	420	SH		DFND	2	420	0	0
Walmart Inc	COM	931142103	2,486	17,246	SH		DFND	1	17,246	0	0
Walmart Inc	COM	931142103	0	0	SH		DFND	2	0	0	0
Walt Disney Co	COM	254687106	2,213	12,214	SH		DFND	1	12,214	0	0
WASTE CONNECTIONS	COM	94106B101	1,793	17,500	SH		DFND	2	17,500	0	0
Watsco Inc	COM	942622200	1,467	6,475	SH		DFND	2	6,475	0	0
Williams Sonoma Inc	COM	969904101	2,022	19,860	SH		DFND	2	19,860	0	0