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	16,731	139,615	SH		DFND	1	139,615	0	0
Abbott Laboratories	COM	002824100	6,116	51,039	SH		DFND	2	51,039	0	0
Aberdeen Bloomberg All Commodity Strategy K- ETF	BBRG ALL COMDK1	003261104	189	8,109	SH		DFND	2	8,109	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	5,586	20,220	SH		DFND	1	20,220	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	13,175	47,693	SH		DFND	2	47,693	0	0
Activision Blizzard Inc	COM	00507V109	19	200	SH		DFND	1	200	0	0
Activision Blizzard Inc	COM	00507V109	1,023	11,000	SH		DFND	2	11,000	0	0
Adobe Systems Inc	COM	00724F101	40	85	SH		DFND	1	85	0	0
Adobe Systems Inc	COM	00724F101	570	1,200	SH		DFND	2	1,200	0	0
ALGONQUIN POWER&UT	COM	015857105	2,304	145,450	SH		DFND	2	145,450	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	3,079	1,493	SH		DFND	1	1,493	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	8,219	3,985	SH		DFND	2	3,985	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	1,021	495	SH		DFND		495	0	0
Alphabet Inc Cl-C	CAP STK CL C	02079K107	33,859	16,368	SH		DFND	1	16,368	0	0
Alphabet Inc Cl-C	CAP STK CL C	02079K107	5,676	2,744	SH		DFND	2	2,744	0	0
Altria Group Inc	COM	02209S103	1,760	34,400	SH		DFND	1	34,400	0	0
Altria Group Inc	COM	02209S103	10	200	SH		DFND	2	200	0	0
Amazon.com Inc	COM	023135106	3,453	1,116	SH		DFND	1	1,116	0	0
Amazon.com Inc	COM	023135106	6,343	2,050	SH		DFND	2	2,050	0	0
American Express Co	COM	025816109	328	2,320	SH		DFND	1	2,320	0	0
American Express Co	COM	025816109	222	1,570	SH		DFND	2	1,570	0	0
American Tower Corp	COM	03027X100	1,590	6,650	SH		DFND	2	6,650	0	0
Amgen Inc	COM	031162100	1,082	4,350	SH		DFND	2	4,350	0	0
Analog Devices Inc	COM	032654105	8,473	54,636	SH		DFND	1	54,636	0	0
Analog Devices Inc	COM	032654105	2,733	17,625	SH		DFND	2	17,625	0	0
Anthem Inc.	COM	036752103	2,068	5,761	SH		DFND	1	5,761	0	0
Anthem Inc.	COM	036752103	2,513	7,000	SH		DFND	2	7,000	0	0
Apple Inc	COM	037833100	16,741	137,050	SH		DFND	1	137,050	0	0
Apple Inc	COM	037833100	3,667	30,019	SH		DFND	2	30,019	0	0
ARK Innovation ETF	INNOVATION ETF	00214Q104	170	1,420	SH		DFND	1	1,420	0	0
ARK Innovation ETF	INNOVATION ETF	00214Q104	37	312	SH		DFND	2	312	0	0
AUTODESK INC	COM	052769106	624	2,250	SH		DFND	2	2,250	0	0
Bank of America	COM	060505104	10,503	271,460	SH		DFND	1	271,460	0	0
Bank of America	COM	060505104	99	2,560	SH		DFND	2	2,560	0	0
Bank of Montreal	COM	063671101	2,090	23,460	SH		DFND	1	23,460	0	0
Bank of Montreal	COM	063671101	1,087	12,200	SH		DFND	2	12,200	0	0
Bank of Montreal	COM	063671101	1,453	16,300	SH		DFND		16,300	0	0
Bank of Nova Scotia	COM	064149107	7,689	123,004	SH		DFND	1	123,004	0	0
Bank of Nova Scotia	COM	064149107	644	10,300	SH		DFND	2	10,300	0	0
Bank of Nova Scotia	COM	064149107	995	15,900	SH		DFND		15,900	0	0
Barrick Gold Corporation	COM	067901108	22	1,119	SH		DFND	1	1,119	0	0
Barrick Gold Corporation	COM	067901108	653	32,900	SH		DFND	2	32,900	0	0
BCE Inc	COM NEW	05534B760	1,025	22,722	SH		DFND	1	22,722	0	0
BCE Inc	COM NEW	05534B760	765	16,950	SH		DFND	2	16,950	0	0
Becton, Dickinson & Co	COM	075887109	18,602	76,503	SH		DFND	1	76,503	0	0
Becton, Dickinson & Co	COM	075887109	3,129	12,869	SH		DFND	2	12,869	0	0
Becton, Dickinson & Co	COM	075887109	973	4,000	SH		DFND		4,000	0	0
Berkshire Hathaway B New	CL B NEW	084670702	131	512	SH		DFND	1	512	0	0
BLACK KNIGHT INC	COM	09215C105	592	8,000	SH		DFND	2	8,000	0	0
Blackrock Inc	COM	09247X101	26	35	SH		DFND	1	35	0	0
Blackrock Inc	COM	09247X101	3,186	4,225	SH		DFND	2	4,225	0	0
BlackRock Income Trust	COM	09247F100	137	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	2,009	24,945	SH		DFND	1	24,945	0	0
Booz Allen Hamilton Holdings A	CL A	099502106	4,193	52,075	SH		DFND	2	52,075	0	0
BOSTON SCIENTIFIC	COM	101137107	1,353	35,000	SH		DFND	2	35,000	0	0
Broadcom Inc	COM	11135F101	93	200	SH		DFND	1	200	0	0
Broadcom Inc	COM	11135F101	6,654	14,350	SH		DFND	2	14,350	0	0
BROADRIDGE FINL SOLN	COM	11133T103	888	5,800	SH		DFND		5,800	0	0
Brookfield Asset Mgt A LV	CL A LTD VT SH	112585104	38,646	869,498	SH		DFND	1	869,498	0	0
Brookfield Asset Mgt A LV	CL A LTD VT SH	112585104	5,158	115,984	SH		DFND	2	115,984	0	0
BROWN & BROWN INC	COM	115236101	754	16,500	SH		DFND	2	16,500	0	0
BRP INC	COM SUN VTG	05577W200	165	1,900	SH		DFND	2	1,900	0	0
BRP INC	COM SUN VTG	05577W200	7,231	83,400	SH		DFND		83,400	0	0
CACI INTERNATIONAL	CL A	127190304	2,306	9,350	SH		DFND	2	9,350	0	0
CAE Inc	COM	124765108	3,430	120,465	SH		DFND	1	120,465	0	0
CAE Inc	COM	124765108	4	140	SH		DFND	2	140	0	0
Cameco Corporation	COM	13321L108	1,613	97,346	SH		DFND	1	97,346	0	0
Cameco Corporation	COM	13321L108	7	408	SH		DFND	2	408	0	0
Canadian Imperial Bank of Commerce	COM	136069101	504	5,156	SH		DFND	1	5,156	0	0
Canadian Imperial Bank of Commerce	COM	136069101	1,057	10,800	SH		DFND	2	10,800	0	0
Canadian National Railway Company	COM	136375102	23,691	204,307	SH		DFND	1	204,307	0	0
Canadian National Railway Company	COM	136375102	2,302	19,843	SH		DFND	2	19,843	0	0
Canadian Natural Resources Limited	COM	136385101	1,723	55,777	SH		DFND	1	55,777	0	0
Canadian Natural Resources Limited	COM	136385101	5,112	165,375	SH		DFND	2	165,375	0	0
Canadian Pacific Railway Ltd	COM	13645T100	23,646	61,958	SH		DFND	1	61,958	0	0
Canadian Pacific Railway Ltd	COM	13645T100	2,131	5,580	SH		DFND	2	5,580	0	0
Cardinal Health Inc	COM	14149Y108	35	570	SH		DFND	1	570	0	0
CHARTER COMMUNICAT	CL A	16119P108	926	1,500	SH		DFND	2	1,500	0	0
Chevron Corp	COM	166764100	120	1,142	SH		DFND	1	1,142	0	0
Cisco Systems Inc	COM	17275R102	43	825	SH		DFND	1	825	0	0
Cisco Systems Inc	COM	17275R102	584	11,300	SH		DFND		11,300	0	0
Coca Cola Co	COM	191216100	5,048	95,762	SH		DFND	1	95,762	0	0
Coca Cola Co	COM	191216100	43	825	SH		DFND	2	825	0	0
Comcast Corp Cl-A	CL A	20030N101	2,070	38,248	SH		DFND	1	38,248	0	0
Comcast Corp Cl-A	CL A	20030N101	6,906	127,638	SH		DFND	2	127,638	0	0
Comcast Corp Cl-A	CL A	20030N101	931	17,200	SH		DFND		17,200	0	0
Constellation Brands Inc-A	CL A	21036P108	13,881	60,882	SH		DFND	1	60,882	0	0
Constellation Brands Inc-A	CL A	21036P108	4,711	20,663	SH		DFND	2	20,663	0	0
Corning Inc	COM	219350105	91	2,100	SH		DFND	1	2,100	0	0
Costco Wholesale Corp	COM	22160K105	21,081	59,808	SH		DFND	1	59,808	0	0
Costco Wholesale Corp	COM	22160K105	7,560	21,449	SH		DFND	2	21,449	0	0
Crescent Point Energy Corp.	COM	22576C101	524	125,800	SH		DFND	1	125,800	0	0
Crescent Point Energy Corp.	COM	22576C101	1	150	SH		DFND	2	150	0	0
Crown Holdings Inc	COM	228368106	3,394	34,980	SH		DFND	1	34,980	0	0
Crown Holdings Inc	COM	228368106	2,982	30,735	SH		DFND	2	30,735	0	0
CVS Health Corporation	COM	126650100	11,933	158,615	SH		DFND	1	158,615	0	0
CVS Health Corporation	COM	126650100	99	1,310	SH		DFND	2	1,310	0	0
Danaher Corp	COM	235851102	3,509	15,592	SH		DFND	1	15,592	0	0
Danaher Corp	COM	235851102	1,935	8,596	SH		DFND	2	8,596	0	0
DESCARTES SYSTEMS	COM	249906108	4,435	72,700	SH		DFND		72,700	0	0
Diageo PLC SP/ADR	SPON ADR NEW	25243Q205	9,300	56,633	SH		DFND	1	56,633	0	0
Diageo PLC SP/ADR	SPON ADR NEW	25243Q205	1,021	6,215	SH		DFND	2	6,215	0	0
Discover Financial Svcs	COM	254709108	8,695	91,541	SH		DFND	1	91,541	0	0
Discover Financial Svcs	COM	254709108	78	825	SH		DFND	2	825	0	0
DOMINOS PIZZA INC	COM	25754A201	1,379	3,750	SH		DFND	2	3,750	0	0
Dupont De Nemours Inc	COM	26614N102	13,472	174,330	SH		DFND	1	174,330	0	0
Dupont De Nemours Inc	COM	26614N102	63	810	SH		DFND	2	810	0	0
Eaton Corporation	SHS	G29183103	4,834	34,955	SH		DFND	2	34,955	0	0
EBAY INC	COM	278642103	1,378	22,500	SH		DFND	2	22,500	0	0
Ecolab Inc	COM	278865100	3,021	14,111	SH		DFND	1	14,111	0	0
Ecolab Inc	COM	278865100	2,748	12,837	SH		DFND	2	12,837	0	0
ELECTRONIC ARTS IN	COM	285512109	981	7,250	SH		DFND	2	7,250	0	0
Emerging Markets Internet and Ecommerce ETF	EMQQ EM INTERN	301505889	11,267	176,287	SH		DFND	1	176,287	0	0
Emerging Markets Internet and Ecommerce ETF	EMQQ EM INTERN	301505889	613	9,598	SH		DFND	2	9,598	0	0
Emerson Electric Co	COM	291011104	336	3,725	SH		DFND	1	3,725	0	0
Emerson Electric Co	COM	291011104	186	2,065	SH		DFND	2	2,065	0	0
Enbridge Inc	COM	29250N105	2,855	78,430	SH		DFND	1	78,430	0	0
Enbridge Inc	COM	29250N105	3,866	106,150	SH		DFND	2	106,150	0	0
Encompass Health Corp	COM	29261A100	2,853	34,840	SH		DFND	1	34,840	0	0
Encompass Health Corp	COM	29261A100	27	325	SH		DFND	2	325	0	0
Energy Transfer LP	COM UT LTD PTN	29273V100	13,108	1,706,835	SH		DFND	1	1,706,835	0	0
Energy Transfer LP	COM UT LTD PTN	29273V100	112	14,565	SH		DFND	2	14,565	0	0
ENERPLUS CORP	COM	292766102	3,475	692,100	SH		DFND		692,100	0	0
Estee Lauder Companies Inc CL-A	CL A	518439104	2,860	9,834	SH		DFND	1	9,834	0	0
Estee Lauder Companies Inc CL-A	CL A	518439104	4,355	14,973	SH		DFND	2	14,973	0	0
Facebook Inc Cl-A	CL A	30303M102	14,504	49,245	SH		DFND	1	49,245	0	0
Facebook Inc Cl-A	CL A	30303M102	7,898	26,817	SH		DFND	2	26,817	0	0
FIRST REPUBLIC BAN	COM	33616C100	4,798	28,775	SH		DFND	1	28,775	0	0
FIRST REPUBLIC BAN	COM	33616C100	11,271	67,592	SH		DFND	2	67,592	0	0
FIRSTSERVICE CORP	COM	33767E202	6,991	47,100	SH		DFND		47,100	0	0
FISERV INC	COM	337738108	1,845	15,500	SH		DFND	2	15,500	0	0
FORTIS INC	COM	349553107	1,033	23,800	SH		DFND		23,800	0	0
Franco-Nevada Corp	COM	351858105	15	121	SH		DFND	1	121	0	0
Franco-Nevada Corp	COM	351858105	1,378	11,000	SH		DFND	2	11,000	0	0
GDI INTEGRATED FACIL	COM	361569205	3,445	81,965	SH		DFND		81,965	0	0
Global Payments Inc.	COM	37940X102	6,005	29,789	SH		DFND	1	29,789	0	0
Global Payments Inc.	COM	37940X102	289	1,435	SH		DFND	2	1,435	0	0
GODADDY INC	CL A	380237107	3,376	43,500	SH		DFND	2	43,500	0	0
GRANITE REAL ESTATE	UNIT 99/99/9999	387437114	1,946	32,000	SH		DFND		32,000	0	0
GREENBROOK TMS	COM NEW	393704309	224	18,600	SH		DFND		18,600	0	0
HDFC Bank Ltd ADR	SPONSORED ADS	40415F101	394	5,075	SH		DFND	1	5,075	0	0
HDFC Bank Ltd ADR	SPONSORED ADS	40415F101	5,949	76,566	SH		DFND	2	76,566	0	0
Home Depot Inc	COM	437076102	15,912	52,129	SH		DFND	1	52,129	0	0
Home Depot Inc	COM	437076102	10,999	36,033	SH		DFND	2	36,033	0	0
Home Depot Inc	COM	437076102	580	1,900	SH		DFND		1,900	0	0
Honeywell International Inc	COM	438516106	16,295	75,069	SH		DFND	1	75,069	0	0
Honeywell International Inc	COM	438516106	5,620	25,892	SH		DFND	2	25,892	0	0
HUNTINGTON INGALLS	COM	446413106	906	4,400	SH		DFND		4,400	0	0
INTER CONTINENTAL	COM	45866F104	1,508	13,500	SH		DFND	2	13,500	0	0
INTERACTIVE BROKER	COM CL A	45841N107	2,264	31,000	SH		DFND	2	31,000	0	0
Intuit Inc	COM	461202103	9,678	25,264	SH		DFND	1	25,264	0	0
Intuit Inc	COM	461202103	2,884	7,528	SH		DFND	2	7,528	0	0
Invesco DWA Industrials Momentum ETF	DWA INDLS MUMT	46137V845	735	7,191	SH		DFND	2	7,191	0	0
INVESCO EXCHANGETR	DYNMC LEISURE	46137V720	473	10,300	SH		DFND	2	10,300	0	0
INVESCO EXCHNG TRA	SR LN ETF	46138G508	994	44,900	SH		DFND	2	44,900	0	0
INVESCO EXCHNG TRA	SR LN ETF	46138G508	600	27,100	SH		DFND		27,100	0	0
ISHARES	CL CLEAN ENE ETF	464288224	537	22,100	SH		DFND	2	22,100	0	0
Ishares DJ Sel Dvd Fd	SELECT DIVID ETF	464287168	672	5,890	SH		DFND	1	5,890	0	0
Ishares MSCI S Korea ETF	MSCI STH DOR ETF	464286772	390	4,351	SH		DFND	2	4,351	0	0
Ishares S&P Glb Energy	GLOBAL ENERG ETF	464287341	247	10,008	SH		DFND	2	10,008	0	0
ISHARES TR	0-5YR HI YL CP	46434V407	655	14,300	SH		DFND	2	14,300	0	0
Johnson & Johnson	COM	478160104	130	794	SH		DFND	1	794	0	0
Johnson & Johnson	COM	478160104	4,607	28,035	SH		DFND	2	28,035	0	0
Johnson & Johnson	COM	478160104	1,085	6,600	SH		DFND		6,600	0	0
JPMorgan Chase & Company	COM	46625H100	32,827	215,644	SH		DFND	1	215,644	0	0
JPMorgan Chase & Company	COM	46625H100	5,783	37,990	SH		DFND	2	37,990	0	0
Keysight Technologies Inc	COM	49338L103	240	1,675	SH		DFND	1	1,675	0	0
Keysight Technologies Inc	COM	49338L103	798	5,565	SH		DFND	2	5,565	0	0
KIRKLAND LAKE GOLD	COM	49741E100	1,456	43,107	SH		DFND		43,107	0	0
Kraneshares Quadratic Interest Rate ETF	QUADRTC INT RT	500767736	370	12,936	SH		DFND	2	12,936	0	0
LIBERTY BROADBAND	COM SER C	530307305	3,378	22,500	SH		DFND	2	22,500	0	0
Lowe's Companies Inc	COM	548661107	343	1,802	SH		DFND	1	1,802	0	0
Lowe's Companies Inc	COM	548661107	203	1,070	SH		DFND	2	1,070	0	0
Magna International Inc	COM	559222401	139	1,583	SH		DFND	1	1,583	0	0
Magna International Inc	COM	559222401	458	5,200	SH		DFND	2	5,200	0	0
Manulife Financial Corporation	COM	56501R106	311	14,489	SH		DFND	1	14,489	0	0
Markel Corp Holding	COM	570535104	114	100	SH		DFND	1	100	0	0
Marsh & McLennan Companies, Inc	COM	571748102	6,106	50,130	SH		DFND	1	50,130	0	0
Marsh & McLennan Companies, Inc	COM	571748102	274	2,250	SH		DFND	2	2,250	0	0
Mastercard Inc Cl-A	CL A	57636Q104	9,916	27,850	SH		DFND	1	27,850	0	0
Mastercard Inc Cl-A	CL A	57636Q104	7,166	20,126	SH		DFND	2	20,126	0	0
MCDONALDS CORP	COM	580135101	565	2,521	SH		DFND	2	2,521	0	0
Medtronic, PLC	SHS	G5960L103	6,970	59,003	SH		DFND	1	59,003	0	0
Medtronic, PLC	SHS	G5960L103	3,399	28,770	SH		DFND	2	28,770	0	0
Merck & Co Inc	COM	58933Y105	9,089	117,895	SH		DFND	1	117,895	0	0
Merck & Co Inc	COM	58933Y105	74	960	SH		DFND	2	960	0	0
Microsoft Corp	COM	594918104	35,326	149,833	SH		DFND	1	149,833	0	0
Microsoft Corp	COM	594918104	13,279	56,322	SH		DFND	2	56,322	0	0
MOODYS CORP	COM	615369105	1,120	3,750	SH		DFND	2	3,750	0	0
Morgan Stanley	COM NEW	617446448	97	1,254	SH		DFND	1	1,254	0	0
Morgan Stanley	COM NEW	617446448	2,889	37,200	SH		DFND	2	37,200	0	0
Newmont Mining Corp. (Holding Co.)	COM	651639106	3,649	60,550	SH		DFND	2	60,550	0	0
NIKE, Inc Class B	CL B	654106103	20,753	156,163	SH		DFND	1	156,163	0	0
NIKE, Inc Class B	CL B	654106103	6,740	50,719	SH		DFND	2	50,719	0	0
NORTH AMERICAN CONST	COM	656811106	3,908	362,800	SH		DFND		362,800	0	0
Northrop Grumman Corp	COM	666807102	5,126	15,840	SH		DFND	1	15,840	0	0
Northrop Grumman Corp	COM	666807102	44	135	SH		DFND	2	135	0	0
Northrop Grumman Corp	COM	666807102	356	1,100	SH		DFND		1,100	0	0
NUTRIEN LTD	COM	67077M108	4,576	84,950	SH		DFND	2	84,950	0	0
NUTRIEN LTD	COM	67077M108	749	13,900	SH		DFND		13,900	0	0
Nuveen ESG Small-Cap ETF	NUVEEN ESG SMLCP	67092P607	13	300	SH		DFND	1	300	0	0
Nuveen ESG Small-Cap ETF	NUVEEN ESG SMLCP	67092P607	672	15,610	SH		DFND	2	15,610	0	0
NVR INC	COM	62944T105	3,415	725	SH		DFND	2	725	0	0
O-I Glass	COM	67098H104	5,023	340,745	SH		DFND	1	340,745	0	0
O-I Glass	COM	67098H104	37	2,500	SH		DFND	2	2,500	0	0
Open Text Corporation	COM	683715106	5	100	SH		DFND	1	100	0	0
Open Text Corporation	COM	683715106	501	10,500	SH		DFND	2	10,500	0	0
Oracle Corporation	COM	68389X105	4	58	SH		DFND	1	58	0	0
Oracle Corporation	COM	68389X105	968	13,800	SH		DFND		13,800	0	0
Otis Worldwide Corp	COM	68902V107	735	10,742	SH		DFND	1	10,742	0	0
Otis Worldwide Corp	COM	68902V107	654	9,548	SH		DFND	2	9,548	0	0
Pembina Pipeline Corp	COM	706327103	7,816	270,816	SH		DFND	1	270,816	0	0
Pembina Pipeline Corp	COM	706327103	360	12,470	SH		DFND	2	12,470	0	0
PepsiCo, Inc	COM	713448108	44	312	SH		DFND	1	312	0	0
PepsiCo, Inc	COM	713448108	1,269	8,975	SH		DFND	2	8,975	0	0
Philip Morris Intl Inc	COM	718172109	106	1,200	SH		DFND	1	1,200	0	0
Philip Morris Intl Inc	COM	718172109	5,773	65,050	SH		DFND	2	65,050	0	0
Pioneer Natural Res Co	COM	723787107	2,076	13,071	SH		DFND	1	13,071	0	0
ROKU INC	COM CL A	77543R102	1,629	5,000	SH		DFND	2	5,000	0	0
ROPER TECHNOLOGIES	COM	776696106	706	1,750	SH		DFND	2	1,750	0	0
Royal Bank of Canada	COM	780087102	31,202	338,676	SH		DFND	1	338,676	0	0
Royal Bank of Canada	COM	780087102	9,233	100,170	SH		DFND	2	100,170	0	0
Royal Bank of Canada	COM	780087102	2,323	25,200	SH		DFND		25,200	0	0
S&P Global Inc	COM	78409V104	16,237	46,013	SH		DFND	1	46,013	0	0
S&P Global Inc	COM	78409V104	7,297	20,677	SH		DFND	2	20,677	0	0
SBA COMMUNICATIONS	CL A	78410G104	1,180	4,250	SH		DFND	2	4,250	0	0
SCHWAB CHARLES COR	COM	808513105	1,271	19,500	SH		DFND	2	19,500	0	0
SCIENCE APLCTNS IN	COM	808625107	1,170	14,000	SH		DFND	2	14,000	0	0
Shaw Communications Inc -B	CL B CONV	82028K200	15,126	582,134	SH		DFND	1	582,134	0	0
Shaw Communications Inc -B	CL B CONV	82028K200	198	7,610	SH		DFND	2	7,610	0	0
Sherwin-Williams Co	COM	824348106	14,318	19,401	SH		DFND	1	19,401	0	0
Sherwin-Williams Co	COM	824348106	8,072	10,937	SH		DFND	2	10,937	0	0
SHOPIFY INC	CL A	82509L107	331	300	SH		DFND	2	300	0	0
SPDR Bloomberg Barclays 1-3 mth T-Bill	SPDR BLOOMBERG	78468R663	809	8,841	SH		DFND	2	8,841	0	0
SPDR Gold Trust ETF	GOLD SHS	78463V107	7,754	48,472	SH		DFND	1	48,472	0	0
SPDR Gold Trust ETF	GOLD SHS	78463V107	202	1,261	SH		DFND	2	1,261	0	0
SPDR SERIES TRUST	SPDR SERIES TRUST	78468R622	589	5,412	SH		DFND	2	5,412	0	0
STANTEC INC	COM	85472N109	749	17,500	SH		DFND	2	17,500	0	0
Starbucks Corp	COM	855244109	1,437	13,152	SH		DFND	1	13,152	0	0
Starbucks Corp	COM	855244109	1,420	13,000	SH		DFND	2	13,000	0	0
Stryker Corp	COM	863667101	219	900	SH		DFND	1	900	0	0
Sun Life Financial Services Canada Inc	COM	866796105	631	12,491	SH		DFND	1	12,491	0	0
Sun Life Financial Services Canada Inc	COM	866796105	450	8,900	SH		DFND	2	8,900	0	0
Suncor Energy Inc	COM	867224107	168	8,037	SH		DFND	1	8,037	0	0
Taiwan Semiconductor Manufacturing SP/ADR	SPONSORED ADS	874039100	3,776	31,927	SH		DFND	1	31,927	0	0
Taiwan Semiconductor Manufacturing SP/ADR	SPONSORED ADS	874039100	7,709	65,173	SH		DFND	2	65,173	0	0
Targa Resources Corp	COM	87612G101	1,111	35,000	SH		DFND	1	35,000	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 Corporation	COM	87971M103	187	9,389	SH		DFND	1	9,389	0	0
Telus Corporation	COM	87971M103	1,336	67,050	SH		DFND	2	67,050	0	0
Telus Corporation	COM	87971M103	968	48,600	SH		DFND		48,600	0	0
Tesla Motors Inc.	COM	88160R101	1,727	2,585	SH		DFND	1	2,585	0	0
Texas Instruments-Cum Rts	COM	882508104	32	168	SH		DFND	1	168	0	0
Texas Instruments-Cum Rts	COM	882508104	5,064	26,800	SH		DFND	2	26,800	0	0
TEXAS PACIFIC LAND	COM	88262P102	1,987	1,250	SH		DFND	2	1,250	0	0
TFI INTERNATIONAL	COM	87241L109	435	5,800	SH		DFND	2	5,800	0	0
TFI INTERNATIONAL	COM	87241L109	1,192	15,900	SH		DFND		15,900	0	0
Thermo Fisher Scientific, Inc	COM	883556102	19,054	41,751	SH		DFND	1	41,751	0	0
Thermo Fisher Scientific, Inc	COM	883556102	8,029	17,593	SH		DFND	2	17,593	0	0
TJX Companies, Inc	COM	872540109	261	3,946	SH		DFND	1	3,946	0	0
TJX Companies, Inc	COM	872540109	218	3,300	SH		DFND	2	3,300	0	0
T-MOBILE US INC	COM	872590104	877	7,000	SH		DFND	2	7,000	0	0
Toronto-Dominion Bank	COM NEW	891160509	30,968	475,212	SH		DFND	1	475,212	0	0
Toronto-Dominion Bank	COM NEW	891160509	2,200	33,742	SH		DFND	2	33,742	0	0
Toronto-Dominion Bank	COM NEW	891160509	1,617	24,800	SH		DFND		24,800	0	0
U.S. Bancorp	COM NEW	902973304	13,426	242,745	SH		DFND	1	242,745	0	0
U.S. Bancorp	COM NEW	902973304	634	11,475	SH		DFND	2	11,475	0	0
Union Pacific Corp	COM	907818108	1,092	4,953	SH		DFND	1	4,953	0	0
Union Pacific Corp	COM NEW	907818108	268	1,215	SH		DFND	2	1,215	0	0
Union Pacific Corp	COM NEW	907818108	1,091	4,950	SH		DFND		4,950	0	0
UnitedHealth Group Inc	COM	91324P102	16,844	45,270	SH		DFND	1	45,270	0	0
UnitedHealth Group Inc	COM	91324P102	10,630	28,570	SH		DFND	2	28,570	0	0
VanEck Vectors Gold Miners ETF	GOLD MINERS ETF	92189F106	3,842	118,220	SH		DFND	1	118,220	0	0
VanEck Vectors Gold Miners ETF	GOLD MINERS ETF	92189F106	31	960	SH		DFND	2	960	0	0
Vanguard Div Appr ETF	DIV APP ETF	921908844	838	5,700	SH		DFND	1	5,700	0	0
Vanguard S/T Corp Bond ETF	SHRT TRM CORP BD	92206C409	6,775	82,117	SH		DFND	1	82,117	0	0
Vanguard S/T Corp Bond ETF	SHRT TRM CORP BD	92206C409	1,221	14,800	SH		DFND	2	14,800	0	0
Verizon Communications Inc	COM	92343V104	61	1,054	SH		DFND	1	1,054	0	0
Verizon Communications Inc	COM	92343V104	1,058	18,200	SH		DFND		18,200	0	0
Vermilion Energy Inc	COM	923725105	329	45,313	SH		DFND	1	45,313	0	0
Visa Inc	COM CL A	92826C839	25,867	122,169	SH		DFND	1	122,169	0	0
Visa Inc	COM CL A	92826C839	8,063	38,081	SH		DFND	2	38,081	0	0
Visa Inc	COM CL A	92826C839	1,059	5,000	SH		DFND		5,000	0	0
Wabtec Corp/De .	COM	929740108	4,603	58,142	SH		DFND	1	58,142	0	0
Wabtec Corp/De .	COM	929740108	37	470	SH		DFND	2	470	0	0
Walmart Inc	COM	931142103	2,386	17,566	SH		DFND	1	17,566	0	0
Walt Disney Co	COM	254687106	2,507	13,588	SH		DFND	1	13,588	0	0
WASTE CONNECTIONS	COM	94106B101	1,086	10,050	SH		DFND	2	10,050	0	0
WATSCO INC	COM	942622200	1,291	4,950	SH		DFND	2	4,950	0	0
WEST FRASER TIMBER	COM	952845105	439	6,100	SH		DFND		6,100	0	0
Williams Sonoma Inc	COM	969904101	4,231	23,610	SH		DFND	2	23,610	0	0