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 LABS	COM	002824100	4,502,488	41,010	SH		DFND	2	41,010	0	0
ABBOTT LABS	COM	002824100	14,795,410	134,761	SH		DFND	1	134,761	0	0
AGNICO EAGLE MINES LTD	COM	008474108	955,477	18,400	SH		DFND		18,400	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	136,097	13,470	SH		DFND	2	13,470	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	4,096,037	405,400	SH		DFND		405,400	0	0
AMAZON COM INC	COM	023135106	136,080	1,620	SH		DFND	1	1,620	0	0
AMAZON COM INC	COM	023135106	770,700	9,175	SH		DFND	2	9,175	0	0
U HAUL HOLDING COMPANY	COM	023586100	158,300	2,630	SH		DFND		2,630	0	0
U HAUL HOLDING COMPANY	COM SER N	023586506	1,301,377	23,670	SH		DFND		23,670	0	0
AMGEN INC	COM	031162100	2,581,226	9,828	SH		DFND	1	9,828	0	0
AMPHENOL CORP NEW	CL A	032095101	15,228	200	SH		DFND	2	200	0	0
AMPHENOL CORP NEW	CL A	032095101	299,230	3,930	SH		DFND	1	3,930	0	0
ANALOG DEVICES INC	COM	032654105	3,959,684	24,140	SH		DFND	2	24,140	0	0
ANALOG DEVICES INC	COM	032654105	18,669,567	113,818	SH		DFND	1	113,818	0	0
ELEVANCE HEALTH INC	COM	036752103	5,015,821	9,778	SH		DFND	2	9,778	0	0
ELEVANCE HEALTH INC	COM	036752103	13,248,989	25,828	SH		DFND	1	25,828	0	0
APPLE INC	COM	037833100	175,406	1,350	SH		DFND	2	1,350	0	0
APPLE INC	COM	037833100	11,591,055	89,210	SH		DFND	1	89,210	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	20,340	300	SH		DFND	2	300	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	348,831	5,145	SH		DFND	1	5,145	0	0
AUTODESK INC	COM	052769106	560,610	3,000	SH		DFND	2	3,000	0	0
AUTOMATIC DATA PROCESSING IN	COM	053015103	5,183,262	21,700	SH		DFND	2	21,700	0	0
AUTOZONE INC	COM	053332102	924,817	375	SH		DFND	2	375	0	0
AVERY DENNISON CORP	COM	053611109	2,792,830	15,430	SH		DFND	1	15,430	0	0
AVERY DENNISON CORP	COM	053611109	3,320,445	18,345	SH		DFND	2	18,345	0	0
BANK AMERICA CORP	COM	060505104	80,482	2,430	SH		DFND	2	2,430	0	0
BANK AMERICA CORP	COM	060505104	725,328	21,900	SH		DFND		21,900	0	0
BANK AMERICA CORP	COM	060505104	4,111,848	124,150	SH		DFND	1	124,150	0	0
BANK MONTREAL QUE	COM	063671101	3,401,319	37,545	SH		DFND	2	37,545	0	0
BANK MONTREAL QUE	COM	063671101	14,550,522	160,586	SH		DFND	1	160,586	0	0
BANK NOVA SCOTIA HALIFAX	COM	064149107	5,088,127	103,828	SH		DFND	1	103,828	0	0
BERKLEY W R CORP	COM	084423102	798,270	11,000	SH		DFND	2	11,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	2,351,038	7,611	SH		DFND	1	7,611	0	0
BOOZ ALLEN HAMILTON HLDG COR	CL A	099502106	6,844,492	65,485	SH		DFND	2	65,485	0	0
BROOKFIELD ASSET MANAGMT LTD	CL A LMT VTG SHS	113004105	493,928	17,262	SH		DFND	2	17,262	0	0
BROWN & BROWN INC	COM	115236101	626,670	11,000	SH		DFND	2	11,000	0	0
CAE INC	COM	124765108	8,899	460	SH		DFND	2	460	0	0
CAE INC	COM	124765108	1,546,330	80,000	SH		DFND		80,000	0	0
CAE INC	COM	124765108	2,784,452	143,925	SH		DFND	1	143,925	0	0
CIGNA CORP NEW	COM	125523100	1,252,465	3,780	SH		DFND		3,780	0	0
CIGNA CORP NEW	COM	125523100	2,860,790	8,634	SH		DFND	1	8,634	0	0
CSX CORP	COM	126408103	867,440	28,000	SH		DFND	2	28,000	0	0
CVS HEALTH CORP	COM	126650100	99,247	1,065	SH		DFND	2	1,065	0	0
CVS HEALTH CORP	COM	126650100	2,632,152	28,245	SH		DFND	1	28,245	0	0
CANADIAN IMPERIAL BK COMM TO	COM	136069101	243,075	6,008	SH		DFND	1	6,008	0	0
CANADIAN NATL RY CO	COM	136375102	1,602,524	13,500	SH		DFND		13,500	0	0
CANADIAN NATL RY CO	COM	136375102	4,324,161	36,420	SH		DFND	2	36,420	0	0
CANADIAN NATL RY CO	COM	136375102	25,885,434	217,868	SH		DFND	1	217,868	0	0
CANADIAN NAT RES LTD	COM	136385101	1,198,645	21,600	SH		DFND		21,600	0	0
CANADIAN NAT RES LTD	COM	136385101	1,579,971	28,446	SH		DFND	1	28,446	0	0
CANADIAN NAT RES LTD	COM	136385101	3,883,305	69,975	SH		DFND	2	69,975	0	0
COPART INC	COM	217204106	548,010	9,000	SH		DFND	2	9,000	0	0
DANAHER CORPORATION	COM	235851102	3,613,162	13,613	SH		DFND	1	13,613	0	0
DEERE & CO	COM	244199105	643,140	1,500	SH		DFND	2	1,500	0	0
DEERE & CO	COM	244199105	2,879,123	6,715	SH		DFND	1	6,715	0	0
DESCARTES SYS GROUP INC	COM	249906108	5,064,506	72,700	SH		DFND		72,700	0	0
DISCOVER FINL SVCS	COM	254709108	14,675	150	SH		DFND	2	150	0	0
DISCOVER FINL SVCS	COM	254709108	4,804,529	49,111	SH		DFND	1	49,111	0	0
ELECTRONIC ARTS INC	COM	285512109	1,221,800	10,000	SH		DFND	2	10,000	0	0
EMERSON ELEC CO	COM	291011104	18,732	195	SH		DFND	2	195	0	0
EMERSON ELEC CO	COM	291011104	311,715	3,245	SH		DFND	1	3,245	0	0
ENERPLUS CORP	COM	292766102	53,799	3,050	SH		DFND	2	3,050	0	0
ENERPLUS CORP	COM	292766102	543,282	30,800	SH		DFND		30,800	0	0
EXCHANGE TRADED CONCEPTS TR	EMQQ EM INTERN	301505889	1,997,202	67,178	SH		DFND	1	67,178	0	0
FAIR ISAAC CORP	COM	303250104	1,735,882	2,900	SH		DFND	2	2,900	0	0
FISERV INC	COM	337738108	1,187,573	11,750	SH		DFND	2	11,750	0	0
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	1,093,680	14,000	SH		DFND	2	14,000	0	0
FORTIS INC	COM	349553107	867,712	21,700	SH		DFND		21,700	0	0
FRANCO NEV CORP	COM	351858105	27,268	200	SH		DFND	1	200	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	961,554	5,100	SH		DFND		5,100	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	5,215,016	27,660	SH		DFND	2	27,660	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	13,507,948	71,645	SH		DFND	1	71,645	0	0
GILDAN ACTIVEWEAR INC	COM	375916103	57,743	2,110	SH		DFND	2	2,110	0	0
GILDAN ACTIVEWEAR INC	COM	375916103	2,369,924	86,600	SH		DFND		86,600	0	0
GODADDY INC	CL A	380237107	1,197,120	16,000	SH		DFND	2	16,000	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	55,062	1,080	SH		DFND	2	1,080	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	2,967,236	58,200	SH		DFND		58,200	0	0
HANESBRANDS INC	COM	410345102	159,000	25,000	SH		DFND	1	25,000	0	0
HOME DEPOT INC	COM	437076102	9,076,869	28,737	SH		DFND	2	28,737	0	0
HOME DEPOT INC	COM	437076102	16,111,071	51,007	SH		DFND	1	51,007	0	0
HUDBAY MINERALS INC	COM	443628102	2,784,058	551,500	SH		DFND		551,500	0	0
IMPERIAL OIL LTD	COM NEW	453038408	623,019	12,800	SH		DFND		12,800	0	0
INTUIT	COM	461202103	2,282,775	5,865	SH		DFND	1	5,865	0	0
INTUIT	COM	461202103	3,414,627	8,773	SH		DFND	2	8,773	0	0
ISHARES TR	GL CLEAN ENE ETF	464288224	404,940	20,400	SH		DFND	2	20,400	0	0
JOHNSON & JOHNSON	COM	478160104	998,073	5,650	SH		DFND		5,650	0	0
JOHNSON & JOHNSON	COM	478160104	2,814,564	15,933	SH		DFND	1	15,933	0	0
JOHNSON & JOHNSON	COM	478160104	3,027,781	17,140	SH		DFND	2	17,140	0	0
KRANESHARES TR	KFA MOUNT LUCAS	500767652	9,898	324	SH		DFND	1	324	0	0
KRANESHARES TR	KFA MOUNT LUCAS	500767652	461,519	15,107	SH		DFND	2	15,107	0	0
KRANESHARES TR	QUADRTC INT RT	500767736	1,161,408	51,367	SH		DFND	2	51,367	0	0
LIBERTY BROADBAND CORP	COM SER C	530307305	648,295	8,500	SH		DFND	2	8,500	0	0
LILLY ELI & CO	COM	532457108	66,949	183	SH		DFND	1	183	0	0
LILLY ELI & CO	COM	532457108	7,068,028	19,320	SH		DFND	2	19,320	0	0
LOWES COS INC	COM	548661107	1,295,060	6,500	SH		DFND	2	6,500	0	0
LOWES COS INC	COM	548661107	2,355,415	11,822	SH		DFND	1	11,822	0	0
MARSH & MCLENNAN COS INC	COM	571748102	4,530,842	27,380	SH		DFND	2	27,380	0	0
MARSH & MCLENNAN COS INC	COM	571748102	19,755,830	119,385	SH		DFND	1	119,385	0	0
MARRIOTT INTL INC NEW	CL A	571903202	1,116,675	7,500	SH		DFND	2	7,500	0	0
MICROSOFT CORP	COM	594918104	1,390,956	5,800	SH		DFND		5,800	0	0
MICROSOFT CORP	COM	594918104	9,232,351	38,497	SH		DFND	2	38,497	0	0
MICROSOFT CORP	COM	594918104	30,066,473	125,371	SH		DFND	1	125,371	0	0
MORGAN STANLEY	COM NEW	617446448	1,154,317	13,577	SH		DFND	1	13,577	0	0
MORGAN STANLEY	COM NEW	617446448	3,845,030	45,225	SH		DFND	2	45,225	0	0
NORDSON CORP	COM	655663102	594,300	2,500	SH		DFND	2	2,500	0	0
NORTH AMERN CONSTR GROUP LTD	COM	656811106	5,508,265	412,800	SH		DFND		412,800	0	0
PEMBINA PIPELINE CORP	COM	706327103	13,580	400	SH		DFND	2	400	0	0
PEMBINA PIPELINE CORP	COM	706327103	6,338,618	186,701	SH		DFND	1	186,701	0	0
PEPSICO INC	COM	713448108	327,898	1,815	SH		DFND	1	1,815	0	0
PEPSICO INC	COM	713448108	7,066,516	39,115	SH		DFND	2	39,115	0	0
PHILIP MORRIS INTL INC	COM	718172109	161,936	1,600	SH		DFND	1	1,600	0	0
PHILIP MORRIS INTL INC	COM	718172109	759,075	7,500	SH		DFND	2	7,500	0	0
QUALCOMM INC	COM	747525103	14,842	135	SH		DFND	2	135	0	0
QUALCOMM INC	COM	747525103	322,014	2,929	SH		DFND	1	2,929	0	0
RAYMOND JAMES FINL INC	COM	754730109	1,079,185	10,100	SH		DFND		10,100	0	0
REPUBLIC SVCS INC	COM	760759100	812,637	6,300	SH		DFND		6,300	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	682,123	14,570	SH		DFND	2	14,570	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	34,328,065	733,327	SH		DFND	1	733,327	0	0
ROYAL BK CDA SUSTAINABL	COM	780087102	4,199,646	44,700	SH		DFND		44,700	0	0
ROYAL BK CDA SUSTAINABL	COM	780087102	6,188,118	65,834	SH		DFND	2	65,834	0	0
ROYAL BK CDA SUSTAINABL	COM	780087102	27,306,876	290,386	SH		DFND	1	290,386	0	0
SCHWAB CHARLES CORP	COM	808513105	55,951	672	SH		DFND	1	672	0	0
SCHWAB CHARLES CORP	COM	808513105	5,195,008	62,395	SH		DFND	2	62,395	0	0
SHERWIN WILLIAMS CO	COM	824348106	3,646,813	15,366	SH		DFND	2	15,366	0	0
SHERWIN WILLIAMS CO	COM	824348106	12,180,488	51,323	SH		DFND	1	51,323	0	0
SOUTHWEST AIRLS CO	COM	844741108	12,121	360	SH		DFND	2	360	0	0
SOUTHWEST AIRLS CO	COM	844741108	2,245,957	66,705	SH		DFND	1	66,705	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	37,572	810	SH		DFND	2	810	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	355,308	7,653	SH		DFND	1	7,653	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	575,180	12,400	SH		DFND		12,400	0	0
SUNCOR ENERGY INC NEW	COM	867224107	6,821	215	SH		DFND	2	215	0	0
SUNCOR ENERGY INC NEW	COM	867224107	2,720,954	85,761	SH		DFND	1	85,761	0	0
SYSCO CORP	COM	871829107	42,430	555	SH		DFND	1	555	0	0
SYSCO CORP	COM	871829107	3,212,811	42,025	SH		DFND	2	42,025	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	30,931	6,695	SH		DFND	2	6,695	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	130,977	28,350	SH		DFND	1	28,350	0	0
T-MOBILE US INC	COM	872590104	1,190,000	8,500	SH		DFND	2	8,500	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	1,639	22	SH		DFND	1	22	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	242,092	3,250	SH		DFND	2	3,250	0	0
TEXAS INSTRS INC	COM	882508104	6,609	40	SH		DFND	1	40	0	0
TEXAS INSTRS INC	COM	882508104	3,973,542	24,050	SH		DFND	2	24,050	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	7,580,248	13,765	SH		DFND	2	13,765	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	21,856,886	39,690	SH		DFND	1	39,690	0	0
THOMSON REUTERS CORP.	COM NEW	884903709	26,219	230	SH		DFND	2	230	0	0
THOMSON REUTERS CORP.	COM NEW	884903709	296,392	2,600	SH		DFND		2,600	0	0
TOLL BROTHERS INC	COM	889478103	2,505,984	50,200	SH		DFND	2	50,200	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	1,722,908	26,625	SH		DFND	2	26,625	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	3,293,408	50,900	SH		DFND		50,900	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	9,741,989	150,428	SH		DFND	1	150,428	0	0
UNION PAC CORP	COM	907818108	223,636	1,080	SH		DFND	1	1,080	0	0
UNION PAC CORP	COM	907818108	672,978	3,250	SH		DFND	2	3,250	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	49,685	660	SH		DFND	1	660	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	802,108	10,655	SH		DFND	2	10,655	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	921,707	12,830	SH		DFND	1	12,830	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	988,518	13,760	SH		DFND	2	13,760	0	0
WALMART INC	COM	931142103	24,813	175	SH		DFND	2	175	0	0
WALMART INC	COM	931142103	2,812,972	19,839	SH		DFND	1	19,839	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	1,253,768	132,254	SH		DFND	1	132,254	0	0
WILLIAMS SONOMA INC	COM	969904101	1,014,169	8,825	SH		DFND	2	8,825	0	0
TARGET CORP	COM	87612E106	5,216	35	SH		DFND	2	35	0	0
TARGET CORP	COM	87612E106	1,752,710	11,760	SH		DFND	1	11,760	0	0
AMERESCO INC	CL A	02361E108	14,285	250	SH		DFND	2	250	0	0
AMERESCO INC	CL A	02361E108	291,414	5,100	SH		DFND	1	5,100	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	28,635	234	SH		DFND	2	234	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	4,466,633	36,500	SH		DFND		36,500	0	0
ABBVIE INC	COM	00287Y109	80,320	497	SH		DFND	1	497	0	0
ABBVIE INC	COM	00287Y109	5,817,152	35,995	SH		DFND	2	35,995	0	0
ADOBE SYSTEMS INCORPORATED	COM	00724F101	28,605	85	SH		DFND	1	85	0	0
ADOBE SYSTEMS INCORPORATED	COM	00724F101	874,978	2,600	SH		DFND	2	2,600	0	0
ALPHABET INC	CAP STK CL C	02079K107	3,330,037	37,530	SH		DFND	2	37,530	0	0
ALPHABET INC	CAP STK CL C	02079K107	23,306,709	262,670	SH		DFND	1	262,670	0	0
ALPHABET INC	CAP STK CL A	02079K305	2,460,470	27,887	SH		DFND	1	27,887	0	0
ALPHABET INC	CAP STK CL A	02079K305	2,860,858	32,425	SH		DFND	2	32,425	0	0
AMERICAN TOWER CORP NEW	COM	03027X100	1,588,951	7,500	SH		DFND	2	7,500	0	0
BCE INC	COM NEW	05534B760	134,397	3,060	SH		DFND	2	3,060	0	0
BCE INC	COM NEW	05534B760	2,331,076	53,045	SH		DFND	1	53,045	0	0
BCE INC	COM NEW	05534B760	2,476,280	56,400	SH		DFND		56,400	0	0
BRP INC	COM SUN VTG	05577W200	4,468,386	58,650	SH		DFND		58,650	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	25,433	2,061	SH		DFND	2	2,061	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	107,765	8,733	SH		DFND	1	8,733	0	0
BROADCOM INC	COM	11135F101	95,052	170	SH		DFND	1	170	0	0
BROADCOM INC	COM	11135F101	4,990,235	8,925	SH		DFND	2	8,925	0	0
BROOKFIELD CORP	CL A LTD VT SH	11271J107	1,934,240	61,550	SH		DFND	2	61,550	0	0
CGI INC	CL A SUB VTG	12532H104	8,614	100	SH		DFND	2	100	0	0
CGI INC	CL A SUB VTG	12532H104	1,352,336	15,700	SH		DFND		15,700	0	0
CAMECO CORP	COM	13321L108	2,078,223	91,670	SH		DFND	1	91,670	0	0
CAMECO CORP	COM	13321L108	3,438,485	151,800	SH		DFND	2	151,800	0	0
CANADIAN PAC RY LTD	COM	13645T100	1,579,497	21,200	SH		DFND		21,200	0	0
CANADIAN PAC RY LTD	COM	13645T100	7,401,808	99,335	SH		DFND	2	99,335	0	0
CANADIAN PAC RY LTD	COM	13645T100	29,054,343	389,616	SH		DFND	1	389,616	0	0
CONSTELLATION BRANDS INC	CL A	21036P108	8,111	35	SH		DFND	1	35	0	0
CONSTELLATION BRANDS INC	CL A	21036P108	1,216,688	5,250	SH		DFND	2	5,250	0	0
COSTCO WHSL CORP NEW	COM	22160K105	8,287,301	18,154	SH		DFND	2	18,154	0	0
COSTCO WHSL CORP NEW	COM	22160K105	18,092,008	39,632	SH		DFND	1	39,632	0	0
DIAGEO PLC	SPON ADR NEW	25243Q205	1,380,973	7,750	SH		DFND	2	7,750	0	0
DIAGEO PLC	SPON ADR NEW	25243Q205	16,255,383	91,225	SH		DFND	1	91,225	0	0
DUPONT DE NEMOURS INC	COM	26614N102	5,147	75	SH		DFND	2	75	0	0
DUPONT DE NEMOURS INC	COM	26614N102	1,824,872	26,590	SH		DFND	1	26,590	0	0
EAGLE MATLS INC	COM	26969P108	604,468	4,550	SH		DFND		4,550	0	0
ENBRIDGE INC	COM	29250N105	1,132,647	29,000	SH		DFND		29,000	0	0
ENBRIDGE INC	COM	29250N105	1,316,853	33,686	SH		DFND	1	33,686	0	0
ENBRIDGE INC	COM	29250N105	4,177,566	106,955	SH		DFND	2	106,955	0	0
ENDAVA PLC	ADS	29260V105	554,625	7,250	SH		DFND	2	7,250	0	0
ENERGY TRANSFER L P	COM UT LTD PTN	29273V100	4,352,788	366,705	SH		DFND	1	366,705	0	0
META PLATFORMS INC	CL A	30303M102	6,258	52	SH		DFND	1	52	0	0
META PLATFORMS INC	CL A	30303M102	361,020	3,000	SH		DFND	2	3,000	0	0
FIRST REP BK SAN FRANCISCO C	COM	33616C100	17,674	145	SH		DFND	1	145	0	0
FIRST REP BK SAN FRANCISCO C	COM	33616C100	2,504,840	20,550	SH		DFND	2	20,550	0	0
FIVE BELOW INC	COM	33829M101	795,915	4,500	SH		DFND	2	4,500	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	843,600	22,200	SH		DFND		22,200	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	1,043,480	27,460	SH		DFND	2	27,460	0	0
GENERAL MTRS CO	COM	37045V100	14,297	425	SH		DFND	2	425	0	0
GENERAL MTRS CO	COM	37045V100	265,924	7,905	SH		DFND	1	7,905	0	0
HCA HEALTHCARE INC	COM	40412C101	52,791	220	SH		DFND	1	220	0	0
HCA HEALTHCARE INC	COM	40412C101	959,840	4,000	SH		DFND	2	4,000	0	0
HDFC BANK LTD	SPONSORED ADS	40415F101	1,197,175	17,500	SH		DFND	2	17,500	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	947,700	7,500	SH		DFND	2	7,500	0	0
INTERACTIVE BROKERS GROUP IN	COM CL A	45841N107	1,266,125	17,500	SH		DFND	2	17,500	0	0
INVESCO EXCHANGE TRADED FD T	DYNMC LEISURE	46137V720	367,741	10,100	SH		DFND	2	10,100	0	0
INVESCO EXCH TRADED FD TR II	SR LN ETF	46138G508	410,600	20,000	SH		DFND		20,000	0	0
IQVIA HLDGS INC	COM	46266C105	614,670	3,000	SH		DFND	2	3,000	0	0
ISHARES TR	0-5YR HI YL CP	46434V407	787,133	19,250	SH		DFND	2	19,250	0	0
ISHARES TR	MSCI INTL QUALTY	46434V456	15,547	480	SH		DFND	1	480	0	0
KEYSIGHT TECHNOLOGIES INC	COM	49338L103	2,146,073	12,545	SH		DFND	1	12,545	0	0
KEYSIGHT TECHNOLOGIES INC	COM	49338L103	2,609,673	15,255	SH		DFND	2	15,255	0	0
LPL FINL HLDGS INC	COM	50212V100	1,188,935	5,500	SH		DFND	2	5,500	0	0
LEVI STRAUSS & CO NEW	CL A COM STK	52736R102	388,000	25,000	SH		DFND	1	25,000	0	0
MARATHON PETE CORP	COM	56585A102	570,311	4,900	SH		DFND		4,900	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	255,582	735	SH		DFND	1	735	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	4,581,343	13,175	SH		DFND	2	13,175	0	0
NVR INC	COM	62944T105	2,075,661	450	SH		DFND	2	450	0	0
NUTRIEN LTD	COM	67077M108	3,080,513	42,225	SH		DFND	2	42,225	0	0
ORACLE CORP	COM	68389X105	44,140	540	SH		DFND	1	540	0	0
ORACLE CORP	COM	68389X105	940,010	11,500	SH		DFND		11,500	0	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	239,690	19,900	SH		DFND		19,900	0	0
S&P GLOBAL INC	COM	78409V104	10,411,945	31,086	SH		DFND	2	31,086	0	0
S&P GLOBAL INC	COM	78409V104	20,957,531	62,571	SH		DFND	1	62,571	0	0
SPDR GOLD TR	GOLD SHS	78463V107	5,937	35	SH		DFND	2	35	0	0
SPDR GOLD TR	GOLD SHS	78463V107	2,917,129	17,196	SH		DFND	1	17,196	0	0
SPDR SER TR	BLOOMBERG SHT TE	78468R408	2,036,039	83,995	SH		DFND	2	83,995	0	0
SPDR SER TR	BLOOMBERG 1-3 MO	78468R663	268,464	2,935	SH		DFND	2	2,935	0	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	49,585	365	SH		DFND	1	365	0	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	415,973	3,062	SH		DFND	2	3,062	0	0
SERVICENOW INC	COM	81762P102	582,405	1,500	SH		DFND	2	1,500	0	0
SHAW COMMUNICATIONS INC	CL B CONV	82028K200	28,817	1,000	SH		DFND	1	1,000	0	0
SHAW COMMUNICATIONS INC	CL B CONV	82028K200	725,526	25,200	SH		DFND		25,200	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	458,345	20,929	SH		DFND	2	20,929	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	2,952,427	134,814	SH		DFND	1	134,814	0	0
STANTEC INC	COM	85472N109	435,742	9,100	SH		DFND		9,100	0	0
TFI INTL INC	COM	87241L109	755,641	7,550	SH		DFND		7,550	0	0
TELUS CORPORATION	COM	87971M103	273,976	14,194	SH		DFND	1	14,194	0	0
TELUS CORPORATION	COM	87971M103	1,722,677	89,328	SH		DFND		89,328	0	0
TELUS CORPORATION	COM	87971M103	1,970,588	102,175	SH		DFND	2	102,175	0	0
TESLA INC	COM	88160R101	945,776	7,678	SH		DFND	1	7,678	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	12,721,139	23,994	SH		DFND	2	23,994	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	24,283,304	45,802	SH		DFND	1	45,802	0	0
VAIL RESORTS INC	COM	91879Q109	715,050	3,000	SH		DFND	2	3,000	0	0
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	100,167	3,495	SH		DFND	2	3,495	0	0
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	409,838	14,300	SH		DFND	1	14,300	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	1,842,155	24,500	SH		DFND	2	24,500	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	2,048,928	27,250	SH		DFND	1	27,250	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	26,004	660	SH		DFND	2	660	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	635,128	16,120	SH		DFND	1	16,120	0	0
VISA INC	COM CL A	92826C839	1,506,260	7,250	SH		DFND		7,250	0	0
VISA INC	COM CL A	92826C839	8,687,692	41,816	SH		DFND	2	41,816	0	0
VISA INC	COM CL A	92826C839	23,064,684	111,016	SH		DFND	1	111,016	0	0
AON PLC	SHS CL A	G0403H108	507,537	1,691	SH		DFND	1	1,691	0	0
AON PLC	SHS CL A	G0403H108	10,405,854	34,670	SH		DFND	2	34,670	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,501,741	13,123	SH		DFND	1	13,123	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	8,971,428	33,621	SH		DFND	2	33,621	0	0
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	443,959	14,330	SH		DFND	1	14,330	0	0
EATON CORP PLC	SHS	G29183103	10,807,577	68,860	SH		DFND	2	68,860	0	0
EATON CORP PLC	SHS	G29183103	15,666,906	99,821	SH		DFND	1	99,821	0	0
FERGUSON PLC NEW	SHS	G3421J106	271,060	2,135	SH		DFND	1	2,135	0	0
LINDE PLC	SHS	G5494J103	7,387,977	22,650	SH		DFND	2	22,650	0	0
LINDE PLC	SHS	G5494J103	17,272,210	52,953	SH		DFND	1	52,953	0	0