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	3,451,028	31,655	SH		DFND	1	31,655	0	0
ABBOTT LABS	COM	002824100	3,953,610	36,265	SH		DFND	2	36,265	0	0
ABBVIE INC	COM	00287Y109	66,961	497	SH		DFND	1	497	0	0
ABBVIE INC	COM	00287Y109	2,662,939	19,765	SH		DFND	2	19,765	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,856,324	12,497	SH		DFND	1	12,497	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	14,524,244	47,068	SH		DFND	2	47,068	0	0
ADOBE SYSTEMS INCORPORATED	COM	00724F101	2,200,455	4,500	SH		DFND	2	4,500	0	0
ADOBE SYSTEMS INCORPORATED	COM	00724F101	19,560	40	SH		DFND	1	40	0	0
AIRBNB INC	COM CL A	009066101	5,126	40	SH		DFND	1	40	0	0
AIRBNB INC	COM CL A	009066101	2,403,000	18,750	SH		DFND	2	18,750	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	4,468,367	374,700	SH		DFND		374,700	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	108,638	9,110	SH		DFND	2	9,110	0	0
ALASKA AIR GROUP INC	COM	011659109	244,628	4,600	SH		DFND		4,600	0	0
ALLISON TRANSMISSION HLDGS I	COM	01973R101	1,355,040	24,000	SH		DFND	2	24,000	0	0
ALPHABET INC	CAP STK CL C	02079K107	4,192,215	34,655	SH		DFND	2	34,655	0	0
ALPHABET INC	CAP STK CL A	02079K305	6,463,800	54,000	SH		DFND	2	54,000	0	0
ALPHABET INC	CAP STK CL C	02079K107	21,239,792	175,579	SH		DFND	1	175,579	0	0
ALPHABET INC	CAP STK CL A	02079K305	825,930	6,900	SH		DFND		6,900	0	0
ALPHABET INC	CAP STK CL A	02079K305	3,425,216	28,615	SH		DFND	1	28,615	0	0
AMAZON COM INC	COM	023135106	716,980	5,500	SH		DFND	2	5,500	0	0
AMAZON COM INC	COM	023135106	1,604,992	12,312	SH		DFND	1	12,312	0	0
AMERICAN EXPRESS CO	COM	025816109	914,550	5,250	SH		DFND	2	5,250	0	0
AMPHENOL CORP NEW	CL A	032095101	333,854	3,930	SH		DFND	1	3,930	0	0
AMPHENOL CORP NEW	CL A	032095101	16,990	200	SH		DFND	2	200	0	0
ANALOG DEVICES INC	COM	032654105	21,564,493	110,695	SH		DFND	1	110,695	0	0
ANALOG DEVICES INC	COM	032654105	4,579,010	23,505	SH		DFND	2	23,505	0	0
AON PLC	SHS CL A	G0403H108	507,789	1,471	SH		DFND	1	1,471	0	0
AON PLC	SHS CL A	G0403H108	12,781,030	37,025	SH		DFND	2	37,025	0	0
APOLLO GLOBAL MGMT INC	COM	03769M106	1,305,770	17,000	SH		DFND	2	17,000	0	0
APPLE INC	COM	037833100	374,362	1,930	SH		DFND	2	1,930	0	0
APPLE INC	COM	037833100	24,743,201	127,562	SH		DFND	1	127,562	0	0
APPLIED MATLS INC	COM	038222105	10,137,313	70,135	SH		DFND	1	70,135	0	0
APPLIED MATLS INC	COM	038222105	2,574,257	17,810	SH		DFND	2	17,810	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	598,800	8,000	SH		DFND	2	8,000	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	2,910,596	4,016	SH		DFND	1	4,016	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	1,703,163	2,350	SH		DFND	2	2,350	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	361,071	5,045	SH		DFND	1	5,045	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	21,471	300	SH		DFND	2	300	0	0
AUTOZONE INC	COM	053332102	748,008	300	SH		DFND	2	300	0	0
AVERY DENNISON CORP	COM	053611109	11,664,361	67,895	SH		DFND	1	67,895	0	0
AVERY DENNISON CORP	COM	053611109	3,180,877	18,515	SH		DFND	2	18,515	0	0
BANK AMERICA CORP	COM	060505104	15,206	530	SH		DFND	2	530	0	0
BANK AMERICA CORP	COM	060505104	2,698,266	94,049	SH		DFND	1	94,049	0	0
BANK MONTREAL QUE	COM	063671101	1,837,619	20,333	SH		DFND	1	20,333	0	0
BANK NOVA SCOTIA HALIFAX	COM	064149107	5,763,777	115,119	SH		DFND	1	115,119	0	0
BCE INC	COM NEW	05534B760	1,223,291	26,800	SH		DFND		26,800	0	0
BCE INC	COM NEW	05534B760	1,305,138	28,605	SH		DFND	1	28,605	0	0
BCE INC	COM NEW	05534B760	134,386	2,945	SH		DFND	2	2,945	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	2,735,843	8,023	SH		DFND	1	8,023	0	0
BLACKROCK INC	COM	09247X101	2,632,552	3,809	SH		DFND	1	3,809	0	0
BLACKROCK INC	COM	09247X101	1,323,534	1,915	SH		DFND	2	1,915	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	106,281	8,733	SH		DFND	1	8,733	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	25,082	2,061	SH		DFND	2	2,061	0	0
BLOCK INC	CL A	852234103	432,705	6,500	SH		DFND	2	6,500	0	0
BOOZ ALLEN HAMILTON HLDG COR	CL A	099502106	1,500,462	13,445	SH		DFND	2	13,445	0	0
BROADCOM INC	COM	11135F101	8,383,711	9,665	SH		DFND	2	9,665	0	0
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	519,387	14,200	SH		DFND	1	14,200	0	0
BRP INC	COM SUN VTG	05577W200	3,317,595	39,200	SH		DFND		39,200	0	0
CAE INC	COM	124765108	1,774,677	79,235	SH		DFND	1	79,235	0	0
CAE INC	COM	124765108	5,711	255	SH		DFND	2	255	0	0
CAMECO CORP	COM	13321L108	2,866,345	91,455	SH		DFND	1	91,455	0	0
CAMECO CORP	COM	13321L108	5,936,549	189,340	SH		DFND	2	189,340	0	0
CANADIAN IMPERIAL BK COMM TO	COM	136069101	360,902	8,447	SH		DFND	1	8,447	0	0
CANADIAN NAT RES LTD	COM	136385101	1,641,958	29,184	SH		DFND	1	29,184	0	0
CANADIAN NAT RES LTD	COM	136385101	4,804,715	85,365	SH		DFND	2	85,365	0	0
CANADIAN NATL RY CO	COM	136375102	594,036	4,900	SH		DFND		4,900	0	0
CANADIAN NATL RY CO	COM	136375102	27,188,754	224,364	SH		DFND	1	224,364	0	0
CANADIAN NATL RY CO	COM	136375102	2,772,858	22,875	SH		DFND	2	22,875	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	2,619,913	32,400	SH		DFND		32,400	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	3,240,153	40,085	SH		DFND	2	40,085	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	33,010,905	408,412	SH		DFND	1	408,412	0	0
CARDINAL HEALTH INC	COM	14149Y108	34,896	369	SH		DFND	1	369	0	0
CARDINAL HEALTH INC	COM	14149Y108	567,420	6,000	SH		DFND	2	6,000	0	0
CENOVUS ENERGY INC	COM	15135U109	6,238	367	SH		DFND	1	367	0	0
CENOVUS ENERGY INC	COM	15135U109	278,859	16,400	SH		DFND		16,400	0	0
COMCAST CORP NEW	CL A	20030N101	63,862	1,537	SH		DFND	1	1,537	0	0
COMCAST CORP NEW	CL A	20030N101	1,046,728	25,192	SH		DFND	2	25,192	0	0
CONSTELLATION BRANDS INC	CL A	21036P108	8,615	35	SH		DFND	1	35	0	0
CONSTELLATION BRANDS INC	CL A	21036P108	1,353,715	5,500	SH		DFND	2	5,500	0	0
COSTCO WHSL CORP NEW	COM	22160K105	20,878,376	38,780	SH		DFND	1	38,780	0	0
COSTCO WHSL CORP NEW	COM	22160K105	7,120,614	13,226	SH		DFND	2	13,226	0	0
CVS HEALTH CORP	COM	126650100	6,222	90	SH		DFND	2	90	0	0
CVS HEALTH CORP	COM	126650100	2,177,249	31,495	SH		DFND	1	31,495	0	0
DANAHER CORPORATION	COM	235851102	3,273,360	13,639	SH		DFND	1	13,639	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,240,972	4,247	SH		DFND	1	4,247	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,801,875	5,310	SH		DFND	2	5,310	0	0
DEERE & CO	COM	244199105	2,763,801	6,821	SH		DFND	1	6,821	0	0
DESCARTES SYS GROUP INC	COM	249906108	5,830,285	72,700	SH		DFND		72,700	0	0
DIAGEO PLC	SPON ADR NEW	25243Q205	2,064,759	11,902	SH		DFND	1	11,902	0	0
DIAGEO PLC	SPON ADR NEW	25243Q205	618,456	3,565	SH		DFND	2	3,565	0	0
DISCOVER FINL SVCS	COM	254709108	2,959,343	25,326	SH		DFND	1	25,326	0	0
DISCOVER FINL SVCS	COM	254709108	14,022	120	SH		DFND	2	120	0	0
EATON CORP PLC	SHS	G29183103	27,643,005	137,459	SH		DFND	1	137,459	0	0
EATON CORP PLC	SHS	G29183103	14,788,895	73,540	SH		DFND	2	73,540	0	0
ELEVANCE HEALTH INC	COM	036752103	8,968,438	20,186	SH		DFND	1	20,186	0	0
ELEVANCE HEALTH INC	COM	036752103	4,390,918	9,883	SH		DFND	2	9,883	0	0
EMCOR GROUP INC	COM	29084Q100	1,108,680	6,000	SH		DFND	2	6,000	0	0
EMERSON ELEC CO	COM	291011104	273,882	3,030	SH		DFND	1	3,030	0	0
EMERSON ELEC CO	COM	291011104	17,626	195	SH		DFND	2	195	0	0
ENBRIDGE INC	COM	29250N105	2,980,634	80,100	SH		DFND		80,100	0	0
ENBRIDGE INC	COM	29250N105	776,875	20,886	SH		DFND	1	20,886	0	0
ENBRIDGE INC	COM	29250N105	113,087	3,040	SH		DFND	2	3,040	0	0
ENDAVA PLC	ADS	29260V105	414,320	8,000	SH		DFND	2	8,000	0	0
ENERGY TRANSFER L P	COM UT LTD PTN	29273V100	4,657,154	366,705	SH		DFND	1	366,705	0	0
FAIR ISAAC CORP	COM	303250104	1,456,578	1,800	SH		DFND	2	1,800	0	0
FERGUSON PLC NEW	SHS	G3421J106	3,519,784	22,325	SH		DFND	2	22,325	0	0
FERGUSON PLC NEW	SHS	G3421J106	282,213	1,790	SH		DFND	1	1,790	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	5,627,606	36,500	SH		DFND		36,500	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	66,298	430	SH		DFND	2	430	0	0
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	1,995,120	18,000	SH		DFND	2	18,000	0	0
FORTINET INC	COM	34959E109	1,133,850	15,000	SH		DFND	2	15,000	0	0
FORTINET INC	COM	34959E109	1,065,819	14,100	SH		DFND		14,100	0	0
FORTIS INC	COM	349553107	1,000,936	23,200	SH		DFND		23,200	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	1,056,000	26,400	SH		DFND		26,400	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	5,104,400	127,610	SH		DFND	2	127,610	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	15,520,745	70,687	SH		DFND	1	70,687	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	592,839	2,700	SH		DFND		2,700	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	7,280,941	33,160	SH		DFND	2	33,160	0	0
GENERAL MTRS CO	COM	37045V100	12,678,721	328,805	SH		DFND	1	328,805	0	0
GENERAL MTRS CO	COM	37045V100	2,707,490	70,215	SH		DFND	2	70,215	0	0
GILDAN ACTIVEWEAR INC	COM	375916103	2,582,127	80,000	SH		DFND		80,000	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	70,310	1,187	SH		DFND	2	1,187	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	3,358,508	56,700	SH		DFND		56,700	0	0
HCA HEALTHCARE INC	COM	40412C101	40,059	132	SH		DFND	1	132	0	0
HCA HEALTHCARE INC	COM	40412C101	1,593,270	5,250	SH		DFND	2	5,250	0	0
HDFC BANK LTD	SPONSORED ADS	40415F101	1,045,500	15,000	SH		DFND	2	15,000	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	1,419,113	9,750	SH		DFND	2	9,750	0	0
HOME DEPOT INC	COM	437076102	15,546,911	50,048	SH		DFND	1	50,048	0	0
HOME DEPOT INC	COM	437076102	4,316,032	13,894	SH		DFND	2	13,894	0	0
HUDBAY MINERALS INC	COM	443628102	2,503,049	521,600	SH		DFND		521,600	0	0
HYATT HOTELS CORP	COM CL A	448579102	1,374,960	12,000	SH		DFND	2	12,000	0	0
ICON PLC	SHS	G4705A100	1,125,900	4,500	SH		DFND	2	4,500	0	0
ILLUMINA INC	COM	452327109	328,108	1,750	SH		DFND	2	1,750	0	0
INTERACTIVE BROKERS GROUP IN	COM CL A	45841N107	1,370,655	16,500	SH		DFND	2	16,500	0	0
INVESCO EXCH TRADED FD TR II	SR LN ETF	46138G508	420,800	20,000	SH		DFND		20,000	0	0
INVESCO EXCHANGE TRADED FD T	DYNMC LEISURE	46137V720	424,682	10,155	SH		DFND	2	10,155	0	0
IQVIA HLDGS INC	COM	46266C105	379,861	1,690	SH		DFND	1	1,690	0	0
IQVIA HLDGS INC	COM	46266C105	1,202,520	5,350	SH		DFND	2	5,350	0	0
ISHARES TR	GL CLEAN ENE ETF	464288224	377,292	20,505	SH		DFND	2	20,505	0	0
JOHNSON & JOHNSON	COM	478160104	1,348,988	8,150	SH		DFND		8,150	0	0
JOHNSON & JOHNSON	COM	478160104	87,560	529	SH		DFND	1	529	0	0
KEYSIGHT TECHNOLOGIES INC	COM	49338L103	2,278,995	13,610	SH		DFND	1	13,610	0	0
KEYSIGHT TECHNOLOGIES INC	COM	49338L103	2,480,772	14,815	SH		DFND	2	14,815	0	0
KRANESHARES TR	KFA MOUNT LUCAS	500767652	582,183	19,108	SH		DFND	2	19,108	0	0
KRANESHARES TR	QUADRTC INT RT	500767736	297,998	14,480	SH		DFND	2	14,480	0	0
LEAR CORP	COM NEW	521865204	341,649	2,380	SH		DFND	1	2,380	0	0
LEAR CORP	COM NEW	521865204	21,533	150	SH		DFND	2	150	0	0
LIBERTY BROADBAND CORP	COM SER C	530307305	961,320	12,000	SH		DFND	2	12,000	0	0
LILLY ELI & CO	COM	532457108	85,823	183	SH		DFND	1	183	0	0
LILLY ELI & CO	COM	532457108	5,787,213	12,340	SH		DFND	2	12,340	0	0
LINDE PLC	SHS	G54950103	19,920,576	52,274	SH		DFND	1	52,274	0	0
LINDE PLC	SHS	G54950103	8,560,962	22,465	SH		DFND	2	22,465	0	0
LOWES COS INC	COM	548661107	2,868,196	12,708	SH		DFND	1	12,708	0	0
MANULIFE FINL CORP	COM	56501R106	149,493	7,900	SH		DFND		7,900	0	0
MANULIFE FINL CORP	COM	56501R106	115,156	6,088	SH		DFND	1	6,088	0	0
MANULIFE FINL CORP	COM	56501R106	24,789	1,310	SH		DFND	2	1,310	0	0
MARSH & MCLENNAN COS INC	COM	571748102	22,129,869	117,662	SH		DFND	1	117,662	0	0
MARSH & MCLENNAN COS INC	COM	571748102	4,977,349	26,464	SH		DFND	2	26,464	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	336,272	855	SH		DFND	1	855	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	9,091,130	23,115	SH		DFND	2	23,115	0	0
MCDONALDS CORP	COM	580135101	103,250	346	SH		DFND	1	346	0	0
MCDONALDS CORP	COM	580135101	4,929,733	16,520	SH		DFND	2	16,520	0	0
MCKESSON CORP	COM	58155Q103	81,189	190	SH		DFND	1	190	0	0
MCKESSON CORP	COM	58155Q103	2,392,509	5,599	SH		DFND	2	5,599	0	0
MERCADOLIBRE INC	COM	58733R102	1,303,060	1,100	SH		DFND	2	1,100	0	0
META PLATFORMS INC	CL A	30303M102	29,268,516	101,988	SH		DFND	1	101,988	0	0
META PLATFORMS INC	CL A	30303M102	6,530,230	22,755	SH		DFND	2	22,755	0	0
MICROSOFT CORP	COM	594918104	43,714,439	128,368	SH		DFND	1	128,368	0	0
MICROSOFT CORP	COM	594918104	16,545,817	48,587	SH		DFND	2	48,587	0	0
MSCI INC	COM	55354G100	2,047,982	4,364	SH		DFND	1	4,364	0	0
NORTH AMERN CONSTR GROUP LTD	COM	656811106	5,065,211	264,400	SH		DFND		264,400	0	0
NOVO-NORDISK A S	ADR	670100205	7,341,742	45,367	SH		DFND	1	45,367	0	0
NOVO-NORDISK A S	ADR	670100205	131,891	815	SH		DFND	2	815	0	0
NUTRIEN LTD	COM	67077M108	1,111,164	18,800	SH		DFND		18,800	0	0
NVR INC	COM	62944T105	1,682,914	265	SH		DFND	2	265	0	0
OPEN TEXT CORP	COM	683715106	36,227	870	SH		DFND	2	870	0	0
OPEN TEXT CORP	COM	683715106	4,162	100	SH		DFND	1	100	0	0
OPEN TEXT CORP	COM	683715106	728,698	17,500	SH		DFND		17,500	0	0
ORACLE CORP	COM	68389X105	64,309	540	SH		DFND	1	540	0	0
ORACLE CORP	COM	68389X105	6,718,462	56,415	SH		DFND	2	56,415	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	716,475	750	SH		DFND	2	750	0	0
PARKER-HANNIFIN CORP	COM	701094104	2,047,710	5,250	SH		DFND		5,250	0	0
PARKER-HANNIFIN CORP	COM	701094104	2,045,760	5,245	SH		DFND	1	5,245	0	0
PARKER-HANNIFIN CORP	COM	701094104	2,519,658	6,460	SH		DFND	2	6,460	0	0
PEMBINA PIPELINE CORP	COM	706327103	5,694,233	180,985	SH		DFND	1	180,985	0	0
PEMBINA PIPELINE CORP	COM	706327103	12,585	400	SH		DFND	2	400	0	0
PEPSICO INC	COM	713448108	566,773	3,060	SH		DFND	1	3,060	0	0
PEPSICO INC	COM	713448108	5,004,645	27,020	SH		DFND	2	27,020	0	0
PHILIP MORRIS INTL INC	COM	718172109	156,192	1,600	SH		DFND	1	1,600	0	0
PHILIP MORRIS INTL INC	COM	718172109	1,464,300	15,000	SH		DFND	2	15,000	0	0
PPG INDS INC	COM	693506107	444,900	3,000	SH		DFND	2	3,000	0	0
QUALCOMM INC	COM	747525103	2,229,500	18,729	SH		DFND	1	18,729	0	0
QUALCOMM INC	COM	747525103	2,483,174	20,860	SH		DFND	2	20,860	0	0
REPUBLIC SVCS INC	COM	760759100	2,282,233	14,900	SH		DFND		14,900	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	333,431	7,300	SH		DFND		7,300	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	31,624,027	692,652	SH		DFND	1	692,652	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	634,811	13,905	SH		DFND	2	13,905	0	0
ROYAL BK CDA	COM	780087102	26,886,121	281,314	SH		DFND	1	281,314	0	0
ROYAL BK CDA	COM	780087102	3,365,580	35,200	SH		DFND		35,200	0	0
ROYAL BK CDA	COM	780087102	7,754,635	81,119	SH		DFND	2	81,119	0	0
S&P GLOBAL INC	COM	78409V104	24,953,398	62,245	SH		DFND	1	62,245	0	0
S&P GLOBAL INC	COM	78409V104	12,347,412	30,800	SH		DFND	2	30,800	0	0
SALESFORCE INC	COM	79466L302	21,126	100	SH		DFND	1	100	0	0
SALESFORCE INC	COM	79466L302	1,742,895	8,250	SH		DFND	2	8,250	0	0
SBA COMMUNICATIONS CORP NEW	CL A	78410G104	521,460	2,250	SH		DFND	2	2,250	0	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	478,015	2,815	SH		DFND	2	2,815	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	5,163,566	224,992	SH		DFND	1	224,992	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	583,091	25,407	SH		DFND	2	25,407	0	0
SOUTHWEST AIRLS CO	COM	844741108	2,741,459	75,710	SH		DFND	1	75,710	0	0
SOUTHWEST AIRLS CO	COM	844741108	15,751	435	SH		DFND	2	435	0	0
SPDR GOLD TR	GOLD SHS	78463V107	6,239	35	SH		DFND	2	35	0	0
SPDR GOLD TR	GOLD SHS	78463V107	2,247,985	12,610	SH		DFND	1	12,610	0	0
SPDR SER TR	BLOOMBERG SHT TE	78468R408	1,990,203	80,575	SH		DFND	2	80,575	0	0
SPROUTS FMRS MKT INC	COM	85208M102	367,300	10,000	SH		DFND	2	10,000	0	0
STANTEC INC	COM	85472N109	424,852	6,500	SH		DFND		6,500	0	0
STANTEC INC	COM	85472N109	58,172	890	SH		DFND	2	890	0	0
STARBUCKS CORP	COM	855244109	93,116	940	SH		DFND	1	940	0	0
STARBUCKS CORP	COM	855244109	5,483,961	55,360	SH		DFND	2	55,360	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	610,619	11,700	SH		DFND		11,700	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	325,894	6,247	SH		DFND	1	6,247	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	36,533	700	SH		DFND	2	700	0	0
SUNCOR ENERGY INC NEW	COM	867224107	6,311	215	SH		DFND	2	215	0	0
SUNCOR ENERGY INC NEW	COM	867224107	2,138,775	72,860	SH		DFND	1	72,860	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	169,747	1,682	SH		DFND	1	1,682	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	3,775,922	37,415	SH		DFND	2	37,415	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	131,261	28,350	SH		DFND	1	28,350	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	30,998	6,695	SH		DFND	2	6,695	0	0
TELUS CORPORATION	COM	87971M103	399,631	20,521	SH		DFND	1	20,521	0	0
TELUS CORPORATION	COM	87971M103	1,656,544	85,028	SH		DFND		85,028	0	0
TELUS CORPORATION	COM	87971M103	790,556	40,580	SH		DFND	2	40,580	0	0
TEMPUR SEALY INTL INC	COM	88023U101	45,960	1,147	SH		DFND	1	1,147	0	0
TEMPUR SEALY INTL INC	COM	88023U101	5,324,702	132,885	SH		DFND	2	132,885	0	0
TESLA INC	COM	88160R101	244,493	934	SH		DFND	1	934	0	0
TEXAS INSTRS INC	COM	882508104	954,106	5,300	SH		DFND		5,300	0	0
TEXAS INSTRS INC	COM	882508104	7,201	40	SH		DFND	1	40	0	0
TEXAS INSTRS INC	COM	882508104	5,743,538	31,905	SH		DFND	2	31,905	0	0
TEXAS PACIFIC LAND CORPORATI	COM	88262P102	394,950	300	SH		DFND	2	300	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	20,512,601	39,315	SH		DFND	1	39,315	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	6,523,440	12,503	SH		DFND	2	12,503	0	0
THOMSON REUTERS CORP.	COM	884903808	29,758,059	220,249	SH		DFND	1	220,249	0	0
THOMSON REUTERS CORP.	COM	884903808	243,301	1,800	SH		DFND		1,800	0	0
THOMSON REUTERS CORP.	COM	884903808	141,110	1,044	SH		DFND	2	1,044	0	0
TOLL BROTHERS INC	COM	889478103	6,025,924	76,210	SH		DFND	2	76,210	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	1,706,424	27,500	SH		DFND		27,500	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	7,470,596	120,443	SH		DFND	1	120,443	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	2,094,282	33,754	SH		DFND	2	33,754	0	0
TRADEWEB MKTS INC	CL A	892672106	719,040	10,500	SH		DFND	2	10,500	0	0
U HAUL HOLDING COMPANY	COM SER N	023586506	1,260,163	24,870	SH		DFND		24,870	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	1,153,536	2,400	SH		DFND		2,400	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	21,339,455	44,398	SH		DFND	1	44,398	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	8,398,703	17,474	SH		DFND	2	17,474	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	49,876	660	SH		DFND	1	660	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	976,227	13,430	SH		DFND	1	13,430	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	822,124	11,310	SH		DFND	2	11,310	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	781,772	10,345	SH		DFND	2	10,345	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	190,993	4,695	SH		DFND	1	4,695	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	2,654,167	65,245	SH		DFND	2	65,245	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	378,300	5,000	SH		DFND	2	5,000	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	2,447,601	32,350	SH		DFND	1	32,350	0	0
VEEVA SYS INC	CL A COM	922475108	444,893	2,250	SH		DFND	2	2,250	0	0
VERISIGN INC	COM	92343E102	903,880	4,000	SH		DFND	2	4,000	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	561,197	15,090	SH		DFND	1	15,090	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	24,545	660	SH		DFND	2	660	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	847,932	22,800	SH		DFND		22,800	0	0
VISA INC	COM CL A	92826C839	25,838,061	108,801	SH		DFND	1	108,801	0	0
VISA INC	COM CL A	92826C839	1,567,368	6,600	SH		DFND		6,600	0	0
VISA INC	COM CL A	92826C839	9,661,398	40,683	SH		DFND	2	40,683	0	0
WALMART INC	COM	931142103	3,415,836	21,732	SH		DFND	1	21,732	0	0
WALMART INC	COM	931142103	36,937	235	SH		DFND	2	235	0	0
WALMART INC	COM	931142103	1,744,698	11,100	SH		DFND		11,100	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	792,265	63,179	SH		DFND	1	63,179	0	0
WASTE CONNECTIONS INC	COM	94106B101	4,392,542	30,700	SH		DFND	2	30,700	0	0
WASTE CONNECTIONS INC	COM	94106B101	2,088,962	14,600	SH		DFND		14,600	0	0
YUM BRANDS INC	COM	988498101	2,096,262	15,130	SH		DFND	1	15,130	0	0
YUM BRANDS INC	COM	988498101	2,559,711	18,475	SH		DFND	2	18,475	0	0
YUM CHINA HLDGS INC	COM	98850P109	108,763	1,925	SH		DFND	1	1,925	0	0
YUM CHINA HLDGS INC	COM	98850P109	2,284,578	40,435	SH		DFND	2	40,435	0	0