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
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	3,666,279	11,938	SH		DFND	1	11,938	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	17,125,115	52,074	SH		DFND	2	52,074	0	0
ADOBE INC	COM	00724F101	20,396	40	SH		DFND	1	40	0	0
ADOBE INC	COM	00724F101	2,386,400	4,000	SH		DFND	2	4,000	0	0
AIRBNB INC	COM CL A	009066101	5,488	40	SH		DFND	1	40	0	0
AIRBNB INC	COM CL A	009066101	3,131,220	23,000	SH		DFND	2	23,000	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	89,330	6,610	SH		DFND	2	6,610	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	5,019,223	371,400	SH		DFND		371,400	0	0
ALLISON TRANSMISSION HLDGS I	COM	01973R101	1,540,975	26,500	SH		DFND	2	26,500	0	0
ALPHABET INC	CAP STK CL A	02079K305	2,081,381	14,900	SH		DFND		14,900	0	0
ALPHABET INC	CAP STK CL A	02079K305	3,791,538	28,974	SH		DFND	1	28,974	0	0
ALPHABET INC	CAP STK CL A	02079K305	11,512,551	82,415	SH		DFND	2	82,415	0	0
ALPHABET INC	CAP STK CL C	02079K107	5,613,514	42,575	SH		DFND	2	42,575	0	0
ALPHABET INC	CAP STK CL C	02079K107	30,958,776	234,803	SH		DFND	1	234,803	0	0
AMAZON COM INC	COM	023135106	1,321,878	8,700	SH		DFND	2	8,700	0	0
AMAZON COM INC	COM	023135106	1,633,619	12,851	SH		DFND	1	12,851	0	0
AMGEN INC	COM	031162100	979,268	3,400	SH		DFND		3,400	0	0
AMGEN INC	COM	031162100	48,377	180	SH		DFND	1	180	0	0
AMPHENOL CORP NEW	CL A	032095101	346,879	4,130	SH		DFND	1	4,130	0	0
ANALOG DEVICES INC	COM	032654105	10,613,080	60,615	SH		DFND	1	60,615	0	0
ANALOG DEVICES INC	COM	032654105	3,738,844	20,945	SH		DFND	2	20,945	0	0
ANHEUSER BUSCH INBEV SA/NV	SPONSORED ADR	03524A108	452,340	7,000	SH		DFND	2	7,000	0	0
AON PLC	SHS CL A	G0403H108	403,978	1,246	SH		DFND	1	1,246	0	0
AON PLC	SHS CL A	G0403H108	10,867,613	35,130	SH		DFND	2	35,130	0	0
APOLLO GLOBAL MGMT INC	COM	03769M106	2,236,560	24,000	SH		DFND	2	24,000	0	0
APPLE INC	COM	037833100	24,007,580	140,223	SH		DFND	1	140,223	0	0
APPLE INC	COM	037833100	2,709,203	15,525	SH		DFND	2	15,525	0	0
APPLIED MATLS INC	COM	038222105	10,938,242	79,005	SH		DFND	1	79,005	0	0
APPLIED MATLS INC	COM	038222105	5,031,823	34,655	SH		DFND	2	34,655	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	928,375	12,500	SH		DFND	2	12,500	0	0
ARES MANAGEMENT CORPORATION	CL A COM STK	03990B101	8,590,483	72,610	SH		DFND	2	72,610	0	0
ARISTA NETWORKS INC	COM	040413106	706,530	3,000	SH		DFND	2	3,000	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	2,368,179	4,023	SH		DFND	1	4,023	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	361,963	5,345	SH		DFND	1	5,345	0	0
AUTOZONE INC	COM	053332102	969,604	375	SH		DFND	2	375	0	0
AVERY DENNISON CORP	COM	053611109	2,583,867	14,145	SH		DFND	1	14,145	0	0
AVERY DENNISON CORP	COM	053611109	3,072,827	16,555	SH		DFND	2	16,555	0	0
BANK AMERICA CORP	COM	060505104	1,897,845	69,315	SH		DFND	1	69,315	0	0
BANK AMERICA CORP	COM	060505104	7,666	280	SH		DFND	2	280	0	0
BANK MONTREAL QUE	COM	063671101	1,709,532	20,203	SH		DFND	1	20,203	0	0
BANK MONTREAL QUE	COM	063671101	536,929	5,400	SH		DFND		5,400	0	0
BANK NOVA SCOTIA HALIFAX	COM	064149107	4,890,084	108,765	SH		DFND	1	108,765	0	0
BCE INC	COM NEW	05534B760	1,057,685	27,622	SH		DFND	1	27,622	0	0
BCE INC	COM NEW	05534B760	1,000,987	25,300	SH		DFND		25,300	0	0
BCE INC	COM NEW	05534B760	44,035	1,150	SH		DFND	2	1,150	0	0
BERKLEY W R CORP	COM	084423102	1,414,400	20,000	SH		DFND	2	20,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	2,809,406	8,020	SH		DFND	1	8,020	0	0
BLACKROCK INC	COM	09247X101	2,431,449	3,761	SH		DFND	1	3,761	0	0
BLACKROCK INC	COM	09247X101	7,259,913	9,000	SH		DFND	2	9,000	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	23,454	2,061	SH		DFND	2	2,061	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	99,382	8,733	SH		DFND	1	8,733	0	0
BOOKING HOLDINGS INC	COM	09857L108	46,259	15	SH		DFND	1	15	0	0
BOOKING HOLDINGS INC	COM	09857L108	886,805	250	SH		DFND	2	250	0	0
BOOZ ALLEN HAMILTON HLDG COR	CL A	099502106	5,134,086	40,480	SH		DFND	2	40,480	0	0
BROADCOM INC	COM	11135F101	8,315,112	7,540	SH		DFND	2	7,540	0	0
BUILDERS FIRSTSOURCE INC	COM	12008R107	834,700	5,000	SH		DFND	2	5,000	0	0
CAE INC	COM	124765108	3,747	160	SH		DFND	2	160	0	0
CAE INC	COM	124765108	1,044,206	44,590	SH		DFND	1	44,590	0	0
CAMECO CORP	COM	13321L108	428,930	9,900	SH		DFND		9,900	0	0
CAMECO CORP	COM	13321L108	3,520,367	88,456	SH		DFND	1	88,456	0	0
CAMECO CORP	COM	13321L108	8,166,699	189,340	SH		DFND	2	189,340	0	0
CANADIAN IMPERIAL BK COMM TO	COM	136069101	321,684	8,308	SH		DFND	1	8,308	0	0
CANADIAN NAT RES LTD	COM	136385101	388,426	5,900	SH		DFND		5,900	0	0
CANADIAN NAT RES LTD	COM	136385101	1,837,576	28,327	SH		DFND	1	28,327	0	0
CANADIAN NAT RES LTD	COM	136385101	5,041,740	76,650	SH		DFND	2	76,650	0	0
CANADIAN NATL RY CO	COM	136375102	24,170,473	222,510	SH		DFND	1	222,510	0	0
CANADIAN NATL RY CO	COM	136375102	808,373	6,400	SH		DFND		6,400	0	0
CANADIAN NATL RY CO	COM	136375102	1,524,509	12,790	SH		DFND	2	12,790	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	2,907,948	38,650	SH		DFND	2	38,650	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	30,034,357	402,832	SH		DFND	1	402,832	0	0
CARDINAL HEALTH INC	COM	14149Y108	32,037	369	SH		DFND	1	369	0	0
CARDINAL HEALTH INC	COM	14149Y108	932,400	9,250	SH		DFND	2	9,250	0	0
CARRIER GLOBAL CORPORATION	COM	14448C104	5,761,661	100,290	SH		DFND	2	100,290	0	0
CASEYS GEN STORES INC	COM	147528103	618,165	2,250	SH		DFND	2	2,250	0	0
CBOE GLOBAL MKTS INC	COM	12503M108	401,760	2,250	SH		DFND	2	2,250	0	0
CELESTICA INC	SUB VTG SHS	15101Q108	473,867	16,100	SH		DFND		16,100	0	0
CENOVUS ENERGY INC	COM	15135U109	395,183	23,600	SH		DFND		23,600	0	0
CISCO SYS INC	COM	17275R102	889,152	17,600	SH		DFND		17,600	0	0
COCA-COLA EUROPACIFIC PARTNE	SHS	G25839104	667,400	10,000	SH		DFND	2	10,000	0	0
COMCAST CORP NEW	CL A	20030N101	79,236	1,787	SH		DFND	1	1,787	0	0
COMCAST CORP NEW	CL A	20030N101	1,644,375	37,500	SH		DFND	2	37,500	0	0
COSTCO WHSL CORP NEW	COM	22160K105	21,806,326	38,598	SH		DFND	1	38,598	0	0
COSTCO WHSL CORP NEW	COM	22160K105	9,958,431	16,376	SH		DFND	2	16,376	0	0
CVS HEALTH CORP	COM	126650100	9,077	130	SH		DFND	2	130	0	0
CVS HEALTH CORP	COM	126650100	2,533,070	36,280	SH		DFND	1	36,280	0	0
DANAHER CORPORATION	COM	235851102	3,338,434	13,456	SH		DFND	1	13,456	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,085,663	4,057	SH		DFND	1	4,057	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,486,187	4,710	SH		DFND	2	4,710	0	0
DEERE & CO	COM	244199105	2,542,786	6,738	SH		DFND	1	6,738	0	0
DESCARTES SYS GROUP INC	COM	249906108	3,681	50	SH		DFND	1	50	0	0
DESCARTES SYS GROUP INC	COM	249906108	6,138,094	72,700	SH		DFND		72,700	0	0
DIGITAL RLTY TR INC	COM	253868103	1,870,662	13,900	SH		DFND	2	13,900	0	0
DISCOVER FINL SVCS	COM	254709108	6,064	70	SH		DFND	2	70	0	0
DISCOVER FINL SVCS	COM	254709108	1,608,373	18,566	SH		DFND	1	18,566	0	0
DOMINOS PIZZA INC	COM	25754A201	680,180	1,650	SH		DFND	2	1,650	0	0
EATON CORP PLC	SHS	G29183103	28,792,587	134,999	SH		DFND	1	134,999	0	0
EATON CORP PLC	SHS	G29183103	13,470,288	60,020	SH		DFND	2	60,020	0	0
ELECTRONIC ARTS INC	COM	285512109	752,455	5,500	SH		DFND	2	5,500	0	0
ELEVANCE HEALTH INC	COM	036752103	8,732,784	20,056	SH		DFND	1	20,056	0	0
ELEVANCE HEALTH INC	COM	036752103	4,276,065	9,418	SH		DFND	2	9,418	0	0
ELI LILLY & CO	COM	532457108	456,561	850	SH		DFND	1	850	0	0
ELI LILLY & CO	COM	532457108	4,151,313	7,175	SH		DFND	2	7,175	0	0
EMCOR GROUP INC	COM	29084Q100	915,578	4,250	SH		DFND	2	4,250	0	0
EMERSON ELEC CO	COM	291011104	944,101	9,700	SH		DFND		9,700	0	0
EMERSON ELEC CO	COM	291011104	355,378	3,680	SH		DFND	1	3,680	0	0
ENBRIDGE INC	COM	29250N105	626,267	18,824	SH		DFND	1	18,824	0	0
ENBRIDGE INC	COM	29250N105	2,977,180	82,300	SH		DFND		82,300	0	0
FAIR ISAAC CORP	COM	303250104	931,208	800	SH		DFND	2	800	0	0
FERGUSON PLC NEW	SHS	G3421J106	238,917	1,440	SH		DFND	1	1,440	0	0
FERGUSON PLC NEW	SHS	G3421J106	4,476,891	26,325	SH		DFND	2	26,325	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	5,941,700	36,500	SH		DFND		36,500	0	0
FLEETCOR TECHNOLOGIES INC	COM	339041105	989,135	3,500	SH		DFND	2	3,500	0	0
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	1,694,550	13,000	SH		DFND	2	13,000	0	0
FORTIS INC	COM	349553107	1,219,509	29,500	SH		DFND		29,500	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	162,212	4,350	SH		DFND	2	4,350	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	676,863	15,900	SH		DFND		15,900	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	16,001,370	70,203	SH		DFND	1	70,203	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	5,867,864	25,795	SH		DFND	2	25,795	0	0
GENERAL MTRS CO	COM	37045V100	10,744,593	325,890	SH		DFND	1	325,890	0	0
GENERAL MTRS CO	COM	37045V100	1,878,631	56,980	SH		DFND	2	56,980	0	0
GENTEX CORP	COM	371901109	6,030,345	184,655	SH		DFND	2	184,655	0	0
GILDAN ACTIVEWEAR INC	COM	375916103	578,241	17,400	SH		DFND		17,400	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	4,361,832	75,400	SH		DFND		75,400	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	68,667	1,187	SH		DFND	2	1,187	0	0
GSK PLC	SPONSORED ADR	37733W204	741,200	20,000	SH		DFND	2	20,000	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	2,185,080	12,000	SH		DFND	2	12,000	0	0
HOME DEPOT INC	COM	437076102	8,759,316	28,989	SH		DFND	1	28,989	0	0
HOME DEPOT INC	COM	437076102	5,463,313	16,734	SH		DFND	2	16,734	0	0
HOWMET AEROSPACE INC	COM	443201108	6,216,146	115,670	SH		DFND	2	115,670	0	0
HUDBAY MINERALS INC	COM	443628102	2,883,713	521,600	SH		DFND		521,600	0	0
HUDBAY MINERALS INC	COM	443628102	798,126	163,500	SH		DFND	1	163,500	0	0
ICON PLC	SHS	G4705A100	1,486,118	5,250	SH		DFND	2	5,250	0	0
INTERACTIVE BROKERS GROUP IN	COM CL A	45841N107	2,694,250	32,500	SH		DFND	2	32,500	0	0
INTUIT	COM	461202103	58,758	115	SH		DFND	1	115	0	0
INTUIT	COM	461202103	1,312,563	2,100	SH		DFND	2	2,100	0	0
INVESCO EXCH TRADED FD TR II	S&P 500 HB ETF	46138E370	4,246,592	51,805	SH		DFND	2	51,805	0	0
INVESCO EXCH TRADED FD TR II	SR LN ETF	46138G508	423,600	20,000	SH		DFND		20,000	0	0
INVESCO EXCHANGE TRADED FD T	LEISURE AND ENTE	46137V720	425,798	10,155	SH		DFND	2	10,155	0	0
IQVIA HLDGS INC	COM	46266C105	352,183	1,790	SH		DFND	1	1,790	0	0
ISHARES TR	GL CLEAN ENE ETF	464288224	319,263	20,505	SH		DFND	2	20,505	0	0
KEYSIGHT TECHNOLOGIES INC	COM	49338L103	1,548,027	11,700	SH		DFND	2	11,700	0	0
KEYSIGHT TECHNOLOGIES INC	COM	49338L103	1,736,569	13,125	SH		DFND	1	13,125	0	0
KINSALE CAP GROUP INC	COM	49714P108	334,910	1,000	SH		DFND	2	1,000	0	0
KLA CORP	COM NEW	482480100	60,084	131	SH		DFND	1	131	0	0
KLA CORP	COM NEW	482480100	1,307,925	2,250	SH		DFND	2	2,250	0	0
KRANESHARES TR	KFA MOUNT LUCAS	500767652	3,452	106	SH		DFND	1	106	0	0
KRANESHARES TR	KFA MOUNT LUCAS	500767652	613,130	18,825	SH		DFND	2	18,825	0	0
KRANESHARES TR	QUADRTC INT RT	500767736	1,192	58	SH		DFND	1	58	0	0
KRANESHARES TR	QUADRTC INT RT	500767736	296,948	14,443	SH		DFND	2	14,443	0	0
LEAR CORP	COM NEW	521865204	362,340	2,700	SH		DFND	1	2,700	0	0
LINCOLN ELEC HLDGS INC	COM	533900106	1,304,760	6,000	SH		DFND		6,000	0	0
LINDE PLC	SHS	G54950103	19,826,148	53,246	SH		DFND	1	53,246	0	0
LINDE PLC	SHS	G54950103	8,327,296	22,120	SH		DFND	2	22,120	0	0
LIVE NATION ENTERTAINMENT IN	COM	538034109	1,638,000	17,500	SH		DFND	2	17,500	0	0
LOWES COS INC	COM	548661107	2,640,399	12,704	SH		DFND	1	12,704	0	0
LPL FINL HLDGS INC	COM	50212V100	625,955	2,750	SH		DFND	2	2,750	0	0
MANULIFE FINL CORP	COM	56501R106	155,438	7,000	SH		DFND		7,000	0	0
MANULIFE FINL CORP	COM	56501R106	106,954	5,835	SH		DFND	1	5,835	0	0
MARRIOTT INTL INC NEW	CL A	571903202	563,775	2,500	SH		DFND	2	2,500	0	0
MARSH & MCLENNAN COS INC	COM	571748102	22,528,095	118,382	SH		DFND	1	118,382	0	0
MARSH & MCLENNAN COS INC	COM	571748102	4,772,400	25,094	SH		DFND	2	25,094	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	350,380	885	SH		DFND	1	885	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	9,208,210	21,665	SH		DFND	2	21,665	0	0
MCDONALDS CORP	COM	580135101	91,150	346	SH		DFND	1	346	0	0
MCDONALDS CORP	COM	580135101	2,119,273	7,250	SH		DFND	2	7,250	0	0
MCKESSON CORP	COM	58155Q103	82,622	190	SH		DFND	1	190	0	0
MCKESSON CORP	COM	58155Q103	4,938,531	10,709	SH		DFND	2	10,709	0	0
MEDPACE HLDGS INC	COM	58506Q109	1,149,488	3,750	SH		DFND	2	3,750	0	0
MERCADOLIBRE INC	COM	58733R102	2,043,002	1,300	SH		DFND	2	1,300	0	0
META PLATFORMS INC	CL A	30303M102	30,451,801	101,435	SH		DFND	1	101,435	0	0
META PLATFORMS INC	CL A	30303M102	6,884,758	21,465	SH		DFND	2	21,465	0	0
MICROSOFT CORP	COM	594918104	40,241,706	127,448	SH		DFND	1	127,448	0	0
MICROSOFT CORP	COM	594918104	16,600,357	47,253	SH		DFND	2	47,253	0	0
MOTOROLA SOLUTIONS INC	COM NEW	620076307	4,758,968	15,200	SH		DFND	2	15,200	0	0
MSCI INC	COM	55354G100	2,223,176	4,333	SH		DFND	1	4,333	0	0
MURPHY USA INC	COM	626755102	891,400	2,500	SH		DFND	2	2,500	0	0
NAPCO SEC TECHNOLOGIES INC	COM	630402105	1,027,500	30,000	SH		DFND	2	30,000	0	0
NORTH AMERN CONSTR GROUP LTD	COM	656811106	4,367,886	208,300	SH		DFND		208,300	0	0
NOVO-NORDISK A S	ADR	670100205	140,957	1,550	SH		DFND	2	1,550	0	0
NOVO-NORDISK A S	ADR	670100205	8,363,206	91,964	SH		DFND	1	91,964	0	0
NVIDIA CORPORATION	COM	67066G104	51,764	119	SH		DFND	1	119	0	0
NVIDIA CORPORATION	COM	67066G104	495,220	1,000	SH		DFND	2	1,000	0	0
NVR INC	COM	62944T105	1,750,113	250	SH		DFND	2	250	0	0
OPEN TEXT CORP	COM	683715106	3,520	100	SH		DFND	1	100	0	0
OPEN TEXT CORP	COM	683715106	565,938	13,400	SH		DFND		13,400	0	0
ORACLE CORP	COM	68389X105	8,171,940	77,152	SH		DFND	1	77,152	0	0
ORACLE CORP	COM	68389X105	2,735,160	25,840	SH		DFND	2	25,840	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	617,552	650	SH		DFND	2	650	0	0
PARKER-HANNIFIN CORP	COM	701094104	1,930,072	4,955	SH		DFND	1	4,955	0	0
PARKER-HANNIFIN CORP	COM	701094104	115,175	250	SH		DFND		250	0	0
PARKER-HANNIFIN CORP	COM	701094104	2,412,195	6,010	SH		DFND	2	6,010	0	0
PEMBINA PIPELINE CORP	COM	706327103	4,411,271	146,260	SH		DFND	1	146,260	0	0
PEMBINA PIPELINE CORP	COM	706327103	12,064	400	SH		DFND	2	400	0	0
PEPSICO INC	COM	713448108	543,055	3,205	SH		DFND	1	3,205	0	0
PEPSICO INC	COM	713448108	1,586,479	9,345	SH		DFND	2	9,345	0	0
RAYMOND JAMES FINL INC	COM	754730109	713,600	6,400	SH		DFND		6,400	0	0
RB GLOBAL INC	COM	74935Q107	369,851	5,500	SH		DFND		5,500	0	0
REPUBLIC SVCS INC	COM	760759100	1,962,429	11,900	SH		DFND		11,900	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	1,185,466	25,200	SH		DFND		25,200	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	26,173,632	679,606	SH		DFND	1	679,606	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	517,876	13,455	SH		DFND	2	13,455	0	0
ROYAL BK CDA	COM	780087102	3,475,504	34,200	SH		DFND		34,200	0	0
ROYAL BK CDA	COM	780087102	24,308,127	277,299	SH		DFND	1	277,299	0	0
ROYAL BK CDA	COM	780087102	4,222,396	45,929	SH		DFND	2	45,929	0	0
S&P GLOBAL INC	COM	78409V104	22,386,844	61,265	SH		DFND	1	61,265	0	0
S&P GLOBAL INC	COM	78409V104	14,066,795	34,610	SH		DFND	2	34,610	0	0
SALESFORCE INC	COM	79466L302	2,894,540	11,000	SH		DFND	2	11,000	0	0
SALESFORCE INC	COM	79466L302	20,278	100	SH		DFND	1	100	0	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	457,183	2,840	SH		DFND	2	2,840	0	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	3,220	20	SH		DFND	1	20	0	0
SHERWIN WILLIAMS CO	COM	824348106	623,800	2,000	SH		DFND	2	2,000	0	0
SIMPLIFY EXCHANGE TRADED FUN	SHORT TERM TREA	82889N657	1,617,700	70,000	SH		DFND	2	70,000	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	5,105,628	226,816	SH		DFND	1	226,816	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	3,045,898	134,067	SH		DFND	2	134,067	0	0
SIMPSON MFG INC	COM	829073105	692,930	3,500	SH		DFND	2	3,500	0	0
SOUTHERN COPPER CORP	COM	84265V105	1,947,334	22,625	SH		DFND	2	22,625	0	0
SPDR GOLD TR	GOLD SHS	78463V107	6,001	35	SH		DFND	2	35	0	0
SPDR GOLD TR	GOLD SHS	78463V107	630,861	3,300	SH		DFND		3,300	0	0
SPDR GOLD TR	GOLD SHS	78463V107	1,782,051	10,394	SH		DFND	1	10,394	0	0
SPDR SER TR	BLOOMBERG 1-3 MO	78468R663	183,640	2,000	SH		DFND	1	2,000	0	0
SPDR SER TR	BLOOMBERG 1-3 MO	78468R663	58,306	635	SH		DFND	2	635	0	0
SPDR SER TR	BLOOMBERG SHT TE	78468R408	1,561,797	62,124	SH		DFND	2	62,124	0	0
STAG INDL INC	COM	85254J102	1,939,051	49,390	SH		DFND	2	49,390	0	0
STANTEC INC	COM	85472N109	1,113,335	13,800	SH		DFND		13,800	0	0
STANTEC INC	COM	85472N109	69,220	858	SH		DFND	2	858	0	0
STARBUCKS CORP	COM	855244109	85,794	940	SH		DFND	1	940	0	0
STARBUCKS CORP	COM	855244109	1,254,928	13,095	SH		DFND	2	13,095	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	301,132	6,153	SH		DFND	1	6,153	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	411,715	7,900	SH		DFND		7,900	0	0
SUNCOR ENERGY INC NEW	COM	867224107	7,417	215	SH		DFND	2	215	0	0
SUNCOR ENERGY INC NEW	COM	867224107	2,076,766	60,206	SH		DFND	1	60,206	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	127,048	1,462	SH		DFND	1	1,462	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	4,737,054	49,415	SH		DFND	2	49,415	0	0
TARGET CORP	COM	87612E106	978,545	8,850	SH		DFND	1	8,850	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	129,843	28,350	SH		DFND	1	28,350	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	30,663	6,695	SH		DFND	2	6,695	0	0
TECK RESOURCES LTD	CL B	878742204	874,251	20,250	SH		DFND	1	20,250	0	0
TELUS CORPORATION	COM	87971M103	404,095	24,670	SH		DFND	1	24,670	0	0
TELUS CORPORATION	COM	87971M103	0	0	SH		DFND	2	0	0	0
TEMPUR SEALY INTL INC	COM	88023U101	49,711	1,147	SH		DFND	1	1,147	0	0
TEMPUR SEALY INTL INC	COM	88023U101	8,014,099	158,430	SH		DFND	2	158,430	0	0
TESLA INC	COM	88160R101	233,705	934	SH		DFND	1	934	0	0
TEXAS PACIFIC LAND CORPORATI	COM	88262P102	1,965,563	1,250	SH		DFND	2	1,250	0	0
TFI INTL INC	COM	87241L109	10,695,656	83,025	SH		DFND	1	83,025	0	0
TFI INTL INC	COM	87241L109	599,158	4,480	SH		DFND	2	4,480	0	0
THE CIGNA GROUP	COM	125523100	45,771	160	SH		DFND	1	160	0	0
THE CIGNA GROUP	COM	125523100	748,625	2,500	SH		DFND	2	2,500	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	19,857,555	39,231	SH		DFND	1	39,231	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	5,417,011	10,629	SH		DFND	2	10,629	0	0
THOMSON REUTERS CORP.	COM	884903808	1,175,368	8,000	SH		DFND		8,000	0	0
THOMSON REUTERS CORP.	COM	884903808	73,135	596	SH		DFND	2	596	0	0
THOMSON REUTERS CORP.	COM	884903808	27,018,593	220,183	SH		DFND	1	220,183	0	0
T-MOBILE US INC	COM	872590104	480,990	3,000	SH		DFND	2	3,000	0	0
TOLL BROTHERS INC	COM	889478103	8,964,253	88,515	SH		DFND	2	88,515	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	5,586,732	92,447	SH		DFND	1	92,447	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	1,545,394	23,800	SH		DFND		23,800	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	132,487	2,100	SH		DFND	2	2,100	0	0
TRANE TECHNOLOGIES PLC	SHS	G8994E103	365,850	1,500	SH		DFND	2	1,500	0	0
TRANE TECHNOLOGIES PLC	SHS	G8994E103	27,393	135	SH		DFND	1	135	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	22,090,076	43,813	SH		DFND	1	43,813	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	1,842,645	3,500	SH		DFND		3,500	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	12,551,021	24,294	SH		DFND	2	24,294	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	777,634	10,345	SH		DFND	2	10,345	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	49,612	660	SH		DFND	1	660	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	928,423	13,305	SH		DFND	1	13,305	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	757,811	10,860	SH		DFND	2	10,860	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	159,781	4,075	SH		DFND	1	4,075	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	2,552,706	64,995	SH		DFND	2	64,995	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	2,588,918	34,450	SH		DFND	1	34,450	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	405,810	5,400	SH		DFND	2	5,400	0	0
VERISIGN INC	COM	92343E102	205,960	1,000	SH		DFND	2	1,000	0	0
VISA INC	COM CL A	92826C839	1,640,205	6,300	SH		DFND		6,300	0	0
VISA INC	COM CL A	92826C839	24,742,866	107,573	SH		DFND	1	107,573	0	0
VISA INC	COM CL A	92826C839	9,366,654	38,948	SH		DFND	2	38,948	0	0
WALMART INC	COM	931142103	3,536,052	22,110	SH		DFND	1	22,110	0	0
WALMART INC	COM	931142103	338,948	2,150	SH		DFND	2	2,150	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	686,124	63,179	SH		DFND	1	63,179	0	0
WASTE CONNECTIONS INC	COM	94106B101	2,572,660	17,145	SH		DFND	2	17,145	0	0
WASTE CONNECTIONS INC	COM	94106B101	2,055,727	13,700	SH		DFND		13,700	0	0
WILLSCOT MOBIL MINI HLDNG CO	COM CL A	971378104	222,500	5,000	SH		DFND	2	5,000	0	0
WIX COM LTD	SHS	M98068105	1,107,180	9,000	SH		DFND	2	9,000	0	0
XPEL INC	COM	98379L100	1,480,875	27,500	SH		DFND	2	27,500	0	0
YUM BRANDS INC	COM	988498101	1,814,129	14,520	SH		DFND	1	14,520	0	0
YUM BRANDS INC	COM	988498101	2,227,612	17,715	SH		DFND	2	17,715	0	0
YUM CHINA HLDGS INC	COM	98850P109	107,261	1,925	SH		DFND	1	1,925	0	0
YUM CHINA HLDGS INC	COM	98850P109	2,169,458	38,935	SH		DFND	2	38,935	0	0