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
ABBVIE INC	COM	00287Y109	108,714	597	SH		DFND	1	597	0	0
ABBVIE INC	COM	00287Y109	5,072,396	27,855	SH		DFND	2	27,855	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	4,305,243	12,421	SH		DFND	1	12,421	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	18,496,496	53,364	SH		DFND	2	53,364	0	0
ADOBE INC	COM	00724F101	2,270,700	4,500	SH		DFND	2	4,500	0	0
ADOBE INC	COM	00724F101	277,530	550	SH		DFND	1	550	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	4,582,110	31,490	SH		DFND	2	31,490	0	0
AGNICO EAGLE MINES LTD	COM	008474108	638,640	10,700	SH		DFND		10,700	0	0
AIRBNB INC	COM CL A	009066101	4,783,840	29,000	SH		DFND	2	29,000	0	0
AIRBNB INC	COM CL A	009066101	6,598	40	SH		DFND	1	40	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	5,060,198	342,900	SH		DFND		342,900	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	59,722	4,047	SH		DFND	2	4,047	0	0
ALLISON TRANSMISSION HLDGS I	COM	01973R101	1,623,200	20,000	SH		DFND	2	20,000	0	0
ALPHABET INC	CAP STK CL C	02079K107	6,287,577	41,295	SH		DFND	2	41,295	0	0
ALPHABET INC	CAP STK CL C	02079K107	37,066,631	243,443	SH		DFND	1	243,443	0	0
ALPHABET INC	CAP STK CL A	02079K305	1,116,882	7,400	SH		DFND		7,400	0	0
ALPHABET INC	CAP STK CL A	02079K305	4,398,553	29,143	SH		DFND	1	29,143	0	0
ALPHABET INC	CAP STK CL A	02079K305	16,277,801	107,850	SH		DFND	2	107,850	0	0
AMAZON COM INC	COM	023135106	26,050,840	144,422	SH		DFND	1	144,422	0	0
AMAZON COM INC	COM	023135106	6,566,734	36,405	SH		DFND	2	36,405	0	0
AMERICAN EXPRESS CO	COM	025816109	455,380	2,000	SH		DFND	2	2,000	0	0
AMPHENOL CORP NEW	CL A	032095101	468,321	4,060	SH		DFND	1	4,060	0	0
ANALOG DEVICES INC	COM	032654105	12,153,207	61,445	SH		DFND	1	61,445	0	0
ANALOG DEVICES INC	COM	032654105	4,042,828	20,440	SH		DFND	2	20,440	0	0
AON PLC	SHS CL A	G0403H108	215,583	646	SH		DFND	1	646	0	0
AON PLC	SHS CL A	G0403H108	3,585,821	10,745	SH		DFND	2	10,745	0	0
APOLLO GLOBAL MGMT INC	COM	03769M106	2,586,350	23,000	SH		DFND	2	23,000	0	0
APPLE INC	COM	037833100	24,390,972	142,238	SH		DFND	1	142,238	0	0
APPLE INC	COM	037833100	4,342,731	25,325	SH		DFND	2	25,325	0	0
APPLIED INDL TECHNOLOGIES IN	COM	03820C105	790,200	4,000	SH		DFND	2	4,000	0	0
APPLIED MATLS INC	COM	038222105	16,540,677	80,205	SH		DFND	1	80,205	0	0
APPLIED MATLS INC	COM	038222105	6,823,120	33,085	SH		DFND	2	33,085	0	0
APPLOVIN CORP	COM CL A	03831W108	1,107,520	16,000	SH		DFND	2	16,000	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	924,400	10,000	SH		DFND	2	10,000	0	0
ARES MANAGEMENT CORPORATION	CL A COM STK	03990B101	8,333,192	62,665	SH		DFND	2	62,665	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	3,980,868	4,102	SH		DFND	1	4,102	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	366,528	5,410	SH		DFND	1	5,410	0	0
AUTODESK INC	COM	052769106	364,588	1,400	SH		DFND	2	1,400	0	0
AUTODESK INC	COM	052769106	59,897	230	SH		DFND	1	230	0	0
AUTOMATIC DATA PROCESSING IN	COM	053015103	680,042	2,723	SH		DFND	1	2,723	0	0
AUTOZONE INC	COM	053332102	1,812,199	575	SH		DFND	2	575	0	0
AVERY DENNISON CORP	COM	053611109	3,459,259	15,495	SH		DFND	1	15,495	0	0
AVERY DENNISON CORP	COM	053611109	3,536,280	15,840	SH		DFND	2	15,840	0	0
BANK AMERICA CORP	COM	060505104	2,462,335	64,935	SH		DFND	1	64,935	0	0
BANK MONTREAL QUE	COM	063671101	1,305,510	13,367	SH		DFND	1	13,367	0	0
BANK NOVA SCOTIA HALIFAX	COM	064149107	3,960,175	76,530	SH		DFND	1	76,530	0	0
BCE INC	COM NEW	05534B760	39,092	1,150	SH		DFND	2	1,150	0	0
BCE INC	COM NEW	05534B760	610,619	17,963	SH		DFND	1	17,963	0	0
BECTON DICKINSON & CO	COM	075887109	940,310	3,800	SH		DFND		3,800	0	0
BECTON DICKINSON & CO	COM	075887109	49,243	199	SH		DFND	1	199	0	0
BERKLEY W R CORP	COM	084423102	1,149,720	13,000	SH		DFND	2	13,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	3,929,339	9,344	SH		DFND	1	9,344	0	0
BLACKROCK INC	COM	09247X101	3,171,395	3,804	SH		DFND	1	3,804	0	0
BLACKROCK INC	COM	09247X101	8,303,652	9,960	SH		DFND	2	9,960	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	103,923	8,733	SH		DFND	1	8,733	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	24,526	2,061	SH		DFND	2	2,061	0	0
BOOKING HOLDINGS INC	COM	09857L108	1,269,758	350	SH		DFND	2	350	0	0
BOOZ ALLEN HAMILTON HLDG COR	CL A	099502106	5,500,444	37,055	SH		DFND	2	37,055	0	0
BROADCOM INC	COM	11135F101	72,898	55	SH		DFND	1	55	0	0
BROADCOM INC	COM	11135F101	742,230	560	SH		DFND		560	0	0
BROADCOM INC	COM	11135F101	8,648,301	6,525	SH		DFND	2	6,525	0	0
BROOKFIELD CORP	CL A LTD VT SH	11271J107	234,552	5,600	SH		DFND		5,600	0	0
BUILDERS FIRSTSOURCE INC	COM	12008R107	834,200	4,000	SH		DFND	2	4,000	0	0
CADENCE DESIGN SYSTEM INC	COM	127387108	300,074	964	SH		DFND	1	964	0	0
CAMECO CORP	COM	13321L108	3,873,213	89,439	SH		DFND	1	89,439	0	0
CAMECO CORP	COM	13321L108	446,327	10,300	SH		DFND		10,300	0	0
CAMECO CORP	COM	13321L108	7,410,733	171,025	SH		DFND	2	171,025	0	0
CANADIAN IMPERIAL BK COMM TO	COM	136069101	401,037	7,908	SH		DFND	1	7,908	0	0
CANADIAN NAT RES LTD	COM	136385101	274,885	3,600	SH		DFND		3,600	0	0
CANADIAN NAT RES LTD	COM	136385101	2,531,558	33,175	SH		DFND	1	33,175	0	0
CANADIAN NAT RES LTD	COM	136385101	5,563,149	72,860	SH		DFND	2	72,860	0	0
CANADIAN NATL RY CO	COM	136375102	30,060,061	228,201	SH		DFND	1	228,201	0	0
CANADIAN NATL RY CO	COM	136375102	659,043	5,000	SH		DFND		5,000	0	0
CANADIAN NATL RY CO	COM	136375102	4,917,806	37,315	SH		DFND	2	37,315	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	35,081,074	397,750	SH		DFND	1	397,750	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	3,382,285	38,345	SH		DFND	2	38,345	0	0
CARDINAL HEALTH INC	COM	14149Y108	1,566,600	14,000	SH		DFND	2	14,000	0	0
CARDINAL HEALTH INC	COM	14149Y108	60,090	537	SH		DFND	1	537	0	0
CARRIER GLOBAL CORPORATION	COM	14448C104	6,053,658	104,140	SH		DFND	2	104,140	0	0
CASEYS GEN STORES INC	COM	147528103	1,353,413	4,250	SH		DFND	2	4,250	0	0
CBOE GLOBAL MKTS INC	COM	12503M108	1,102,380	6,000	SH		DFND	2	6,000	0	0
CELESTICA INC	SUB VTG SHS	15101Q108	409,256	9,100	SH		DFND		9,100	0	0
CENTENE CORP DEL	COM	15135B101	941,760	12,000	SH		DFND	2	12,000	0	0
CENTENE CORP DEL	COM	15135B101	52,739	672	SH		DFND	1	672	0	0
CISCO SYS INC	COM	17275R102	1,602,111	32,100	SH		DFND		32,100	0	0
CISCO SYS INC	COM	17275R102	48,313	968	SH		DFND	1	968	0	0
CME GROUP INC	COM	12572Q105	1,722,320	8,000	SH		DFND	2	8,000	0	0
COMCAST CORP NEW	CL A	20030N101	2,059,125	47,500	SH		DFND	2	47,500	0	0
COMCAST CORP NEW	CL A	20030N101	346,800	8,000	SH		DFND	1	8,000	0	0
COPART INC	COM	217204106	434,400	7,500	SH		DFND	2	7,500	0	0
CORPAY INC	COM SHS	219948106	1,774,105	5,750	SH		DFND	2	5,750	0	0
COSTCO WHSL CORP NEW	COM	22160K105	27,149,803	37,058	SH		DFND	1	37,058	0	0
COSTCO WHSL CORP NEW	COM	22160K105	9,757,899	13,319	SH		DFND	2	13,319	0	0
CRESCENT PT ENERGY CORP	COM	22576C101	15,318	1,872	SH		DFND	1	1,872	0	0
CRESCENT PT ENERGY CORP	COM	22576C101	677,941	82,800	SH		DFND		82,800	0	0
CVS HEALTH CORP	COM	126650100	2,749,247	34,469	SH		DFND	1	34,469	0	0
DANAHER CORPORATION	COM	235851102	3,612,949	14,468	SH		DFND	1	14,468	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,183,723	2,320	SH		DFND	1	2,320	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,362,562	2,510	SH		DFND	2	2,510	0	0
DESCARTES SYS GROUP INC	COM	249906108	6,061,097	66,200	SH		DFND		66,200	0	0
DESCARTES SYS GROUP INC	COM	249906108	4,575	50	SH		DFND	1	50	0	0
DIGITAL RLTY TR INC	COM	253868103	3,082,456	21,400	SH		DFND	2	21,400	0	0
DOMINOS PIZZA INC	COM	25754A201	944,072	1,900	SH		DFND	2	1,900	0	0
DONALDSON INC	COM	257651109	672,120	9,000	SH		DFND	2	9,000	0	0
EAGLE MATLS INC	COM	26969P108	543,500	2,000	SH		DFND	2	2,000	0	0
EATON CORP PLC	SHS	G29183103	41,716,515	133,416	SH		DFND	1	133,416	0	0
EATON CORP PLC	SHS	G29183103	16,376,615	52,375	SH		DFND	2	52,375	0	0
ELECTRONIC ARTS INC	COM	285512109	1,326,700	10,000	SH		DFND	2	10,000	0	0
ELEVANCE HEALTH INC	COM	036752103	4,979,021	9,602	SH		DFND	1	9,602	0	0
ELEVANCE HEALTH INC	COM	036752103	4,669,453	9,005	SH		DFND	2	9,005	0	0
ELI LILLY & CO	COM	532457108	588,916	757	SH		DFND	1	757	0	0
ELI LILLY & CO	COM	532457108	4,726,107	6,075	SH		DFND	2	6,075	0	0
EMCOR GROUP INC	COM	29084Q100	1,400,800	4,000	SH		DFND	2	4,000	0	0
EMERSON ELEC CO	COM	291011104	1,088,832	9,600	SH		DFND		9,600	0	0
EMERSON ELEC CO	COM	291011104	23,932	211	SH		DFND	1	211	0	0
ENBRIDGE INC	COM	29250N105	2,655,038	73,400	SH		DFND		73,400	0	0
ENBRIDGE INC	COM	29250N105	443,591	12,271	SH		DFND	1	12,271	0	0
ENERGY TRANSFER L P	COM UT LTD PTN	29273V100	5,768,270	366,705	SH		DFND	1	366,705	0	0
FERGUSON PLC NEW	SHS	G3421J106	309,527	1,415	SH		DFND	1	1,415	0	0
FERGUSON PLC NEW	SHS	G3421J106	4,883,527	22,325	SH		DFND	2	22,325	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	6,048,494	36,500	SH		DFND		36,500	0	0
FISERV INC	COM	337738108	831,064	5,200	SH		DFND	1	5,200	0	0
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	2,149,455	16,500	SH		DFND	2	16,500	0	0
FORD MTR CO DEL	COM	345370860	132,800	10,000	SH		DFND	1	10,000	0	0
FORTINET INC	COM	34959E109	956,340	14,000	SH		DFND	2	14,000	0	0
FORTIS INC	COM	349553107	1,233,936	31,200	SH		DFND		31,200	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	747,618	15,900	SH		DFND		15,900	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	17,727,086	70,897	SH		DFND	1	70,897	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	6,225,996	24,900	SH		DFND	2	24,900	0	0
GENTEX CORP	COM	371901109	5,927,653	164,110	SH		DFND	2	164,110	0	0
GODADDY INC	CL A	380237107	1,186,800	10,000	SH		DFND	2	10,000	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	37,534	657	SH		DFND	2	657	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	4,513,202	79,000	SH		DFND		79,000	0	0
GSK PLC	SPONSORED ADR	37733W204	1,543,320	36,000	SH		DFND	2	36,000	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	1,919,790	9,000	SH		DFND	2	9,000	0	0
HOME DEPOT INC	COM	437076102	21,475,079	55,983	SH		DFND	1	55,983	0	0
HOME DEPOT INC	COM	437076102	8,810,909	22,969	SH		DFND	2	22,969	0	0
HOWMET AEROSPACE INC	COM	443201108	1,574	23	SH		DFND	1	23	0	0
HOWMET AEROSPACE INC	COM	443201108	7,409,258	108,275	SH		DFND	2	108,275	0	0
HUDBAY MINERALS INC	COM	443628102	797,937	113,975	SH		DFND	1	113,975	0	0
HUDBAY MINERALS INC	COM	443628102	3,653,994	521,600	SH		DFND		521,600	0	0
ICON PLC	SHS	G4705A100	167,975	500	SH		DFND	1	500	0	0
ICON PLC	SHS	G4705A100	2,951,321	8,785	SH		DFND	2	8,785	0	0
INTUIT	COM	461202103	9,750	15	SH		DFND	1	15	0	0
INTUIT	COM	461202103	1,170,000	1,800	SH		DFND	2	1,800	0	0
INVESCO EXCH TRADED FD TR II	SR LN ETF	46138G508	423,000	20,000	SH		DFND		20,000	0	0
INVESCO EXCH TRADED FD TR II	S&P 500 HB ETF	46138E370	1,079,640	12,305	SH		DFND	2	12,305	0	0
INVESCO EXCHANGE TRADED FD T	LEISURE AND ENTE	46137V720	452,795	9,805	SH		DFND	2	9,805	0	0
IQVIA HLDGS INC	COM	46266C105	452,673	1,790	SH		DFND	1	1,790	0	0
ISHARES TR	GL CLEAN ENE ETF	464288224	277,154	19,825	SH		DFND	2	19,825	0	0
JOHNSON & JOHNSON	COM	478160104	20,881	132	SH		DFND	1	132	0	0
JOHNSON & JOHNSON	COM	478160104	759,312	4,800	SH		DFND		4,800	0	0
JPMORGAN CHASE & CO	COM	46625H100	445,267	2,223	SH		DFND	1	2,223	0	0
KINSALE CAP GROUP INC	COM	49714P108	787,110	1,500	SH		DFND	2	1,500	0	0
KLA CORP	COM NEW	482480100	1,047,855	1,500	SH		DFND	2	1,500	0	0
KRANESHARES TRUST	KFA MOUNT LUCAS	500767652	3,168	106	SH		DFND	1	106	0	0
KRANESHARES TRUST	KFA MOUNT LUCAS	500767652	593,944	19,871	SH		DFND	2	19,871	0	0
LINCOLN ELEC HLDGS INC	COM	533900106	1,328,288	5,200	SH		DFND		5,200	0	0
LINDE PLC	SHS	G54950103	25,394,589	54,692	SH		DFND	1	54,692	0	0
LINDE PLC	SHS	G54950103	9,913,232	21,350	SH		DFND	2	21,350	0	0
LULULEMON ATHLETICA INC	COM	550021109	1,074,288	2,750	SH		DFND	2	2,750	0	0
MANULIFE FINL CORP	COM	56501R106	159,994	6,400	SH		DFND		6,400	0	0
MANULIFE FINL CORP	COM	56501R106	123,243	4,933	SH		DFND	1	4,933	0	0
MARSH & MCLENNAN COS INC	COM	571748102	24,377,115	118,347	SH		DFND	1	118,347	0	0
MARSH & MCLENNAN COS INC	COM	571748102	5,059,693	24,564	SH		DFND	2	24,564	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	12,447,140	25,847	SH		DFND	1	25,847	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	16,293,439	33,834	SH		DFND	2	33,834	0	0
MCDONALDS CORP	COM	580135101	34,116	121	SH		DFND	1	121	0	0
MCDONALDS CORP	COM	580135101	3,283,308	11,645	SH		DFND	2	11,645	0	0
MCKESSON CORP	COM	58155Q103	1,395,810	2,600	SH		DFND		2,600	0	0
MCKESSON CORP	COM	58155Q103	0	0	SH		DFND	1	0	0	0
MCKESSON CORP	COM	58155Q103	4,796,755	8,935	SH		DFND	2	8,935	0	0
MEDPACE HLDGS INC	COM	58506Q109	909,338	2,250	SH		DFND	2	2,250	0	0
MERCADOLIBRE INC	COM	58733R102	2,570,332	1,700	SH		DFND	2	1,700	0	0
META PLATFORMS INC	CL A	30303M102	42,045,401	86,588	SH		DFND	1	86,588	0	0
META PLATFORMS INC	CL A	30303M102	485,580	1,000	SH		DFND		1,000	0	0
META PLATFORMS INC	CL A	30303M102	9,641,191	19,855	SH		DFND	2	19,855	0	0
MICROSOFT CORP	COM	594918104	57,014,292	135,516	SH		DFND	1	135,516	0	0
MICROSOFT CORP	COM	594918104	21,763,845	51,730	SH		DFND	2	51,730	0	0
MONSTER BEVERAGE CORP NEW	COM	61174X109	16,717	282	SH		DFND	1	282	0	0
MONSTER BEVERAGE CORP NEW	COM	61174X109	1,482,000	25,000	SH		DFND	2	25,000	0	0
MOODYS CORP	COM	615369105	393,030	1,000	SH		DFND	2	1,000	0	0
MOTOROLA SOLUTIONS INC	COM NEW	620076307	4,630,714	13,045	SH		DFND	2	13,045	0	0
MSCI INC	COM	55354G100	1,261,013	2,250	SH		DFND	2	2,250	0	0
MURPHY USA INC	COM	626755102	943,200	2,250	SH		DFND	2	2,250	0	0
NAPCO SEC TECHNOLOGIES INC	COM	630402105	1,204,800	30,000	SH		DFND	2	30,000	0	0
NETFLIX INC	COM	64110L106	258,115	425	SH		DFND	2	425	0	0
NETFLIX INC	COM	64110L106	12,147	20	SH		DFND	1	20	0	0
NEUROCRINE BIOSCIENCES INC	COM	64125C109	413,760	3,000	SH		DFND	2	3,000	0	0
NORTH AMERN CONSTR GROUP LTD	COM	656811106	3,193,955	143,500	SH		DFND		143,500	0	0
NOVO-NORDISK A S	ADR	670100205	19,245,106	149,884	SH		DFND	1	149,884	0	0
NOVO-NORDISK A S	ADR	670100205	573,948	4,470	SH		DFND	2	4,470	0	0
NVIDIA CORPORATION	COM	67066G104	24,396	27	SH		DFND	1	27	0	0
NVIDIA CORPORATION	COM	67066G104	993,916	1,100	SH		DFND	2	1,100	0	0
NVR INC	COM	62944T105	1,822,491	225	SH		DFND	2	225	0	0
OPEN TEXT CORP	COM	683715106	3,882	100	SH		DFND	1	100	0	0
OPEN TEXT CORP	COM	683715106	431,122	11,100	SH		DFND		11,100	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	11,207,521	9,928	SH		DFND	1	9,928	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	3,540,168	3,136	SH		DFND	2	3,136	0	0
PARKER-HANNIFIN CORP	COM	701094104	3,029,056	5,450	SH		DFND	1	5,450	0	0
PARKER-HANNIFIN CORP	COM	701094104	3,187,456	5,735	SH		DFND	2	5,735	0	0
PAYCHEX INC	COM	704326107	614,000	5,000	SH		DFND	2	5,000	0	0
PEMBINA PIPELINE CORP	COM	706327103	915,041	25,900	SH		DFND		25,900	0	0
PEMBINA PIPELINE CORP	COM	706327103	2,295,918	65,026	SH		DFND	1	65,026	0	0
PEPSICO INC	COM	713448108	45,853	262	SH		DFND	1	262	0	0
PEPSICO INC	COM	713448108	2,289,131	13,080	SH		DFND	2	13,080	0	0
QUALCOMM INC	COM	747525103	1,100,450	6,500	SH		DFND	2	6,500	0	0
RAYMOND JAMES FINL INC	COM	754730109	719,152	5,600	SH		DFND		5,600	0	0
RB GLOBAL INC	COM	74935Q107	365,946	4,800	SH		DFND		4,800	0	0
REPUBLIC SVCS INC	COM	760759100	1,665,528	8,700	SH		DFND		8,700	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	1,382,117	33,700	SH		DFND		33,700	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	19,008,589	463,774	SH		DFND	1	463,774	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	447,658	10,920	SH		DFND	2	10,920	0	0
ROSS STORES INC	COM	778296103	953,940	6,500	SH		DFND	2	6,500	0	0
ROYAL BK CDA	COM	780087102	3,806,077	37,700	SH		DFND		37,700	0	0
ROYAL BK CDA	COM	780087102	27,670,447	274,253	SH		DFND	1	274,253	0	0
ROYAL BK CDA	COM	780087102	8,461,517	83,834	SH		DFND	2	83,834	0	0
S&P GLOBAL INC	COM	78409V104	28,586,411	67,191	SH		DFND	1	67,191	0	0
S&P GLOBAL INC	COM	78409V104	14,360,214	33,753	SH		DFND	2	33,753	0	0
SALESFORCE INC	COM	79466L302	3,312,980	11,000	SH		DFND	2	11,000	0	0
SALESFORCE INC	COM	79466L302	30,118	100	SH		DFND	1	100	0	0
SCIENCE APPLICATIONS INTL CO	COM	808625107	651,950	5,000	SH		DFND	2	5,000	0	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	3,678	20	SH		DFND	1	20	0	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	534,936	2,909	SH		DFND	2	2,909	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	574,748	25,364	SH		DFND	2	25,364	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	5,294,849	233,665	SH		DFND	1	233,665	0	0
SIMPLIFY EXCHANGE TRADED FUN	SHORT TERM TREA	82889N657	1,400	64	SH		DFND	1	64	0	0
SIMPLIFY EXCHANGE TRADED FUN	SHORT TERM TREA	82889N657	2,712,530	123,973	SH		DFND	2	123,973	0	0
SOUTHERN COPPER CORP	COM	84265V105	3,741,515	35,125	SH		DFND	2	35,125	0	0
SPDR GOLD TR	GOLD SHS	78463V107	514,300	2,500	SH		DFND		2,500	0	0
SPDR GOLD TR	GOLD SHS	78463V107	2,057,200	10,000	SH	Call	DFND	2	10,000	0	0
SPDR GOLD TR	GOLD SHS	78463V107	1,992,398	9,685	SH		DFND	1	9,685	0	0
SPDR SER TR	BLOOMBERG 1-3 MO	78468R663	22,491	245	SH		DFND	2	245	0	0
SPDR SER TR	BLOOMBERG 1-3 MO	78468R663	183,600	2,000	SH		DFND	1	2,000	0	0
SPDR SER TR	BLOOMBERG SHT TE	78468R408	1,413,177	56,034	SH		DFND	2	56,034	0	0
STAG INDL INC	COM	85254J102	2,947,579	76,680	SH		DFND	2	76,680	0	0
STARBUCKS CORP	COM	855244109	2,771,676	30,328	SH		DFND	1	30,328	0	0
STARBUCKS CORP	COM	855244109	1,178,931	12,900	SH		DFND		12,900	0	0
STARBUCKS CORP	COM	855244109	2,328,161	25,475	SH		DFND	2	25,475	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	324,548	5,946	SH		DFND	1	5,946	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	442,395	8,100	SH		DFND		8,100	0	0
SYSCO CORP	COM	871829107	487,080	6,000	SH		DFND	2	6,000	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	203,803	1,498	SH		DFND	1	1,498	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	6,267,144	46,065	SH		DFND	2	46,065	0	0
TARGET CORP	COM	87612E106	35,442	200	SH		DFND	1	200	0	0
TARGET CORP	COM	87612E106	886,050	5,000	SH		DFND	2	5,000	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	136,364	28,350	SH		DFND	1	28,350	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	32,203	6,695	SH		DFND	2	6,695	0	0
TECK RESOURCES LTD	CL B	878742204	911,161	19,900	SH		DFND	1	19,900	0	0
TELUS CORPORATION	COM	87971M103	243,890	15,240	SH		DFND	1	15,240	0	0
TELUS CORPORATION	COM	87971M103	666,153	41,600	SH		DFND		41,600	0	0
TEMPUR SEALY INTL INC	COM	88023U101	6,905,619	121,535	SH		DFND	2	121,535	0	0
TFI INTL INC	COM	87241L109	830,002	5,200	SH		DFND		5,200	0	0
TFI INTL INC	COM	87241L109	3,261,584	20,445	SH		DFND	2	20,445	0	0
TFI INTL INC	COM	87241L109	28,448,799	178,345	SH		DFND	1	178,345	0	0
THE CIGNA GROUP	COM	125523100	67,553	186	SH		DFND	1	186	0	0
THE CIGNA GROUP	COM	125523100	635,583	1,750	SH		DFND	2	1,750	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	23,415,788	40,288	SH		DFND	1	40,288	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	6,073,063	10,449	SH		DFND	2	10,449	0	0
THOMSON REUTERS CORP.	COM	884903808	210,785	1,354	SH		DFND	2	1,354	0	0
THOMSON REUTERS CORP.	COM	884903808	33,920,511	217,892	SH		DFND	1	217,892	0	0
T-MOBILE US INC	COM	872590104	897,710	5,500	SH		DFND	2	5,500	0	0
TOLL BROTHERS INC	COM	889478103	8,249,278	63,765	SH		DFND	2	63,765	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	724,921	12,000	SH		DFND		12,000	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	4,462,364	73,914	SH		DFND	1	73,914	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	48,570	804	SH		DFND	2	804	0	0
UNITED RENTALS INC	COM	911363109	457,184	634	SH		DFND	1	634	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	21,569,909	43,602	SH		DFND	1	43,602	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	9,542,269	19,289	SH		DFND	2	19,289	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	50,602	660	SH		DFND	1	660	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	440,138	6,060	SH		DFND	2	6,060	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	1,103,665	14,395	SH		DFND	2	14,395	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	1,195,127	16,455	SH		DFND	1	16,455	0	0
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	703,264	1,463	SH		DFND	1	1,463	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	1,105,533	14,300	SH		DFND	2	14,300	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	2,899,125	37,500	SH		DFND	1	37,500	0	0
VERALTO CORP	COM SHS	92338C103	397,374	4,482	SH		DFND	1	4,482	0	0
VERSABANK NEW	COM	92512J106	471,625	44,600	SH		DFND		44,600	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	9,968,284	23,847	SH		DFND	1	23,847	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	2,315,776	5,540	SH		DFND	2	5,540	0	0
VIATRIS INC	COM	92556V106	2,808,885	235,250	SH		DFND	2	235,250	0	0
VISA INC	COM CL A	92826C839	1,227,952	4,400	SH		DFND		4,400	0	0
VISA INC	COM CL A	92826C839	30,608,378	109,676	SH		DFND	1	109,676	0	0
VISA INC	COM CL A	92826C839	10,781,697	38,633	SH		DFND	2	38,633	0	0
WALMART INC	COM	931142103	30,613,353	508,781	SH		DFND	1	508,781	0	0
WALMART INC	COM	931142103	5,063,607	84,155	SH		DFND	2	84,155	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	551,553	63,179	SH		DFND	1	63,179	0	0
WASTE CONNECTIONS INC	COM	94106B101	2,950,346	17,145	SH		DFND	2	17,145	0	0
WASTE CONNECTIONS INC	COM	94106B101	1,015,284	5,900	SH		DFND		5,900	0	0
WEST FRASER TIMBER CO LTD	COM	952845105	1,011,219	11,700	SH		DFND		11,700	0	0
WIX COM LTD	SHS	M98068105	1,924,720	14,000	SH		DFND	2	14,000	0	0
YUM BRANDS INC	COM	988498101	2,076,977	14,980	SH		DFND	1	14,980	0	0
YUM BRANDS INC	COM	988498101	2,379,928	17,165	SH		DFND	2	17,165	0	0