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	38,935	227	SH		DFND	1	227	0	0
ABBVIE INC	COM	00287Y109	7,310,183	42,620	SH		DFND	2	42,620	0	0
ADOBE INC	COM	00724F101	1,111,080	2,000	SH		DFND	2	2,000	0	0
ADOBE INC	COM	00724F101	398,878	718	SH		DFND	1	718	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	2,239,359	17,275	SH		DFND	2	17,275	0	0
AIRBNB INC	COM CL A	009066101	4,852,160	32,000	SH		DFND	2	32,000	0	0
AIRBNB INC	COM CL A	009066101	6,065	40	SH		DFND	1	40	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	4,253,263	271,200	SH		DFND		271,200	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	62,732	4,000	SH		DFND	2	4,000	0	0
ALLISON TRANSMISSION HLDGS I	COM	01973R101	1,707,750	22,500	SH		DFND	2	22,500	0	0
ALPHABET INC	CAP STK CL C	02079K107	7,584,417	41,350	SH		DFND	2	41,350	0	0
ALPHABET INC	CAP STK CL C	02079K107	43,134,515	235,168	SH		DFND	1	235,168	0	0
ALPHABET INC	CAP STK CL A	02079K305	5,506,759	30,232	SH		DFND	1	30,232	0	0
ALPHABET INC	CAP STK CL A	02079K305	1,639,350	9,000	SH		DFND		9,000	0	0
ALPHABET INC	CAP STK CL A	02079K305	16,880,751	92,675	SH		DFND	2	92,675	0	0
AMAZON COM INC	COM	023135106	27,434,930	141,966	SH		DFND	1	141,966	0	0
AMAZON COM INC	COM	023135106	7,432,396	38,460	SH		DFND	2	38,460	0	0
AMERICAN EXPRESS CO	COM	025816109	463,100	2,000	SH		DFND	2	2,000	0	0
AMPHENOL CORP NEW	CL A	032095101	300,470	4,460	SH		DFND	1	4,460	0	0
AMPHENOL CORP NEW	CL A	032095101	6,063	90	SH		DFND	2	90	0	0
ANALOG DEVICES INC	COM	032654105	13,833,013	60,602	SH		DFND	1	60,602	0	0
ANALOG DEVICES INC	COM	032654105	4,665,634	20,440	SH		DFND	2	20,440	0	0
ELEVANCE HEALTH INC	COM	036752103	5,161,758	9,526	SH		DFND	1	9,526	0	0
ELEVANCE HEALTH INC	COM	036752103	5,264,170	9,715	SH		DFND	2	9,715	0	0
APOLLO GLOBAL MGMT INC	COM	03769M106	2,715,610	23,000	SH		DFND	2	23,000	0	0
APPLE INC	COM	037833100	29,046,183	137,908	SH		DFND	1	137,908	0	0
APPLE INC	COM	037833100	3,224,592	15,310	SH		DFND	2	15,310	0	0
APPLIED INDL TECHNOLOGIES IN	COM	03820C105	1,358,000	7,000	SH		DFND	2	7,000	0	0
APPLIED MATLS INC	COM	038222105	18,552,590	78,616	SH		DFND	1	78,616	0	0
APPLIED MATLS INC	COM	038222105	7,224,834	30,615	SH		DFND	2	30,615	0	0
APPLOVIN CORP	COM CL A	03831W108	1,830,840	22,000	SH		DFND	2	22,000	0	0
ARES MANAGEMENT CORPORATION	CL A COM STK	03990B101	8,790,482	65,955	SH		DFND	2	65,955	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	5,069	65	SH		DFND	2	65	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	319,759	4,100	SH		DFND	1	4,100	0	0
AUTOZONE INC	COM	053332102	2,148,973	725	SH		DFND	2	725	0	0
AVERY DENNISON CORP	COM	053611109	3,195,132	14,613	SH		DFND	1	14,613	0	0
AVERY DENNISON CORP	COM	053611109	3,468,226	15,862	SH		DFND	2	15,862	0	0
BCE INC	COM NEW	05534B760	37,224	1,150	SH		DFND	2	1,150	0	0
BCE INC	COM NEW	05534B760	555,251	17,154	SH		DFND	1	17,154	0	0
BANK AMERICA CORP	COM	060505104	2,291,150	57,610	SH		DFND	1	57,610	0	0
BANK MONTREAL QUE	COM	063671101	1,103,993	13,161	SH		DFND	1	13,161	0	0
BANK NOVA SCOTIA HALIFAX	COM	064149107	3,455,084	75,579	SH		DFND	1	75,579	0	0
BECTON DICKINSON & CO	COM	075887109	1,238,663	5,300	SH		DFND		5,300	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	3,850,362	9,465	SH		DFND	1	9,465	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	24,588	2,061	SH		DFND	2	2,061	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	104,185	8,733	SH		DFND	1	8,733	0	0
BLACKROCK INC	COM	09247X101	3,201,243	4,066	SH		DFND	1	4,066	0	0
BLACKROCK INC	COM	09247X101	8,928,208	11,340	SH		DFND	2	11,340	0	0
BOOKING HOLDINGS INC	COM	09857L108	1,584,600	400	SH		DFND	2	400	0	0
BOOZ ALLEN HAMILTON HLDG COR	CL A	099502106	5,702,765	37,055	SH		DFND	2	37,055	0	0
BROADCOM INC	COM	11135F101	2,273,430	1,416	SH		DFND	1	1,416	0	0
BROADCOM INC	COM	11135F101	9,544,876	5,945	SH		DFND	2	5,945	0	0
BUILDERS FIRSTSOURCE INC	COM	12008R107	1,280,293	9,250	SH		DFND	2	9,250	0	0
CBOE GLOBAL MKTS INC	COM	12503M108	1,020,360	6,000	SH		DFND	2	6,000	0	0
THE CIGNA GROUP	COM	125523100	1,487,565	4,500	SH		DFND	2	4,500	0	0
CVS HEALTH CORP	COM	126650100	1,795,129	30,395	SH		DFND	1	30,395	0	0
CADENCE DESIGN SYSTEM INC	COM	127387108	241,892	786	SH		DFND	2	786	0	0
CADENCE DESIGN SYSTEM INC	COM	127387108	8,644,698	28,090	SH		DFND	1	28,090	0	0
CAMECO CORP	COM	13321L108	142,653	2,900	SH		DFND		2,900	0	0
CAMECO CORP	COM	13321L108	4,395,959	89,403	SH		DFND	1	89,403	0	0
CAMECO CORP	COM	13321L108	8,775,423	178,400	SH		DFND	2	178,400	0	0
CANADIAN IMPERIAL BK COMM TO	COM	136069101	375,782	7,908	SH		DFND	1	7,908	0	0
CANADIAN IMPERIAL BK COMM TO	COM	136069101	247,203	5,200	SH		DFND		5,200	0	0
CANADIAN NATL RY CO	COM	136375102	26,100,700	221,018	SH		DFND	1	221,018	0	0
CANADIAN NATL RY CO	COM	136375102	401,684	3,400	SH		DFND		3,400	0	0
CANADIAN NATL RY CO	COM	136375102	4,414,007	37,365	SH		DFND	2	37,365	0	0
CANADIAN NAT RES LTD	COM	136385101	2,301,586	64,656	SH		DFND	1	64,656	0	0
CANADIAN NAT RES LTD	COM	136385101	5,189,280	145,720	SH		DFND	2	145,720	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	984,215	12,500	SH		DFND		12,500	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	3,023,210	38,410	SH		DFND	2	38,410	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	30,534,239	387,960	SH		DFND	1	387,960	0	0
CARRIER GLOBAL CORPORATION	COM	14448C104	5,744,065	91,060	SH		DFND	2	91,060	0	0
CELESTICA INC	COM	15101Q207	337,783	5,900	SH		DFND		5,900	0	0
CENOVUS ENERGY INC	COM	15135U109	204,375	10,400	SH		DFND		10,400	0	0
CISCO SYS INC	COM	17275R102	2,114,195	44,500	SH		DFND		44,500	0	0
CONSTELLATION BRANDS INC	CL A	21036P108	9,005	35	SH		DFND	1	35	0	0
CONSTELLATION BRANDS INC	CL A	21036P108	771,840	3,000	SH		DFND	2	3,000	0	0
CORPAY INC	COM SHS	219948106	1,531,858	5,750	SH		DFND	2	5,750	0	0
COSTCO WHSL CORP NEW	COM	22160K105	30,298,744	35,646	SH		DFND	1	35,646	0	0
COSTCO WHSL CORP NEW	COM	22160K105	11,291,267	13,284	SH		DFND	2	13,284	0	0
DANAHER CORPORATION	COM	235851102	3,613,331	14,462	SH		DFND	1	14,462	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,175,952	2,248	SH		DFND	1	2,248	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,429,555	2,510	SH		DFND	2	2,510	0	0
DESCARTES SYS GROUP INC	COM	249906108	7,168,268	74,000	SH		DFND		74,000	0	0
DESCARTES SYS GROUP INC	COM	249906108	5,326	55	SH		DFND	2	55	0	0
DESCARTES SYS GROUP INC	COM	249906108	850,476	8,783	SH		DFND	1	8,783	0	0
DIGITAL RLTY TR INC	COM	253868103	2,305,839	15,165	SH		DFND	2	15,165	0	0
DONALDSON INC	COM	257651109	715,600	10,000	SH		DFND	2	10,000	0	0
EASTMAN CHEM CO	COM	277432100	5,048,884	51,535	SH		DFND	2	51,535	0	0
EMCOR GROUP INC	COM	29084Q100	912,700	2,500	SH		DFND	2	2,500	0	0
EMERSON ELEC CO	COM	291011104	16,524	150	SH		DFND	1	150	0	0
EMERSON ELEC CO	COM	291011104	1,189,728	10,800	SH		DFND		10,800	0	0
ENBRIDGE INC	COM	29250N105	1,565,009	44,000	SH		DFND		44,000	0	0
ENBRIDGE INC	COM	29250N105	430,732	12,115	SH		DFND	1	12,115	0	0
ENERGY TRANSFER L P	COM UT LTD PTN	29273V100	5,947,955	366,705	SH		DFND	1	366,705	0	0
META PLATFORMS INC	CL A	30303M102	42,834,497	84,952	SH		DFND	1	84,952	0	0
META PLATFORMS INC	CL A	30303M102	17,569,546	34,845	SH		DFND	2	34,845	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	5,553,623	36,500	SH		DFND		36,500	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	41,082	270	SH		DFND	2	270	0	0
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	2,045,350	19,000	SH		DFND	2	19,000	0	0
FORTIS INC	COM	349553107	1,262,853	32,500	SH		DFND		32,500	0	0
FORTINET INC	COM	34959E109	1,597,155	26,500	SH		DFND	2	26,500	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	1,074,060	22,100	SH		DFND		22,100	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	17,981,333	69,343	SH		DFND	1	69,343	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	6,314,199	24,350	SH		DFND	2	24,350	0	0
GENTEX CORP	COM	371901109	6,122,241	181,615	SH		DFND	2	181,615	0	0
GSK PLC	SPONSORED ADR	37733W204	2,406,250	62,500	SH		DFND	2	62,500	0	0
GODADDY INC	CL A	380237107	1,397,100	10,000	SH		DFND	2	10,000	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	4,215,975	85,100	SH		DFND		85,100	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	48,551	980	SH		DFND	2	980	0	0
HCA HEALTHCARE INC	COM	40412C101	1,285,120	4,000	SH		DFND	2	4,000	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	2,400,200	11,000	SH		DFND	2	11,000	0	0
HOME DEPOT INC	COM	437076102	18,681,905	54,270	SH		DFND	1	54,270	0	0
HOME DEPOT INC	COM	437076102	9,288,972	26,984	SH		DFND	2	26,984	0	0
HOWMET AEROSPACE INC	COM	443201108	7,786,677	100,305	SH		DFND	2	100,305	0	0
HUDBAY MINERALS INC	COM	443628102	14,244	1,575	SH		DFND	1	1,575	0	0
HUDBAY MINERALS INC	COM	443628102	3,751,954	414,700	SH		DFND		414,700	0	0
INTERACTIVE BROKERS GROUP IN	COM CL A	45841N107	796,900	6,500	SH		DFND	2	6,500	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	1,106,880	6,400	SH		DFND		6,400	0	0
INTUIT	COM	461202103	1,807,328	2,750	SH		DFND	2	2,750	0	0
INVESCO EXCH TRADED FD TR II	SR LN ETF	46138G508	1,052,000	50,000	SH		DFND		50,000	0	0
IQVIA HLDGS INC	COM	46266C105	5,286	25	SH		DFND	2	25	0	0
IQVIA HLDGS INC	COM	46266C105	331,961	1,570	SH		DFND	1	1,570	0	0
ISHARES TR	ISHS 1-5YR INVS	464288646	215,720	4,210	SH		DFND	2	4,210	0	0
ISHARES TR	FALN ANGLS USD	46435G474	1,209,978	46,200	SH		DFND	2	46,200	0	0
JPMORGAN CHASE & CO.	COM	46625H100	385,305	1,905	SH		DFND	1	1,905	0	0
JOHNSON & JOHNSON	COM	478160104	1,023,120	7,000	SH		DFND		7,000	0	0
JOHNSON & JOHNSON	COM	478160104	14,616	100	SH		DFND	1	100	0	0
KLA CORP	COM NEW	482480100	824,510	1,000	SH		DFND	2	1,000	0	0
KINSALE CAP GROUP INC	COM	49714P108	1,926,400	5,000	SH		DFND	2	5,000	0	0
ELI LILLY & CO	COM	532457108	549,566	607	SH		DFND	1	607	0	0
ELI LILLY & CO	COM	532457108	6,731,500	7,435	SH		DFND	2	7,435	0	0
LINCOLN ELEC HLDGS INC	COM	533900106	1,282,752	6,800	SH		DFND		6,800	0	0
LOCKHEED MARTIN CORP	COM	539830109	934,200	2,000	SH		DFND	2	2,000	0	0
MARKEL GROUP INC	COM	570535104	157,566	100	SH		DFND	1	100	0	0
MARKEL GROUP INC	COM	570535104	393,915	250	SH		DFND	2	250	0	0
MARSH & MCLENNAN COS INC	COM	571748102	24,454,477	116,052	SH		DFND	1	116,052	0	0
MARSH & MCLENNAN COS INC	COM	571748102	5,146,625	24,424	SH		DFND	2	24,424	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	11,084,145	25,125	SH		DFND	1	25,125	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	15,823,968	35,869	SH		DFND	2	35,869	0	0
MCKESSON CORP	COM	58155Q103	934,464	1,600	SH		DFND		1,600	0	0
MCKESSON CORP	COM	58155Q103	5,218,398	8,935	SH		DFND	2	8,935	0	0
MEDPACE HLDGS INC	COM	58506Q109	988,440	2,400	SH		DFND	2	2,400	0	0
MERCADOLIBRE INC	COM	58733R102	3,286,800	2,000	SH		DFND	2	2,000	0	0
MICROSOFT CORP	COM	594918104	58,664,422	131,255	SH		DFND	1	131,255	0	0
MICROSOFT CORP	COM	594918104	20,845,748	46,640	SH		DFND	2	46,640	0	0
MONSTER BEVERAGE CORP NEW	COM	61174X109	14,086	282	SH		DFND	1	282	0	0
MONSTER BEVERAGE CORP NEW	COM	61174X109	1,123,875	22,500	SH		DFND	2	22,500	0	0
MOTOROLA SOLUTIONS INC	COM NEW	620076307	6,991,366	18,110	SH		DFND	2	18,110	0	0
NVR INC	COM	62944T105	1,821,254	240	SH		DFND	2	240	0	0
NAPCO SEC TECHNOLOGIES INC	COM	630402105	2,207,875	42,500	SH		DFND	2	42,500	0	0
NETFLIX INC	COM	64110L106	80,986	120	SH		DFND	1	120	0	0
NETFLIX INC	COM	64110L106	2,362,080	3,500	SH		DFND	2	3,500	0	0
ATLAS ENERGY SOLUTIONS INC	COM NEW	642045108	2,317,859	116,300	SH		DFND	1	116,300	0	0
NEWMONT CORP	COM	651639106	359,813	8,600	SH		DFND		8,600	0	0
NEWMONT CORP	COM	651639106	20,935	500	SH		DFND	1	500	0	0
NORTH AMERN CONSTR GROUP LTD	COM	656811106	2,766,492	143,500	SH		DFND		143,500	0	0
NOVO-NORDISK A S	ADR	670100205	495,308	3,470	SH		DFND	2	3,470	0	0
NOVO-NORDISK A S	ADR	670100205	20,866,161	146,183	SH		DFND	1	146,183	0	0
NVIDIA CORPORATION	COM	67066G104	92,655	750	SH		DFND	1	750	0	0
NVIDIA CORPORATION	COM	67066G104	1,667,790	13,500	SH		DFND	2	13,500	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	10,205,764	9,664	SH		DFND	1	9,664	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	2,694,009	2,551	SH		DFND	2	2,551	0	0
PACCAR INC	COM	693718108	669,110	6,500	SH		DFND	2	6,500	0	0
PARKER-HANNIFIN CORP	COM	701094104	2,645,892	5,231	SH		DFND	1	5,231	0	0
PARKER-HANNIFIN CORP	COM	701094104	2,905,878	5,745	SH		DFND	2	5,745	0	0
PAYCHEX INC	COM	704326107	948,480	8,000	SH		DFND	2	8,000	0	0
PEMBINA PIPELINE CORP	COM	706327103	37,096	1,000	SH		DFND	2	1,000	0	0
PEMBINA PIPELINE CORP	COM	706327103	1,502,379	40,500	SH		DFND		40,500	0	0
PEMBINA PIPELINE CORP	COM	706327103	1,960,919	52,883	SH		DFND	1	52,883	0	0
PEPSICO INC	COM	713448108	16,493	100	SH		DFND	1	100	0	0
PEPSICO INC	COM	713448108	2,572,908	15,600	SH		DFND	2	15,600	0	0
PHILIP MORRIS INTL INC	COM	718172109	1,013,300	10,000	SH		DFND	2	10,000	0	0
PROGRESSIVE CORP	COM	743315103	623,130	3,000	SH		DFND	2	3,000	0	0
PUBLIC STORAGE OPER CO	COM	74460D109	891,715	3,100	SH		DFND		3,100	0	0
QUALCOMM INC	COM	747525103	796,720	4,000	SH		DFND	2	4,000	0	0
RAYMOND JAMES FINL INC	COM	754730109	902,353	7,300	SH		DFND		7,300	0	0
REPUBLIC SVCS INC	COM	760759100	1,865,664	9,600	SH		DFND		9,600	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	208,382	5,635	SH		DFND	2	5,635	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	2,646,213	71,590	SH		DFND	1	71,590	0	0
ROYAL BK CDA	COM	780087102	28,493,103	267,798	SH		DFND	1	267,798	0	0
ROYAL BK CDA	COM	780087102	3,544,521	33,300	SH		DFND		33,300	0	0
ROYAL BK CDA	COM	780087102	10,890,601	102,329	SH		DFND	2	102,329	0	0
RYAN SPECIALTY HOLDINGS INC	CL A	78351F107	579,100	10,000	SH		DFND	2	10,000	0	0
S&P GLOBAL INC	COM	78409V104	29,651,864	66,484	SH		DFND	1	66,484	0	0
S&P GLOBAL INC	COM	78409V104	14,492,770	32,495	SH		DFND	2	32,495	0	0
SPDR GOLD TR	GOLD SHS	78463V107	1,813,609	8,435	SH		DFND	1	8,435	0	0
SALESFORCE INC	COM	79466L302	25,710	100	SH		DFND	1	100	0	0
SALESFORCE INC	COM	79466L302	3,856,500	15,000	SH		DFND	2	15,000	0	0
SCHWAB CHARLES CORP	COM	808513105	2,712,382	36,808	SH		DFND	1	36,808	0	0
SCHWAB CHARLES CORP	COM	808513105	8,849,432	120,090	SH		DFND	2	120,090	0	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	47,400	1,153	SH		DFND	1	1,153	0	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	426,681	10,379	SH		DFND	2	10,379	0	0
SIMPLIFY EXCHANGE TRADED FUN	SHORT TERM TREA	82889N657	10,970	515	SH		DFND	1	515	0	0
SIMPLIFY EXCHANGE TRADED FUN	SHORT TERM TREA	82889N657	2,628,867	123,421	SH		DFND	2	123,421	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	5,955,022	265,139	SH		DFND	1	265,139	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	813,479	36,219	SH		DFND	2	36,219	0	0
SOUTHERN COPPER CORP	COM	84265V105	6,210,026	57,639	SH		DFND	2	57,639	0	0
STANTEC INC	COM	85472N109	842,920	10,075	SH		DFND	1	10,075	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	291,367	5,946	SH		DFND	1	5,946	0	0
SYSCO CORP	COM	871829107	2,687,834	37,650	SH		DFND	2	37,650	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	134,379	28,350	SH		DFND	1	28,350	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	31,734	6,695	SH		DFND	2	6,695	0	0
TFI INTL INC	COM	87241L109	2,966,884	20,445	SH		DFND	2	20,445	0	0
TFI INTL INC	COM	87241L109	23,739,008	163,596	SH		DFND	1	163,596	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	188,931	1,087	SH		DFND	1	1,087	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	8,006,558	46,065	SH		DFND	2	46,065	0	0
TARGET CORP	COM	87612E106	1,554,420	10,500	SH		DFND	2	10,500	0	0
TELUS CORPORATION	COM	87971M103	217,006	14,344	SH		DFND	1	14,344	0	0
TELUS CORPORATION	COM	87971M103	1,348,530	89,100	SH		DFND		89,100	0	0
TEMPUR SEALY INTL INC	COM	88023U101	3,303,385	69,780	SH		DFND	2	69,780	0	0
TEXAS PACIFIC LAND CORPORATI	COM	88262P102	1,027,978	1,400	SH		DFND	2	1,400	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	21,618,982	39,094	SH		DFND	1	39,094	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	5,681,522	10,274	SH		DFND	2	10,274	0	0
THOMSON REUTERS CORP.	COM	884903808	35,693,237	211,878	SH		DFND	1	211,878	0	0
THOMSON REUTERS CORP.	COM	884903808	217,989	1,294	SH		DFND	2	1,294	0	0
TOLL BROTHERS INC	COM	889478103	3,316,608	28,795	SH		DFND	2	28,795	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	3,908,156	71,143	SH		DFND	1	71,143	0	0
TRADEWEB MKTS INC	CL A	892672106	1,484,000	14,000	SH		DFND	2	14,000	0	0
UNITED RENTALS INC	COM	911363109	358,288	554	SH		DFND	1	554	0	0
UNITED THERAPEUTICS CORP DEL	COM	91307C102	637,100	2,000	SH		DFND	2	2,000	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	21,102,207	41,437	SH		DFND	1	41,437	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	916,668	1,800	SH		DFND		1,800	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	4,083,756	8,019	SH		DFND	2	8,019	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	1,096,427	14,295	SH		DFND	2	14,295	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	50,622	660	SH		DFND	1	660	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	1,185,583	16,455	SH		DFND	1	16,455	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	436,623	6,060	SH		DFND	2	6,060	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	885,572	11,460	SH		DFND	2	11,460	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	2,897,813	37,500	SH		DFND	1	37,500	0	0
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	731,690	1,463	SH		DFND	1	1,463	0	0
VEREN INC	COM NEW	92340V107	958,866	121,600	SH		DFND		121,600	0	0
VERSABANK NEW	COM	92512J106	198,072	18,400	SH		DFND		18,400	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	10,877,585	23,207	SH		DFND	1	23,207	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	2,555,461	5,452	SH		DFND	2	5,452	0	0
VISA INC	COM CL A	92826C839	1,889,784	7,200	SH		DFND		7,200	0	0
VISA INC	COM CL A	92826C839	28,265,132	107,689	SH		DFND	1	107,689	0	0
VISA INC	COM CL A	92826C839	10,432,658	39,748	SH		DFND	2	39,748	0	0
WALMART INC	COM	931142103	38,726,531	571,947	SH		DFND	1	571,947	0	0
WALMART INC	COM	931142103	5,837,617	86,215	SH		DFND	2	86,215	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	454,956	61,150	SH		DFND	1	61,150	0	0
WASTE CONNECTIONS INC	COM	94106B101	4,234,534	24,140	SH		DFND	2	24,140	0	0
YUM BRANDS INC	COM	988498101	4,636	35	SH		DFND	2	35	0	0
YUM BRANDS INC	COM	988498101	209,949	1,585	SH		DFND	1	1,585	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	174,540	1,730	SH		DFND	1	1,730	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	4,000,289	39,650	SH		DFND	2	39,650	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	1,638,414	5,400	SH		DFND	1	5,400	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	6,513,910	21,469	SH		DFND	2	21,469	0	0
EATON CORP PLC	SHS	G29183103	38,036,123	121,308	SH		DFND	1	121,308	0	0
EATON CORP PLC	SHS	G29183103	16,412,775	52,345	SH		DFND	2	52,345	0	0
FERGUSON PLC NEW	SHS	G3421J106	4,297,123	22,325	SH		DFND	2	22,325	0	0
FERGUSON PLC NEW	SHS	G3421J106	272,360	1,415	SH		DFND	1	1,415	0	0
ICON PLC	SHS	G4705A100	203,756	650	SH		DFND	1	650	0	0
ICON PLC	SHS	G4705A100	5,122,100	16,340	SH		DFND	2	16,340	0	0
LINDE PLC	SHS	G54950103	23,407,881	53,344	SH		DFND	1	53,344	0	0
LINDE PLC	SHS	G54950103	9,378,247	21,372	SH		DFND	2	21,372	0	0
SPOTIFY TECHNOLOGY S A	SHS	L8681T102	941,370	3,000	SH		DFND	2	3,000	0	0
WIX COM LTD	SHS	M98068105	2,545,120	16,000	SH		DFND	2	16,000	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	6,665,131	6,517	SH		DFND	1	6,517	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	2,909,667	2,845	SH		DFND	2	2,845	0	0