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	44,828	227	SH		DFND	1	227	0	0
ABBVIE INC	COM	00287Y109	5,484,019	27,770	SH		DFND	2	27,770	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	2,850,817	8,065	SH		DFND	2	8,065	0	0
ADOBE INC	COM	00724F101	387,299	748	SH		DFND	1	748	0	0
ADOBE INC	COM	00724F101	1,035,560	2,000	SH		DFND	2	2,000	0	0
ADVANCED MICRO DEVICES INC	COM	007903107	410,200	2,500	SH		DFND	2	2,500	0	0
ADVANCED MICRO DEVICES INC	COM	007903107	762,972	4,650	SH		DFND		4,650	0	0
AIRBNB INC	COM CL A	009066101	5,072	40	SH		DFND	1	40	0	0
AIRBNB INC	COM CL A	009066101	3,804,300	30,000	SH		DFND	2	30,000	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	5,410,148	271,200	SH		DFND		271,200	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	83,785	4,200	SH		DFND	2	4,200	0	0
ALLISON TRANSMISSION HLDGS I	COM	01973R101	2,161,575	22,500	SH		DFND	2	22,500	0	0
ALPHABET INC	CAP STK CL C	02079K107	39,311,552	235,131	SH		DFND	1	235,131	0	0
ALPHABET INC	CAP STK CL C	02079K107	6,838,071	40,900	SH		DFND	2	40,900	0	0
ALPHABET INC	CAP STK CL A	02079K305	4,853,766	29,266	SH		DFND	1	29,266	0	0
ALPHABET INC	CAP STK CL A	02079K305	2,026,687	12,220	SH		DFND		12,220	0	0
ALPHABET INC	CAP STK CL A	02079K305	12,191,633	73,510	SH		DFND	2	73,510	0	0
AMAZON COM INC	COM	023135106	26,532,088	142,393	SH		DFND	1	142,393	0	0
AMAZON COM INC	COM	023135106	7,545,433	40,495	SH		DFND	2	40,495	0	0
AMERICAN EXPRESS CO	COM	025816109	1,491,600	5,500	SH		DFND	2	5,500	0	0
AMERICAN TOWER CORP NEW	COM	03027X100	3,006,536	12,928	SH		DFND	1	12,928	0	0
AMPHENOL CORP NEW	CL A	032095101	2,216,417	34,015	SH		DFND	1	34,015	0	0
AMPHENOL CORP NEW	CL A	032095101	2,301,125	35,315	SH		DFND	2	35,315	0	0
ANALOG DEVICES INC	COM	032654105	2,487,908	10,809	SH		DFND	1	10,809	0	0
ANALOG DEVICES INC	COM	032654105	2,811,527	12,215	SH		DFND	2	12,215	0	0
APPLE INC	COM	037833100	32,215,279	138,263	SH		DFND	1	138,263	0	0
APPLE INC	COM	037833100	3,330,735	14,295	SH		DFND	2	14,295	0	0
APPLIED INDL TECHNOLOGIES IN	COM	03820C105	1,561,910	7,000	SH		DFND	2	7,000	0	0
APPLIED MATLS INC	COM	038222105	15,887,192	78,630	SH		DFND	1	78,630	0	0
APPLIED MATLS INC	COM	038222105	6,680,783	33,065	SH		DFND	2	33,065	0	0
APPLOVIN CORP	COM CL A	03831W108	2,480,450	19,000	SH		DFND	2	19,000	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	193,552	1,730	SH		DFND	1	1,730	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	4,894,750	43,750	SH		DFND	2	43,750	0	0
ARES MANAGEMENT CORPORATION	CL A COM STK	03990B101	8,028,097	51,515	SH		DFND	2	51,515	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	1,905,643	2,287	SH		DFND	1	2,287	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	2,703,896	3,245	SH		DFND	2	3,245	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	337,584	4,333	SH		DFND	1	4,333	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	5,064	65	SH		DFND	2	65	0	0
ATLAS ENERGY SOLUTIONS INC	COM NEW	642045108	2,535,340	116,300	SH		DFND	1	116,300	0	0
AUTOZONE INC	COM	053332102	2,126,277	675	SH		DFND	2	675	0	0
AVERY DENNISON CORP	COM	053611109	3,254,444	14,742	SH		DFND	1	14,742	0	0
AVERY DENNISON CORP	COM	053611109	3,380,277	15,312	SH		DFND	2	15,312	0	0
BANK AMERICA CORP	COM	060505104	2,181,805	54,985	SH		DFND	1	54,985	0	0
BANK MONTREAL QUE	COM	063671101	955,876	10,583	SH		DFND	1	10,583	0	0
BANK NOVA SCOTIA HALIFAX	COM	064149107	4,146,522	76,030	SH		DFND	1	76,030	0	0
BCE INC	COM NEW	05534B760	298,789	8,586	SH		DFND	1	8,586	0	0
BCE INC	COM NEW	05534B760	219,272	6,300	SH		DFND		6,300	0	0
BERKLEY W R CORP	COM	084423102	680,760	12,000	SH		DFND	2	12,000	0	0
BERKLEY W R CORP	COM	084423102	1,306,776	23,035	SH		DFND	1	23,035	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	4,311,255	9,367	SH		DFND	1	9,367	0	0
BLACKROCK INC	COM	09247X101	3,708,786	3,906	SH		DFND	1	3,906	0	0
BLACKROCK INC	COM	09247X101	10,767,443	11,340	SH		DFND	2	11,340	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	25,618	2,061	SH		DFND	2	2,061	0	0
BLACKROCK INCOME TR INC	COM NEW	09247F209	108,551	8,733	SH		DFND	1	8,733	0	0
BLACKSTONE INC	COM	09260D107	1,531,300	10,000	SH		DFND	2	10,000	0	0
BOOKING HOLDINGS INC	COM	09857L108	2,106,060	500	SH		DFND	2	500	0	0
BOOZ ALLEN HAMILTON HLDG COR	CL A	099502106	8,410,623	51,675	SH		DFND	2	51,675	0	0
BROADCOM INC	COM	11135F101	11,030,168	63,943	SH		DFND	1	63,943	0	0
BROADCOM INC	COM	11135F101	6,143,588	35,615	SH		DFND	2	35,615	0	0
CADENCE DESIGN SYSTEM INC	COM	127387108	192,702	711	SH		DFND	2	711	0	0
CADENCE DESIGN SYSTEM INC	COM	127387108	7,681,532	28,342	SH		DFND	1	28,342	0	0
CAMECO CORP	COM	13321L108	3,398,320	71,068	SH		DFND	1	71,068	0	0
CAMECO CORP	COM	13321L108	219,998	4,600	SH		DFND		4,600	0	0
CAMECO CORP	COM	13321L108	9,525,586	199,175	SH		DFND	2	199,175	0	0
CANADIAN IMPERIAL BK COMM	COM	136069101	405,354	6,602	SH		DFND	1	6,602	0	0
CANADIAN IMPERIAL BK COMM	COM	136069101	1,627,329	26,500	SH		DFND		26,500	0	0
CANADIAN NAT RES LTD	COM	136385101	2,677,445	80,554	SH		DFND	1	80,554	0	0
CANADIAN NAT RES LTD	COM	136385101	2,850,248	85,740	SH		DFND	2	85,740	0	0
CANADIAN NATL RY CO	COM	136375102	738,421	6,300	SH		DFND	2	6,300	0	0
CANADIAN NATL RY CO	COM	136375102	31,894,266	272,113	SH		DFND	1	272,113	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	1,352,815	15,800	SH		DFND		15,800	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	3,111,022	36,340	SH		DFND	2	36,340	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	32,681,389	381,762	SH		DFND	1	381,762	0	0
CARRIER GLOBAL CORPORATION	COM	14448C104	6,739,025	83,725	SH		DFND	2	83,725	0	0
CELESTICA INC	COM	15101Q207	455,491	8,900	SH		DFND		8,900	0	0
CELESTICA INC	COM	15101Q207	97,240	1,900	SH		DFND	2	1,900	0	0
CISCO SYS INC	COM	17275R102	1,399,686	26,300	SH		DFND		26,300	0	0
COMFORT SYS USA INC	COM	199908104	1,561,400	4,000	SH		DFND	2	4,000	0	0
COSTCO WHSL CORP NEW	COM	22160K105	31,419,155	35,441	SH		DFND	1	35,441	0	0
COSTCO WHSL CORP NEW	COM	22160K105	10,896,217	12,291	SH		DFND	2	12,291	0	0
CVS HEALTH CORP	COM	126650100	1,832,952	29,150	SH		DFND	1	29,150	0	0
DANAHER CORPORATION	COM	235851102	3,980,412	14,317	SH		DFND	1	14,317	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,181,754	13,683	SH		DFND	1	13,683	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,305,647	14,460	SH		DFND	2	14,460	0	0
DESCARTES SYS GROUP INC	COM	249906108	7,551,102	73,300	SH		DFND		73,300	0	0
DESCARTES SYS GROUP INC	COM	249906108	5,663	55	SH		DFND	2	55	0	0
DESCARTES SYS GROUP INC	COM	249906108	1,292,316	12,548	SH		DFND	1	12,548	0	0
DIGITAL RLTY TR INC	COM	253868103	7,540,469	46,595	SH		DFND	2	46,595	0	0
DOMINOS PIZZA INC	COM	25754A201	430,140	1,000	SH		DFND	2	1,000	0	0
DONALDSON INC	COM	257651109	1,105,500	15,000	SH		DFND	2	15,000	0	0
EASTMAN CHEM CO	COM	277432100	5,769,343	51,535	SH		DFND	2	51,535	0	0
EATON CORP PLC	SHS	G29183103	40,171,854	121,204	SH		DFND	1	121,204	0	0
EATON CORP PLC	SHS	G29183103	14,965,510	45,153	SH		DFND	2	45,153	0	0
ELECTRONIC ARTS INC	COM	285512109	358,600	2,500	SH		DFND	2	2,500	0	0
ELEVANCE HEALTH INC	COM	036752103	4,956,120	9,531	SH		DFND	1	9,531	0	0
ELEVANCE HEALTH INC	COM	036752103	5,129,800	9,865	SH		DFND	2	9,865	0	0
ELI LILLY & CO	COM	532457108	12,596,295	14,218	SH		DFND	1	14,218	0	0
ELI LILLY & CO	COM	532457108	6,880,210	7,766	SH		DFND	2	7,766	0	0
EMCOR GROUP INC	COM	29084Q100	1,722,120	4,000	SH		DFND	2	4,000	0	0
EMERSON ELEC CO	COM	291011104	1,279,629	11,700	SH		DFND		11,700	0	0
EMERSON ELEC CO	COM	291011104	16,406	150	SH		DFND	1	150	0	0
ENBRIDGE INC	COM	29250N105	507,247	12,475	SH		DFND	1	12,475	0	0
ENBRIDGE INC	COM	29250N105	915,023	22,500	SH		DFND		22,500	0	0
ENERGY TRANSFER L P	COM UT LTD PTN	29273V100	5,885,615	366,705	SH		DFND	1	366,705	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	6,676,424	36,500	SH		DFND		36,500	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	62,191	340	SH		DFND	2	340	0	0
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	2,072,910	21,000	SH		DFND	2	21,000	0	0
FORTINET INC	COM	34959E109	2,055,075	26,500	SH		DFND	2	26,500	0	0
FORTIS INC	COM	349553107	1,191,747	26,200	SH		DFND		26,200	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	1,387,776	27,800	SH		DFND		27,800	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	19,558,310	69,511	SH		DFND	1	69,511	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	6,713,488	23,860	SH		DFND	2	23,860	0	0
GENTEX CORP	COM	371901109	1,924,506	64,820	SH		DFND	2	64,820	0	0
GILDAN ACTIVEWEAR INC	COM	375916103	230,900	4,900	SH		DFND		4,900	0	0
GODADDY INC	CL A	380237107	1,881,360	12,000	SH		DFND	2	12,000	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	66,467	1,100	SH		DFND	2	1,100	0	0
GRANITE REAL ESTATE INVT TR	UNIT 99/99/9999	387437114	5,540,894	91,700	SH		DFND		91,700	0	0
GSK PLC	SPONSORED ADR	37733W204	2,555,000	62,500	SH		DFND	2	62,500	0	0
HCA HEALTHCARE INC	COM	40412C101	1,422,505	3,500	SH		DFND	2	3,500	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	2,074,500	9,000	SH		DFND	2	9,000	0	0
HOME DEPOT INC	COM	437076102	21,969,944	54,220	SH		DFND	1	54,220	0	0
HOME DEPOT INC	COM	437076102	9,382,001	23,154	SH		DFND	2	23,154	0	0
HONEYWELL INTL INC	COM	438516106	2,273,810	11,000	SH		DFND	2	11,000	0	0
HOWMET AEROSPACE INC	COM	443201108	7,520,755	75,020	SH		DFND	2	75,020	0	0
HUDBAY MINERALS INC	COM	443628102	3,818,696	414,700	SH		DFND		414,700	0	0
ICON PLC	SHS	G4705A100	357,701	1,245	SH		DFND	1	1,245	0	0
ICON PLC	SHS	G4705A100	6,679,957	23,250	SH		DFND	2	23,250	0	0
INTERACTIVE BROKERS GROUP IN	COM CL A	45841N107	1,184,560	8,500	SH		DFND	2	8,500	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	1,642,624	7,430	SH		DFND		7,430	0	0
INTUIT	COM	461202103	1,707,750	2,750	SH		DFND	2	2,750	0	0
INVESCO EXCH TRADED FD TR II	SR LN ETF	46138G508	1,050,500	50,000	SH		DFND		50,000	0	0
IQVIA HLDGS INC	COM	46266C105	5,924	25	SH		DFND	2	25	0	0
IQVIA HLDGS INC	COM	46266C105	387,446	1,635	SH		DFND	1	1,635	0	0
ISHARES TR	USD INV GRDE ETF	464288620	36,806	700	SH		DFND	1	700	0	0
ISHARES TR	10-20 YR TRS ETF	464288653	286,445	2,620	SH		DFND	2	2,620	0	0
ISHARES TR	USD INV GRDE ETF	464288620	335,460	6,380	SH		DFND	2	6,380	0	0
ISHARES TR	FALN ANGLS USD	46435G474	918,624	33,600	SH		DFND	2	33,600	0	0
ISHARES TR	ISHS 5-10YR INVT	464288638	490,732	9,135	SH		DFND	2	9,135	0	0
ISHARES TR	ISHS 1-5YR INVS	464288646	577,417	10,965	SH		DFND	2	10,965	0	0
JOHNSON & JOHNSON	COM	478160104	2,487,621	15,350	SH		DFND		15,350	0	0
JOHNSON & JOHNSON	COM	478160104	16,206	100	SH		DFND	1	100	0	0
JPMORGAN CHASE & CO.	COM	46625H100	358,462	1,700	SH		DFND	1	1,700	0	0
KINSALE CAP GROUP INC	COM	49714P108	1,163,925	2,500	SH		DFND	2	2,500	0	0
KLA CORP	COM NEW	482480100	851,851	1,100	SH		DFND	2	1,100	0	0
LINCOLN ELEC HLDGS INC	COM	533900106	1,593,766	8,300	SH		DFND		8,300	0	0
LINDE PLC	SHS	G54950103	25,505,334	53,486	SH		DFND	1	53,486	0	0
LINDE PLC	SHS	G54950103	10,034,088	21,042	SH		DFND	2	21,042	0	0
MANULIFE FINL CORP	COM	56501R106	290,286	9,813	SH		DFND	1	9,813	0	0
MARKEL GROUP INC	COM	570535104	156,858	100	SH		DFND	1	100	0	0
MARKEL GROUP INC	COM	570535104	1,176,435	750	SH		DFND	2	750	0	0
MARKETAXESS HLDGS INC	COM	57060D108	512,400	2,000	SH		DFND	2	2,000	0	0
MARSH & MCLENNAN COS INC	COM	571748102	25,889,371	116,049	SH		DFND	1	116,049	0	0
MARSH & MCLENNAN COS INC	COM	571748102	5,227,891	23,434	SH		DFND	2	23,434	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	12,441,291	25,195	SH		DFND	1	25,195	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	17,951,605	36,354	SH		DFND	2	36,354	0	0
MCKESSON CORP	COM	58155Q103	5,848,988	11,830	SH		DFND	2	11,830	0	0
MEDPACE HLDGS INC	COM	58506Q109	1,168,300	3,500	SH		DFND	2	3,500	0	0
MERCADOLIBRE INC	COM	58733R102	3,693,528	1,800	SH		DFND	2	1,800	0	0
META PLATFORMS INC	CL A	30303M102	48,738,114	85,141	SH		DFND	1	85,141	0	0
META PLATFORMS INC	CL A	30303M102	15,960,772	27,882	SH		DFND	2	27,882	0	0
MICROSOFT CORP	COM	594918104	56,218,265	130,649	SH		DFND	1	130,649	0	0
MICROSOFT CORP	COM	594918104	20,521,007	47,690	SH		DFND	2	47,690	0	0
MOTOROLA SOLUTIONS INC	COM NEW	620076307	10,316,760	22,945	SH		DFND	2	22,945	0	0
MSCI INC	COM	55354G100	1,457,325	2,500	SH		DFND	2	2,500	0	0
NAPCO SEC TECHNOLOGIES INC	COM	630402105	1,719,550	42,500	SH		DFND	2	42,500	0	0
NASDAQ INC	COM	631103108	2,495,044	34,174	SH		DFND	1	34,174	0	0
NASDAQ INC	COM	631103108	7,904,793	108,270	SH		DFND	2	108,270	0	0
NETFLIX INC	COM	64110L106	85,112	120	SH		DFND	1	120	0	0
NETFLIX INC	COM	64110L106	1,354,706	1,910	SH		DFND		1,910	0	0
NETFLIX INC	COM	64110L106	2,659,763	3,750	SH		DFND	2	3,750	0	0
NEWMONT CORP	COM	651639106	26,725	500	SH		DFND	1	500	0	0
NEWMONT CORP	COM	651639106	326,504	6,100	SH		DFND		6,100	0	0
NORTH AMERN CONSTR GROUP LTD	COM	656811106	2,061,090	110,100	SH		DFND		110,100	0	0
NVIDIA CORPORATION	COM	67066G104	10,737,725	88,420	SH		DFND	1	88,420	0	0
NVIDIA CORPORATION	COM	67066G104	5,141,162	42,335	SH		DFND	2	42,335	0	0
NVR INC	COM	62944T105	2,207,655	225	SH		DFND	2	225	0	0
ORACLE CORP	COM	68389X105	1,380,240	8,100	SH		DFND		8,100	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	11,152,094	9,684	SH		DFND	1	9,684	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	2,855,968	2,480	SH		DFND	2	2,480	0	0
PARKER-HANNIFIN CORP	COM	701094104	3,315,160	5,247	SH		DFND	1	5,247	0	0
PARKER-HANNIFIN CORP	COM	701094104	3,473,114	5,497	SH		DFND	2	5,497	0	0
PAYCHEX INC	COM	704326107	1,744,470	13,000	SH		DFND	2	13,000	0	0
PAYPAL HLDGS INC	COM	70450Y103	1,368,256	17,535	SH		DFND	1	17,535	0	0
PEGASYSTEMS INC	COM	705573103	1,461,800	20,000	SH		DFND	2	20,000	0	0
PEMBINA PIPELINE CORP	COM	706327103	2,056,716	49,847	SH		DFND	1	49,847	0	0
PEMBINA PIPELINE CORP	COM	706327103	1,898,294	46,000	SH		DFND		46,000	0	0
PEPSICO INC	COM	713448108	17,005	100	SH		DFND	1	100	0	0
PEPSICO INC	COM	713448108	3,053,248	17,955	SH		DFND	2	17,955	0	0
PHILIP MORRIS INTL INC	COM	718172109	6,781,404	55,860	SH		DFND	2	55,860	0	0
POWELL INDS INC	COM	739128106	554,975	2,500	SH		DFND		2,500	0	0
PROGRESSIVE CORP	COM	743315103	1,649,440	6,500	SH		DFND	2	6,500	0	0
PROLOGIS INC.	COM	74340W103	1,565,872	12,400	SH		DFND	2	12,400	0	0
QUALCOMM INC	COM	747525103	1,190,350	7,000	SH		DFND	2	7,000	0	0
RAYMOND JAMES FINL INC	COM	754730109	1,114,386	9,100	SH		DFND		9,100	0	0
RB GLOBAL INC	COM	74935Q107	282,005	3,500	SH		DFND		3,500	0	0
REPUBLIC SVCS INC	COM	760759100	2,138,946	10,650	SH		DFND		10,650	0	0
RESMED INC	COM	761152107	488,240	2,000	SH		DFND	2	2,000	0	0
RESTAURANT BRANDS INTL INC	COM	76131D103	231,162	3,200	SH		DFND		3,200	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	321,168	7,980	SH		DFND	1	7,980	0	0
ROYAL BK CDA	COM	780087102	32,575,455	260,752	SH		DFND	1	260,752	0	0
ROYAL BK CDA	COM	780087102	4,323,239	34,600	SH		DFND		34,600	0	0
ROYAL BK CDA	COM	780087102	14,140,795	113,178	SH		DFND	2	113,178	0	0
RYAN SPECIALTY HOLDINGS INC	CL A	78351F107	1,460,580	22,000	SH		DFND	2	22,000	0	0
S&P GLOBAL INC	COM	78409V104	34,226,075	66,250	SH		DFND	1	66,250	0	0
S&P GLOBAL INC	COM	78409V104	16,485,345	31,910	SH		DFND	2	31,910	0	0
SALESFORCE INC	COM	79466L302	27,371	100	SH		DFND	1	100	0	0
SALESFORCE INC	COM	79466L302	3,831,940	14,000	SH		DFND	2	14,000	0	0
SBA COMMUNICATIONS CORP NEW	CL A	78410G104	722,100	3,000	SH		DFND	2	3,000	0	0
SCHWAB STRATEGIC TR	SHT TM US TRES	808524862	1,146,867	23,415	SH		DFND	2	23,415	0	0
SCHWAB STRATEGIC TR	SHT TM US TRES	808524862	41,633	850	SH		DFND	1	850	0	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	498,112	10,991	SH		DFND	2	10,991	0	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	40,335	890	SH		DFND	1	890	0	0
SIMPLIFY EXCHANGE TRADED FUN	SHORT TERM TREA	82889N657	4,143	180	SH		DFND	1	180	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	5,895,557	268,468	SH		DFND	1	268,468	0	0
SIMPLIFY EXCHANGE TRADED FUN	SHORT TERM TREA	82889N657	4,233,035	183,925	SH		DFND	2	183,925	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	1,196,668	54,476	SH		DFND	2	54,476	0	0
SOUTHERN COPPER CORP	COM	84265V105	2,837,617	24,532	SH		DFND	2	24,532	0	0
SPDR GOLD TR	GOLD SHS	78463V107	1,965,140	8,085	SH		DFND	1	8,085	0	0
SPDR GOLD TR	GOLD SHS	78463V107	729,180	3,000	SH		DFND		3,000	0	0
SPDR SER TR	BLOOMBERG SHT TE	78468R408	230,978	8,970	SH		DFND	2	8,970	0	0
SPOTIFY TECHNOLOGY S A	SHS	L8681T102	1,289,855	3,500	SH		DFND	2	3,500	0	0
STANTEC INC	COM	85472N109	8,836,149	109,775	SH		DFND	1	109,775	0	0
STANTEC INC	COM	85472N109	195,026	2,425	SH		DFND	2	2,425	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	345,230	5,946	SH		DFND	1	5,946	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	188,779	1,087	SH		DFND	1	1,087	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	8,302,294	47,805	SH		DFND	2	47,805	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	145,436	28,350	SH		DFND	1	28,350	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	34,345	6,695	SH		DFND	2	6,695	0	0
TELUS CORPORATION	COM	87971M103	203,597	12,124	SH		DFND	1	12,124	0	0
TELUS CORPORATION	COM	87971M103	1,137,061	67,700	SH		DFND		67,700	0	0
TESLA INC	COM	88160R101	237,822	909	SH		DFND	1	909	0	0
TFI INTL INC	COM	87241L109	22,446,452	163,721	SH		DFND	1	163,721	0	0
TFI INTL INC	COM	87241L109	2,695,507	19,660	SH		DFND	2	19,660	0	0
THE CIGNA GROUP	COM	125523100	1,558,980	4,500	SH		DFND	2	4,500	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	15,594,150	25,210	SH		DFND	1	25,210	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	5,912,292	9,558	SH		DFND	2	9,558	0	0
THOMSON REUTERS CORP.	COM	884903808	78,025	457	SH		DFND	2	457	0	0
THOMSON REUTERS CORP.	COM	884903808	19,655,372	115,123	SH		DFND	1	115,123	0	0
TIDAL TR II	RET STCKD GL STK	88636J204	374,700	15,000	SH		DFND	2	15,000	0	0
TIDAL TR II	RETURN STCKD US	88636J816	367,500	15,000	SH		DFND	2	15,000	0	0
TOLL BROTHERS INC	COM	889478103	4,448,540	28,795	SH		DFND	2	28,795	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	645,697	10,200	SH		DFND		10,200	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	4,262,871	67,351	SH		DFND	1	67,351	0	0
TRADEWEB MKTS INC	CL A	892672106	2,226,060	18,000	SH		DFND	2	18,000	0	0
UNITED RENTALS INC	COM	911363109	476,121	588	SH		DFND	1	588	0	0
UNITED THERAPEUTICS CORP DEL	COM	91307C102	716,700	2,000	SH		DFND	2	2,000	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	23,998,191	41,045	SH		DFND	1	41,045	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	11,652,088	19,929	SH		DFND	2	19,929	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	417,987	5,565	SH		DFND	2	5,565	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	263,218	3,345	SH		DFND	2	3,345	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	1,250,957	16,655	SH		DFND	1	16,655	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	51,935	660	SH		DFND	1	660	0	0
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	771,981	1,463	SH		DFND	1	1,463	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	2,434,223	30,650	SH		DFND	1	30,650	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	63,536	800	SH		DFND	2	800	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	17,404,689	37,423	SH		DFND	1	37,423	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	2,686,767	5,777	SH		DFND	2	5,777	0	0
VISA INC	COM CL A	92826C839	29,343,764	106,724	SH		DFND	1	106,724	0	0
VISA INC	COM CL A	92826C839	1,629,079	5,925	SH		DFND		5,925	0	0
VISA INC	COM CL A	92826C839	10,792,613	39,253	SH		DFND	2	39,253	0	0
WALMART INC	COM	931142103	46,214,598	572,317	SH		DFND	1	572,317	0	0
WALMART INC	COM	931142103	15,787,433	195,510	SH		DFND	2	195,510	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	497,475	60,300	SH		DFND	1	60,300	0	0
WASTE CONNECTIONS INC	COM	94106B101	286,317	1,600	SH		DFND		1,600	0	0
WASTE CONNECTIONS INC	COM	94106B101	4,319,808	24,140	SH		DFND	2	24,140	0	0
WIX COM LTD	SHS	M98068105	3,176,230	19,000	SH		DFND	2	19,000	0	0
YUM BRANDS INC	COM	988498101	4,890	35	SH		DFND	2	35	0	0
YUM BRANDS INC	COM	988498101	220,043	1,575	SH		DFND	1	1,575	0	0