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	84,763	477	SH		DFND	1	477	0	0
ABBVIE INC	COM	00287Y109	3,359,419	18,905	SH		DFND	2	18,905	0	0
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	4,617,244	13,125	SH		DFND	2	13,125	0	0
ADOBE INC	COM	00724F101	353,965	796	SH		DFND	1	796	0	0
ADOBE INC	COM	00724F101	2,901,092	6,524	SH		DFND	2	6,524	0	0
AIRBNB INC	COM CL A	009066101	5,256	40	SH		DFND	1	40	0	0
AIRBNB INC	COM CL A	009066101	3,022,430	23,000	SH		DFND	2	23,000	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	5,000,851	271,200	SH		DFND		271,200	0	0
ALAMOS GOLD INC NEW	COM CL A	011532108	106,950	5,800	SH		DFND	2	5,800	0	0
ALPHABET INC	CAP STK CL A	02079K305	2,398,431	12,670	SH		DFND		12,670	0	0
ALPHABET INC	CAP STK CL A	02079K305	5,853,724	30,923	SH		DFND	1	30,923	0	0
ALPHABET INC	CAP STK CL C	02079K107	44,545,249	233,907	SH		DFND	1	233,907	0	0
ALPHABET INC	CAP STK CL C	02079K107	7,811,468	41,018	SH		DFND	2	41,018	0	0
ALPHABET INC	CAP STK CL A	02079K305	13,240,589	69,945	SH		DFND	2	69,945	0	0
AMAZON COM INC	COM	023135106	32,613,420	148,655	SH		DFND	1	148,655	0	0
AMAZON COM INC	COM	023135106	10,994,071	50,112	SH		DFND	2	50,112	0	0
AMETEK INC	COM	031100100	202,071	1,121	SH		DFND	1	1,121	0	0
AMETEK INC	COM	031100100	6,129	34	SH		DFND	2	34	0	0
AMPHENOL CORP NEW	CL A	032095101	2,357,550	33,946	SH		DFND	1	33,946	0	0
AMPHENOL CORP NEW	CL A	032095101	2,465,544	35,501	SH		DFND	2	35,501	0	0
APPLE INC	COM	037833100	34,524,153	137,865	SH		DFND	1	137,865	0	0
APPLE INC	COM	037833100	3,605,798	14,399	SH		DFND	2	14,399	0	0
APPLIED MATLS INC	COM	038222105	12,784,507	78,611	SH		DFND	1	78,611	0	0
APPLIED MATLS INC	COM	038222105	4,376,699	26,912	SH		DFND	2	26,912	0	0
APPLOVIN CORP	COM CL A	03831W108	2,104,895	6,500	SH		DFND	2	6,500	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	132,061	1,430	SH		DFND	1	1,430	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	2,424,188	26,250	SH		DFND	2	26,250	0	0
ARES MANAGEMENT CORPORATION	CL A COM STK	03990B101	9,119,700	51,515	SH		DFND	2	51,515	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	866,350	1,250	SH		DFND	2	1,250	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	287,764	4,392	SH		DFND	1	4,392	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	14,349	219	SH		DFND	2	219	0	0
ATLAS ENERGY SOLUTIONS INC	COM NEW	642045108	3,102,982	139,900	SH		DFND	1	139,900	0	0
AVERY DENNISON CORP	COM	053611109	406,259	2,171	SH		DFND	1	2,171	0	0
AVERY DENNISON CORP	COM	053611109	17,590	94	SH		DFND	2	94	0	0
BANK AMERICA CORP	COM	060505104	2,482,516	56,485	SH		DFND	1	56,485	0	0
BANK MONTREAL QUE	COM	063671101	1,346,575	13,902	SH		DFND	1	13,902	0	0
BANK NOVA SCOTIA HALIFAX	COM	064149107	2,447,592	45,683	SH		DFND	1	45,683	0	0
BERKLEY W R CORP	COM	084423102	1,348,008	23,035	SH		DFND	1	23,035	0	0
BERKLEY W R CORP	COM	084423102	1,463,000	25,000	SH		DFND	2	25,000	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	3,977,532	8,775	SH		DFND	1	8,775	0	0
BLACKROCK INC	COM	09290D101	10,256,226	10,005	SH		DFND	2	10,005	0	0
BLACKSTONE INC	COM	09260D107	2,155,250	12,500	SH		DFND	2	12,500	0	0
BOOKING HOLDINGS INC	COM	09857L108	1,863,158	375	SH		DFND	2	375	0	0
BOOZ ALLEN HAMILTON HLDG COR	CL A	099502106	1,325,610	10,300	SH		DFND		10,300	0	0
BOOZ ALLEN HAMILTON HLDG COR	CL A	099502106	1,345,559	10,455	SH		DFND	1	10,455	0	0
BOOZ ALLEN HAMILTON HLDG COR	CL A	099502106	10,112,603	78,575	SH		DFND	2	78,575	0	0
BROADCOM INC	COM	11135F101	28,078,606	121,112	SH		DFND	1	121,112	0	0
BROADCOM INC	COM	11135F101	10,506,526	45,318	SH		DFND	2	45,318	0	0
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	228,034	7,192	SH		DFND	1	7,192	0	0
CADENCE DESIGN SYSTEM INC	COM	127387108	14,034,186	46,709	SH		DFND	1	46,709	0	0
CADENCE DESIGN SYSTEM INC	COM	127387108	365,960	1,218	SH		DFND	2	1,218	0	0
CAMECO CORP	COM	13321L108	277,509	5,400	SH		DFND		5,400	0	0
CAMECO CORP	COM	13321L108	3,685,984	71,850	SH		DFND	1	71,850	0	0
CAMECO CORP	COM	13321L108	8,955,185	174,275	SH		DFND	2	174,275	0	0
CANADIAN IMPERIAL BK COMM	COM	136069101	1,681,781	26,600	SH		DFND		26,600	0	0
CANADIAN IMPERIAL BK COMM	COM	136069101	343,155	5,437	SH		DFND	1	5,437	0	0
CANADIAN NAT RES LTD	COM	136385101	2,846,560	92,408	SH		DFND	1	92,408	0	0
CANADIAN NAT RES LTD	COM	136385101	1,982,170	64,245	SH		DFND	2	64,245	0	0
CANADIAN NATL RY CO	COM	136375102	27,641,097	272,815	SH		DFND	1	272,815	0	0
CANADIAN NATL RY CO	COM	136375102	638,304	6,300	SH		DFND	2	6,300	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	303,947	4,200	SH		DFND		4,200	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	25,468,251	352,540	SH		DFND	1	352,540	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	2,622,159	36,290	SH		DFND	2	36,290	0	0
CARLISLE COS INC	COM	142339100	553,260	1,500	SH		DFND	2	1,500	0	0
CARRIER GLOBAL CORPORATION	COM	14448C104	4,468,641	65,465	SH		DFND	2	65,465	0	0
CELESTICA INC	COM	15101Q207	285,945	3,100	SH		DFND		3,100	0	0
CELESTICA INC	COM	15101Q207	64,568	700	SH		DFND	2	700	0	0
CGI INC	CL A SUB VTG	12532H104	218,718	2,000	SH		DFND		2,000	0	0
CGI INC	CL A SUB VTG	12532H104	22,957	210	SH		DFND	2	210	0	0
CME GROUP INC	COM	12572Q105	1,857,840	8,000	SH		DFND	2	8,000	0	0
COMCAST CORP NEW	CL A	20030N101	1,032,075	27,500	SH		DFND	2	27,500	0	0
CORPAY INC	COM SHS	219948106	676,840	2,000	SH		DFND	2	2,000	0	0
COSTCO WHSL CORP NEW	COM	22160K105	32,365,405	35,323	SH		DFND	1	35,323	0	0
COSTCO WHSL CORP NEW	COM	22160K105	11,239,884	12,267	SH		DFND	2	12,267	0	0
DANAHER CORPORATION	COM	235851102	3,444,857	15,007	SH		DFND	1	15,007	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,714,704	13,367	SH		DFND	1	13,367	0	0
DECKERS OUTDOOR CORP	COM	243537107	2,950,086	14,526	SH		DFND	2	14,526	0	0
DESCARTES SYS GROUP INC	COM	249906108	6,589,626	58,000	SH		DFND		58,000	0	0
DESCARTES SYS GROUP INC	COM	249906108	1,421,338	12,527	SH		DFND	1	12,527	0	0
DESCARTES SYS GROUP INC	COM	249906108	16,245	143	SH		DFND	2	143	0	0
DIGITAL RLTY TR INC	COM	253868103	8,262,691	46,595	SH		DFND	2	46,595	0	0
DOCEBO INC	COM	25609L105	2,137,910	47,700	SH		DFND		47,700	0	0
DOMINOS PIZZA INC	COM	25754A201	1,574,100	3,750	SH		DFND	2	3,750	0	0
EASTMAN CHEM CO	COM	277432100	5,764,575	63,125	SH		DFND	2	63,125	0	0
EATON CORP PLC	SHS	G29183103	39,868,207	120,132	SH		DFND	1	120,132	0	0
EATON CORP PLC	SHS	G29183103	19,540,505	58,880	SH		DFND	2	58,880	0	0
ELECTRONIC ARTS INC	COM	285512109	2,541,524	17,372	SH		DFND	1	17,372	0	0
ELECTRONIC ARTS INC	COM	285512109	1,097,250	7,500	SH		DFND	2	7,500	0	0
ELI LILLY & CO	COM	532457108	12,270,168	15,894	SH		DFND	1	15,894	0	0
ELI LILLY & CO	COM	532457108	5,696,588	7,379	SH		DFND	2	7,379	0	0
EMCOR GROUP INC	COM	29084Q100	1,134,750	2,500	SH		DFND	2	2,500	0	0
EMERSON ELEC CO	COM	291011104	2,113,007	17,050	SH		DFND		17,050	0	0
EMERSON ELEC CO	COM	291011104	18,590	150	SH		DFND	1	150	0	0
ENBRIDGE INC	COM	29250N105	1,043,559	24,600	SH		DFND		24,600	0	0
ENBRIDGE INC	COM	29250N105	587,101	13,864	SH		DFND	1	13,864	0	0
ENERGY TRANSFER L P	COM UT LTD PTN	29273V100	7,183,751	366,705	SH		DFND	1	366,705	0	0
EPAM SYS INC	COM	29414B104	935,280	4,000	SH		DFND	2	4,000	0	0
FACTSET RESH SYS INC	COM	303075105	840,490	1,750	SH		DFND	2	1,750	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	6,608,424	36,500	SH		DFND		36,500	0	0
FIRSTSERVICE CORP NEW	COM	33767E202	65,179	360	SH		DFND	2	360	0	0
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	1,709,800	20,000	SH		DFND	2	20,000	0	0
FORTINET INC	COM	34959E109	2,834,400	30,000	SH		DFND	2	30,000	0	0
FORTIS INC	COM	349553107	1,158,717	27,900	SH		DFND		27,900	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	19,658,883	69,258	SH		DFND	1	69,258	0	0
GALLAGHER ARTHUR J & CO	COM	363576109	6,732,638	23,719	SH		DFND	2	23,719	0	0
GENTEX CORP	COM	371901109	1,862,279	64,820	SH		DFND	2	64,820	0	0
GILDAN ACTIVEWEAR INC	COM	375916103	230,486	4,900	SH		DFND		4,900	0	0
GODADDY INC	CL A	380237107	2,269,755	11,500	SH		DFND	2	11,500	0	0
GRANITE REAL ESTATE INVT TR	TR UNIT NEW	387437205	5,393,764	111,200	SH		DFND		111,200	0	0
GRANITE REAL ESTATE INVT TR	TR UNIT NEW	387437205	63,057	1,300	SH		DFND	2	1,300	0	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	2,100,860	8,500	SH		DFND	2	8,500	0	0
HOME DEPOT INC	COM	437076102	21,049,416	54,113	SH		DFND	1	54,113	0	0
HOME DEPOT INC	COM	437076102	9,917,300	25,495	SH		DFND	2	25,495	0	0
HOWMET AEROSPACE INC	COM	443201108	9,676,510	88,475	SH		DFND	2	88,475	0	0
HUDBAY MINERALS INC	COM	443628102	2,956,753	364,700	SH		DFND		364,700	0	0
ICON PLC	SHS	G4705A100	117,438	560	SH		DFND	1	560	0	0
ICON PLC	SHS	G4705A100	2,078,226	9,910	SH		DFND	2	9,910	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	1,431,093	6,510	SH		DFND		6,510	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	38,470	175	SH		DFND	1	175	0	0
INTUIT	COM	461202103	628,500	1,000	SH		DFND	2	1,000	0	0
INVESCO EXCH TRADED FD TR II	SR LN ETF	46138G508	1,053,500	50,000	SH		DFND		50,000	0	0
IQVIA HLDGS INC	COM	46266C105	330,923	1,684	SH		DFND	1	1,684	0	0
IQVIA HLDGS INC	COM	46266C105	14,738	75	SH		DFND	2	75	0	0
ISHARES TR	10-20 YR TRS ETF	464288653	54,747	550	SH		DFND	1	550	0	0
ISHARES TR	ISHS 1-5YR INVS	464288646	108,829	2,105	SH		DFND	1	2,105	0	0
ISHARES TR	USD INV GRDE ETF	464288620	230,785	4,590	SH		DFND	1	4,590	0	0
ISHARES TR	ISHS 5-10YR INVT	464288638	111,519	2,165	SH		DFND	1	2,165	0	0
ISHARES TR	ISHS 5-10YR INVT	464288638	470,544	9,135	SH		DFND	2	9,135	0	0
ISHARES TR	ISHS 1-5YR INVS	464288646	566,891	10,965	SH		DFND	2	10,965	0	0
ISHARES TR	USD INV GRDE ETF	464288620	320,786	6,380	SH		DFND	2	6,380	0	0
ISHARES TR	10-20 YR TRS ETF	464288653	260,795	2,620	SH		DFND	2	2,620	0	0
ISHARES TR	FALN ANGLS USD	46435G474	1,207,292	45,200	SH		DFND	2	45,200	0	0
JOHNSON & JOHNSON	COM	478160104	2,632,084	18,200	SH		DFND		18,200	0	0
JOHNSON & JOHNSON	COM	478160104	14,462	100	SH		DFND	1	100	0	0
KINSALE CAP GROUP INC	COM	49714P108	2,093,085	4,500	SH		DFND	2	4,500	0	0
KLA CORP	COM NEW	482480100	819,156	1,300	SH		DFND	2	1,300	0	0
LINCOLN ELEC HLDGS INC	COM	533900106	918,603	4,900	SH		DFND		4,900	0	0
LINDE PLC	SHS	G54950103	22,387,960	53,474	SH		DFND	1	53,474	0	0
LINDE PLC	SHS	G54950103	8,778,254	20,967	SH		DFND	2	20,967	0	0
MARKETAXESS HLDGS INC	COM	57060D108	2,486,440	11,000	SH		DFND	2	11,000	0	0
MARSH & MCLENNAN COS INC	COM	571748102	24,496,608	115,327	SH		DFND	1	115,327	0	0
MARSH & MCLENNAN COS INC	COM	571748102	4,966,145	23,380	SH		DFND	2	23,380	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	12,637,680	24,000	SH		DFND	1	24,000	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	20,235,032	38,428	SH		DFND	2	38,428	0	0
MCKESSON CORP	COM	58155Q103	4,513,687	7,920	SH		DFND	2	7,920	0	0
MERCADOLIBRE INC	COM	58733R102	3,911,012	2,300	SH		DFND	2	2,300	0	0
META PLATFORMS INC	CL A	30303M102	49,431,096	84,424	SH		DFND	1	84,424	0	0
META PLATFORMS INC	CL A	30303M102	15,580,422	26,610	SH		DFND	2	26,610	0	0
MICROSOFT CORP	COM	594918104	54,486,884	129,269	SH		DFND	1	129,269	0	0
MICROSOFT CORP	COM	594918104	21,537,807	51,098	SH		DFND	2	51,098	0	0
MONSTER BEVERAGE CORP NEW	COM	61174X109	14,822	282	SH		DFND	1	282	0	0
MONSTER BEVERAGE CORP NEW	COM	61174X109	1,760,760	33,500	SH		DFND	2	33,500	0	0
MOTOROLA SOLUTIONS INC	COM NEW	620076307	8,890,994	19,235	SH		DFND	2	19,235	0	0
MSCI INC	COM	55354G100	3,300,055	5,500	SH		DFND	2	5,500	0	0
NASDAQ INC	COM	631103108	2,770,404	35,835	SH		DFND	1	35,835	0	0
NASDAQ INC	COM	631103108	10,371,909	134,160	SH		DFND	2	134,160	0	0
NETFLIX INC	COM	64110L106	543,705	610	SH		DFND		610	0	0
NETFLIX INC	COM	64110L106	131,024	147	SH		DFND	1	147	0	0
NETFLIX INC	COM	64110L106	2,763,092	3,100	SH		DFND	2	3,100	0	0
NORTH AMERN CONSTR GROUP LTD	COM	656811106	2,371,644	110,100	SH		DFND		110,100	0	0
NOVO-NORDISK A S	ADR	670100205	58,408	679	SH		DFND	1	679	0	0
NOVO-NORDISK A S	ADR	670100205	2,494,580	29,000	SH		DFND	2	29,000	0	0
NVIDIA CORPORATION	COM	67066G104	11,862,239	88,333	SH		DFND	1	88,333	0	0
NVIDIA CORPORATION	COM	67066G104	6,842,210	50,951	SH		DFND	2	50,951	0	0
NVR INC	COM	62944T105	1,553,991	190	SH		DFND	2	190	0	0
ORACLE CORP	COM	68389X105	1,758,052	10,550	SH		DFND		10,550	0	0
ORACLE CORP	COM	68389X105	5,407,468	32,450	SH		DFND	2	32,450	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	11,486,845	9,687	SH		DFND	1	9,687	0	0
OREILLY AUTOMOTIVE INC	COM	67103H107	2,953,828	2,491	SH		DFND	2	2,491	0	0
PARKER-HANNIFIN CORP	COM	701094104	3,337,885	5,248	SH		DFND	1	5,248	0	0
PARKER-HANNIFIN CORP	COM	701094104	3,490,532	5,488	SH		DFND	2	5,488	0	0
PAYCHEX INC	COM	704326107	1,542,420	11,000	SH		DFND	2	11,000	0	0
PAYCOM SOFTWARE INC	COM	70432V102	5,124	25	SH		DFND	1	25	0	0
PAYCOM SOFTWARE INC	COM	70432V102	1,742,245	8,500	SH		DFND	2	8,500	0	0
PAYPAL HLDGS INC	COM	70450Y103	1,496,612	17,535	SH		DFND	1	17,535	0	0
PEGASYSTEMS INC	COM	705573103	2,236,800	24,000	SH		DFND	2	24,000	0	0
PEMBINA PIPELINE CORP	COM	706327103	2,019,967	54,700	SH		DFND		54,700	0	0
PEMBINA PIPELINE CORP	COM	706327103	1,857,197	50,380	SH		DFND	1	50,380	0	0
PEPSICO INC	COM	713448108	15,206	100	SH		DFND	1	100	0	0
PEPSICO INC	COM	713448108	2,730,237	17,955	SH		DFND	2	17,955	0	0
PFIZER INC	COM	717081103	2,032,198	76,600	SH		DFND	1	76,600	0	0
PHILIP MORRIS INTL INC	COM	718172109	7,560,989	62,825	SH		DFND	2	62,825	0	0
PROGRESSIVE CORP	COM	743315103	269,561	1,125	SH		DFND	1	1,125	0	0
PROGRESSIVE CORP	COM	743315103	1,570,644	6,555	SH		DFND	2	6,555	0	0
RAYMOND JAMES FINL INC	COM	754730109	1,351,371	8,700	SH		DFND		8,700	0	0
RB GLOBAL INC	COM	74935Q107	225,525	2,500	SH		DFND		2,500	0	0
REPUBLIC SVCS INC	COM	760759100	2,353,806	11,700	SH		DFND		11,700	0	0
RESMED INC	COM	761152107	2,972,970	13,000	SH		DFND	2	13,000	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	223,295	7,280	SH		DFND	1	7,280	0	0
ROYAL BK CDA	COM	780087102	4,326,372	35,900	SH		DFND		35,900	0	0
ROYAL BK CDA	COM	780087102	31,337,896	260,494	SH		DFND	1	260,494	0	0
ROYAL BK CDA	COM	780087102	13,582,414	112,766	SH		DFND	2	112,766	0	0
RYAN SPECIALTY HOLDINGS INC	CL A	78351F107	1,219,040	19,000	SH		DFND	2	19,000	0	0
S&P GLOBAL INC	COM	78409V104	33,184,237	66,631	SH		DFND	1	66,631	0	0
S&P GLOBAL INC	COM	78409V104	15,833,369	31,792	SH		DFND	2	31,792	0	0
SALESFORCE INC	COM	79466L302	33,433	100	SH		DFND	1	100	0	0
SALESFORCE INC	COM	79466L302	3,677,630	11,000	SH		DFND	2	11,000	0	0
SCHWAB STRATEGIC TR	SHT TM US TRES	808524862	111,638	4,640	SH		DFND	1	4,640	0	0
SCHWAB STRATEGIC TR	SHT TM US TRES	808524862	982,370	40,830	SH		DFND	2	40,830	0	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	43,014	890	SH		DFND	1	890	0	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	544,244	11,261	SH		DFND	2	11,261	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	5,789,994	278,499	SH		DFND	1	278,499	0	0
SIMPLIFY EXCHANGE TRADED FUN	SHORT TERM TREA	82889N657	3,820	180	SH		DFND	1	180	0	0
SIMPLIFY EXCHANGE TRADED FUN	SHORT TERM TREA	82889N657	4,205,846	198,202	SH		DFND	2	198,202	0	0
SIMPLIFY EXCHANGE TRADED FUN	VOLATILITY PREM	82889N863	1,178,033	56,649	SH		DFND	2	56,649	0	0
SOUTHERN COPPER CORP	COM	84265V105	2,249,362	24,683	SH		DFND	2	24,683	0	0
SPDR GOLD TR	GOLD SHS	78463V107	895,881	3,700	SH		DFND		3,700	0	0
SPDR GOLD TR	GOLD SHS	78463V107	1,957,621	8,085	SH		DFND	1	8,085	0	0
SPDR SER TR	BLOOMBERG SHT TE	78468R408	226,493	8,970	SH		DFND	2	8,970	0	0
SPOTIFY TECHNOLOGY S A	SHS	L8681T102	1,677,675	3,750	SH		DFND	2	3,750	0	0
STANTEC INC	COM	85472N109	1,058,636	13,500	SH		DFND		13,500	0	0
STANTEC INC	COM	85472N109	8,561,185	109,365	SH		DFND	1	109,365	0	0
STANTEC INC	COM	85472N109	190,178	2,425	SH		DFND	2	2,425	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	278,922	4,700	SH		DFND		4,700	0	0
SUN LIFE FINANCIAL INC.	COM	866796105	405,568	6,846	SH		DFND	1	6,846	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	214,672	1,087	SH		DFND	1	1,087	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	9,441,009	47,805	SH		DFND	2	47,805	0	0
TELUS CORPORATION	COM	87971M103	181,601	13,424	SH		DFND	1	13,424	0	0
TESLA INC	COM	88160R101	352,956	874	SH		DFND	1	874	0	0
TEXAS PACIFIC LAND CORPORATI	COM	88262P102	1,271,854	1,150	SH		DFND	2	1,150	0	0
TFI INTL INC	COM	87241L109	22,224,383	164,837	SH		DFND	1	164,837	0	0
TFI INTL INC	COM	87241L109	2,626,179	19,475	SH		DFND	2	19,475	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	13,101,472	25,184	SH		DFND	1	25,184	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	4,947,908	9,511	SH		DFND	2	9,511	0	0
THOMSON REUTERS CORP	COM	884903808	18,414,204	114,936	SH		DFND	1	114,936	0	0
THOMSON REUTERS CORP	COM	884903808	73,217	457	SH		DFND	2	457	0	0
TIDAL TR II	RETURN STCKD US	88636J816	358,500	15,000	SH		DFND	2	15,000	0	0
TIDAL TR II	RET STCKD GL STK	88636J204	348,600	15,000	SH		DFND	2	15,000	0	0
TOLL BROTHERS INC	COM	889478103	3,029,098	24,050	SH		DFND	2	24,050	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	3,885,755	73,151	SH		DFND	1	73,151	0	0
TRADEWEB MKTS INC	CL A	892672106	2,618,400	20,000	SH		DFND	2	20,000	0	0
TRANE TECHNOLOGIES PLC	SHS	G8994E103	151,434	410	SH		DFND	1	410	0	0
TRANE TECHNOLOGIES PLC	SHS	G8994E103	2,129,303	5,765	SH		DFND	2	5,765	0	0
UBER TECHNOLOGIES INC	COM	90353T100	3,016,000	50,000	SH		DFND	2	50,000	0	0
UNITED RENTALS INC	COM	911363109	211,332	300	SH		DFND	1	300	0	0
UNITED RENTALS INC	COM	911363109	5,636	8	SH		DFND	2	8	0	0
UNITED THERAPEUTICS CORP DEL	COM	91307C102	670,396	1,900	SH		DFND	2	1,900	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	9,630,563	19,038	SH		DFND	1	19,038	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	8,089,713	15,992	SH		DFND	2	15,992	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	1,197,661	16,655	SH		DFND	1	16,655	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	50,998	660	SH		DFND	1	660	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	258,468	3,345	SH		DFND	2	3,345	0	0
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	400,179	5,565	SH		DFND	2	5,565	0	0
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	788,279	1,463	SH		DFND	1	1,463	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	2,391,007	30,650	SH		DFND	1	30,650	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	62,408	800	SH		DFND	2	800	0	0
VEEVA SYS INC	CL A COM	922475108	2,733,250	13,000	SH		DFND	2	13,000	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	16,698,761	41,467	SH		DFND	1	41,467	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	2,359,419	5,859	SH		DFND	2	5,859	0	0
VISA INC	COM CL A	92826C839	1,897,820	6,005	SH		DFND		6,005	0	0
VISA INC	COM CL A	92826C839	33,819,124	107,009	SH		DFND	1	107,009	0	0
VISA INC	COM CL A	92826C839	12,527,194	39,638	SH		DFND	2	39,638	0	0
WALMART INC	COM	931142103	51,751,938	572,794	SH		DFND	1	572,794	0	0
WALMART INC	COM	931142103	16,692,705	184,756	SH		DFND	2	184,756	0	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	638,639	60,420	SH		DFND	1	60,420	0	0
WASTE CONNECTIONS INC	COM	94106B101	325,782	1,900	SH		DFND		1,900	0	0
WASTE CONNECTIONS INC	COM	94106B101	4,139,149	24,140	SH		DFND	2	24,140	0	0
WIX COM LTD	SHS	M98068105	3,540,075	16,500	SH		DFND	2	16,500	0	0
ZOETIS INC	CL A	98978V103	1,498,956	9,200	SH		DFND		9,200	0	0