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
Align Technology Inc.	COM	016255101	211	618	SH		DFND	1	618	0	0
Amazon.com Inc	COM	023135106	56	33	SH		DFND	1	33	0	0
Amazon.com Inc	COM	023135106	765	450	SH		DFND		450	0	0
American Intl Group New	COM NEW	026874784	13,175	248,492	SH		DFND	1	248,492	0	0
American Intl Group New	COM NEW	026874784	186	3,510	SH		DFND		3,510	0	0
Amgen Inc	COM	031162100	891	4,824	SH		DFND		4,824	0	0
Apple Inc	COM	037833100	395	2,135	SH		DFND	1	2,135	0	0
Apple Inc	COM	037833100	2,109	11,395	SH		DFND		11,395	0	0
Automatc Data Proc	COM	053015103	1,342	10,000	SH		DFND		10,000	0	0
Bank of America	COM	060505104	17,626	625,254	SH		DFND	1	625,254	0	0
Bank of America	COM	060505104	1,336	47,400	SH		DFND		47,400	0	0
Bank of Montreal	COM	063671101	2,259	29,223	SH		DFND	1	29,223	0	0
Bank of Nova Scotia	COM	064149107	9,716	171,565	SH		DFND	1	171,565	0	0
Bank of Nova Scotia	COM	064149107	2,846	49,755	SH		DFND	2	49,755	0	0
Bank of Nova Scotia	COM	064149107	1,459	25,755	SH		DFND		25,755	0	0
BARRICK GOLD CORP	COM	067901108	666	50,200	SH		DFND	2	50,200	0	0
Becton Dickinson & Co	COM	075887109	18,269	76,260	SH		DFND	1	76,260	0	0
Becton Dickinson & Co	COM	075887109	1,763	7,358	SH		DFND		7,358	0	0
Bed Bath & Beyond	COM	075896100	418	21,000	SH		DFND	2	21,000	0	0
Berkshire Hathaway B New	CL B NEW	084670702	545	2,920	SH		DFND	1	2,920	0	0
Berkshire Hathaway B New	CL B NEW	084670702	1,329	7,122	SH		DFND		7,122	0	0
BHP Billiton-Ltd S/ADR	SPONSORED ADR	088606108	581	11,625	SH		DFND		11,625	0	0
Boeing Company	COM	097023105	2,884	8,595	SH		DFND	1	8,595	0	0
Boeing Company	COM	097023105	1,191	3,550	SH		DFND		3,550	0	0
Brinker Intl Inc	COM	109641100	1,342	28,200	SH		DFND		28,200	0	0
British Amer Tob Sp ADR	SPONSORED ADR	110448107	4,564	90,470	SH		DFND	1	90,470	0	0
British Amer Tob Sp ADR	SPONSORED ADR	110448107	1,191	23,605	SH		DFND		23,605	0	0
Brookfield Asset Mgt A LV	CL A LTD VT SH	112585104	25,667	632,604	SH		DFND	1	632,604	0	0
Brookfield Asset Mgt A LV	CL A LTD VT SH	112585104	3,306	81,485	SH		DFND		81,485	0	0
C A E Inc	COM	124765108	7,652	364,650	SH		DFND	2	364,650	0	0
C A E Inc	COM	124765108	16	750	SH		DFND		750	0	0
CSX Corp.	COM	126408103	265	4,100	SH		DFND	1	4,100	0	0
CVS HEALTH CORP	COM	126650100	901	14,000	SH		DFND	2	14,000	0	0
Canadian Imperial Bank of Commerce	COM	136069101	501	5,761	SH		DFND	1	5,761	0	0
Canadian Imperial Bank of Commerce	COM	136069101	2,998	26,218	SH		DFND	2	26,218	0	0
Canadian National Railway Company	COM	136375102	264	3,228	SH		DFND	1	3,228	0	0
Canadian National Railway Company	COM	136375102	1,019	12,450	SH		DFND		12,450	0	0
Canadian Natural Resources Limited	COM	136385101	4,361	120,797	SH		DFND	1	120,797	0	0
Canadian Natural Resources Limited	COM	136385101	981	26,900	SH		DFND	2	26,900	0	0
Carnival Corp - Paired Stock	UNIT 99/99/999	143658300	6	100	SH		DFND	1	100	0	0
Carnival Corp - Paired Stock	UNIT 99/99/9999	143658300	3,642	63,550	SH		DFND	2	63,550	0	0
Caterpillar Inc	COM	149123101	337	2,485	SH		DFND	1	2,485	0	0
Chevron Corp	COM	166764100	51	400	SH		DFND	1	400	0	0
Chevron Corp	COM	166764100	395	3,128	SH		DFND	2	3,128	0	0
Christopher & Banks Corp.	COM	171046105	268	285,000	SH		DFND	1	285,000	0	0
Church & Dwight Co Inc	COM	171340102	1,413	26,590	SH		DFND		26,590	0	0
Citigroup Inc New	COM NEW	172967424	13,039	194,850	SH		DFND	1	194,850	0	0
Citigroup Inc New	COM NEW	172967424	175	2,612	SH		DFND		2,612	0	0
Cowen Group Inc - Cl A New	CL A NEW	223622606	6,240	450,575	SH		DFND	1	450,575	0	0
Cowen Group Inc - Cl A New	CL A NEW	223622606	37	2,650	SH		DFND		2,650	0	0
Danaher Corp	COM	235851102	1,520	15,408	SH		DFND	1	15,408	0	0
Danaher Corp	COM	235851102	331	3,356	SH		DFND	2	3,356	0	0
Danaher Corp	COM	235851102	296	3,000	SH		DFND		3,000	0	0
DESCARTES SYSTEMS	CIM	249906108	5,575	169,400	SH		DFND	2	169,400	0	0
DICKS SPORTING GOODS	COM	253393102	599	17,000	SH		DFND	2	17,000	0	0
Walt Disney Co	COM DISNEY	254687106	7	66	SH		DFND	1	66	0	0
Walt Disney Co	COM DISNEY	254687106	401	3,825	SH		DFND		3,825	0	0
Discover Financial Svcs	COM	254709108	21,426	304,309	SH		DFND	1	304,309	0	0
Discover Financial Svcs	COM	254709108	316	4,485	SH		DFND		4,485	0	0
EASTMAN CHEM CO	COM	277432100	700	7,000	SH		DFND	2	7,000	0	0
EBAY INC	COM	278642103	355	9,800	SH		DFND	2	9,800	0	0
Encana Corporation	COM	292505104	110	8,445	SH		DFND	1	8,445	0	0
Encana Corporation	COM	292505104	784	60,102	SH		DFND	1	60,102	0	0
Encana Corporation	COM	292505104	792	60,000	SH		DFND	2	60,000	0	0
ENERPLUS CORP	COM	292766102	2,889	226,800	SH		DFND	2	226,800	0	0
Factset Research Systems Inc .	COM	303075105	396	2,000	SH		DFND		2,000	0	0
Fomento Econ Mex Spn Adr	SPON ADR UNITS	344419106	878	10,000	SH		DFND		10,000	0	0
FORTIS INC	COM	349553107	184	5,700	SH		DFND	2	5,700	0	0
FORTUNA SILVER MINES	COM	349915108	452	78,600	SH		DFND	2	78,600	0	0
Franco-Nevada Corp	COM	351858105	234	3,200	SH		DFND		3,200	0	0
General Electric Co	COM	369604103	16	1,200	SH		DFND	1	1,200	0	0
General Electric Co	COM	369604103	388	28,500	SH		DFND	2	28,500	0	0
General Mills Incs & Rts	COM	370334104	1,938	43,781	SH		DFND	2	43,781	0	0
General Mills Incs & Rts	COM	370334104	11	240	SH		DFND		240	0	0
GILDAN ACTIVEWEAR	COM	375916103	339	11,900	SH		DFND	2	11,900	0	0
GLOBAL WATER RESOURC	COM	379463102	2,149	225,000	SH		DFND	2	225,000	0	0
GRANITE REAL ESTATE	UNIT 99/99/9999	387437114	659	16,000	SH		DFND	2	16,000	0	0
Halliburton Co	COM	406216101	131	2,905	SH		DFND	1	2,905	0	0
Halliburton Co	COM	406216101	406	9,000	SH		DFND	2	9,000	0	0
Hanesbrands Inc	COM	410345102	7,533	342,100	SH		DFND	1	342,100	0	0
Hanesbrands Inc	COM	410345102	477	21,661	SH		DFND	2	21,661	0	0
Hanesbrands Inc	COM	410345102	115	5,200	SH		DFND		5,200	0	0
HARLEY DAVIDSON INC	COM	412822108	375	8,900	SH		DFND	2	8,900	0	0
Home Depot Inc	COM	437076102	467	2,393	SH		DFND	2	2,393	0	0
Home Depot Inc	COM	437076102	534	2,736	SH		DFND		2,736	0	0
Honeywell Intl Inc	COM	438516106	2,150	14,925	SH		DFND	1	14,925	0	0
Honeywell Intl Inc	COM	438516106	173	1,200	SH		DFND	2	1,200	0	0
Honeywell Intl Inc	COM	438516106	1,402	9,735	SH		DFND		9,735	0	0
HUDBAY MINERALS	COM	443628102	4,405	782,000	SH		DFND	2	782,000	0	0
IAMGOLD CORP	COM	450913108	534	90,800	SH		DFND	2	90,800	0	0
Imperial Oil Limited	COM NEW	453038408	27,391	823,859	SH		DFND	1	823,859	0	0
Imperial Oil Limited	COM NEW	453038408	12	360	SH		DFND	2	360	0	0
Imperial Oil Limited	COM NEW	453038408	541	16,285	SH		DFND		16,285	0	0
INTEL CORP	COM	458140100	398	8,000	SH		DFND	2	8,000	0	0
International Business Machines	COM	459200101	6	40	SH		DFND	1	40	0	0
International Business Machines	COM	459200101	860	6,158	SH		DFND	2	6,158	0	0
International Business Machines	COM	459200101	22	158	SH		DFND		158	0	0
Ishares JPM USD Emrg Mkt	JPMORGAN USD EMG	464288281	650	6,088	SH		DFND		6,088	0	0
Ishares Iboxx $ Hi Yld Bd	IBOXX HI YD ETF	464288513	30	350	SH		DFND	1	350	0	0
Ishares Iboxx $ Hi Yld Bd	IBOSS HI YD ETF	464288513	1,685	19,800	SH		DFND	2	19,800	0	0
Ishares Iboxx $ Hi Yld Bd	IBOXX HI YD ETF	464288513	8	97	SH		DFND		97	0	0
Johnson & Johnson	COM	478160104	355	2,925	SH		DFND	1	2,925	0	0
Johnson & Johnson	COM	478160104	3,867	31,868	SH		DFND	2	31,868	0	0
Johnson & Johnson	COM	478160104	32	260	SH		DFND		260	0	0
Kohl's Corp.	COM	500255104	10,341	141,850	SH		DFND	1	141,850	0	0
Kohl's Corp.	COM	500255104	159	2,175	SH		DFND		2,175	0	0
ESTEE LAUDER CO	CL A	518439104	447	3,132	SH		DFND	2	3,132	0	0
Liberty Media Corp-Liberty Sir .	COM C SIRIUSXM	531229607	222	4,900	SH		DFND		4,900	0	0
ELI LILLY & CO	COM	532457108	333	3,900	SH		DFND	2	3,900	0	0
Lockheed Martin Corp	COM	539830109	24	80	SH		DFND	1	80	0	0
Lockheed Martin Corp	COM	539830109	238	807	SH		DFND	2	807	0	0
Lockheed Martin Corp	COM	539830109	672	2,275	SH		DFND		2,275	0	0
MAGNA INTL INC	COM	559222401	746	12,700	SH		DFND	2	12,700	0	0
Marriott Intl Inc-A	CL A	571903202	629	4,970	SH		DFND		4,970	0	0
McDonalds Corporation	COM	580135101	425	2,711	SH		DFND	2	2,711	0	0
McDonalds Corporation	COM	580135101	29	187	SH		DFND		187	0	0
Microsoft Corporation	COM	594918104	22,950	232,731	SH		DFND	1	232,731	0	0
Microsoft Corporation	COM	594918104	810	8,219	SH		DFND	2	8,219	0	0
Microsoft Corporation	COM	594918104	3,654	37,050	SH		DFND		37,050	0	0
Moody's Corp	COM	615369105	510	2,989	SH		DFND		2,989	0	0
Nike Inc Class B	CL B	654106103	64	800	SH		DFND	1	800	0	0
Nike Inc Class B	CL B	654106103	400	5,019	SH		DFND	2	5,019	0	0
NORTH AMERICAN CONST	COM	656811106	5,047	847,500	SH		DFND	2	847,500	0	0
Open Text Corporation	COM	683715106	4	100	SH		DFND	1	100	0	0
Open Text Corporation	COM	683715106	1,241	34,900	SH		DFND	2	34,900	0	0
Paychex Inc	COM	704326107	376	5,500	SH		DFND		5,500	0	0
Pembina Pipeline Corp	COM	706327103	37,211	1,074,227	SH		DFND	1	1,074,227	0	0
Pembina Pipeline Corp	COM	706327103	609	17,575	SH		DFND		17,575	0	0
Pepsico Inc	COM	713448108	1,582	14,525	SH		DFND		14,525	0	0
PerkinElmer Inc	COM	714046109	2,038	27,831	SH		DFND	2	27,831	0	0
PerkinElmer Inc	COM	714046109	132	1,800	SH		DFND		1,800	0	0
Telekomunikasi Indonesia Perse Adr	SPONSORED ADR	715684106	520	20,000	SH		DFND		20,000	0	0
Pfizer Inc	COM	717081103	218	6,000	SH		DFND	1	6,000	0	0
Philip Morris Intl Inc	COM	718172109	7,668	94,975	SH		DFND	1	94,975	0	0
Philip Morris Intl Inc	COM	718172109	249	3,080	SH		DFND	2	3,080	0	0
Philip Morris Intl Inc	COM	718172109	943	11,683	SH		DFND		11,683	0	0
Raytheon Co	COM	755111507	17,977	93,060	SH		DFND	1	93,060	0	0
Raytheon Co	COM	755111507	924	4,785	SH		DFND		4,785	0	0
Rogers Communications - B-NVS	CL B	775109200	9,382	197,503	SH		DFND	1	197,503	0	0
Rogers Communications - B-NVS	CL B	775109200	1,349	28,110	SH		DFND	2	28,110	0	0
Rogers Communications - B-NVS	CL B	775109200	183	3,860	SH		DFND		3,860	0	0
Roper Technologies Inc	COM	776696106	414	1,500	SH		DFND		1,500	0	0
Royal Bank of Canada	COM	780087102	25,519	338,839	SH		DFND	1	338,839	0	0
Royal Bank of Canada	COM	780087102	6,044	79,455	SH		DFND	2	79,455	0	0
Royal Bank of Canada	COM	780087102	2,115	28,075	SH		DFND		28,075	0	0
Royal Dutch Shell Adr-B	SPON ADR B	780259107	505	6,950	SH		DFND		6,950	0	0
Schlumberger Ltd	COM	806857108	1,339	19,969	SH		DFND	1	19,969	0	0
Schlumberger Ltd	COM	806857108	1,958	29,200	SH		DFND		29,200	0	0
Schwab Charles Corp	COM	808513105	459	8,975	SH		DFND	1	8,975	0	0
Schwab Charles Corp	COM	808513105	818	16,000	SH		DFND		16,000	0	0
Sherwin-Williams Co	COM	824348106	179	440	SH		DFND	2	440	0	0
Sherwin-Williams Co	COM	824348106	24	60	SH		DFND		60	0	0
SIMON PPTY INC	COM	828806109	204	1,200	SH		DFND	2	1,200	0	0
STANLEY BLACK&DECKR	COM	854502101	2,901	21,843	SH		DFND	2	21,843	0	0
Starbucks Corp	COM	855244109	75	1,533	SH		DFND	1	1,533	0	0
Starbucks Corp	COM	855244109	248	5,067	SH		DFND	2	5,067	0	0
Starbucks Corp	COM	855244109	1,370	28,050	SH		DFND		28,050	0	0
STATE STREET CORP	COM	857477103	689	7,400	SH		DFND	2	7,400	0	0
STERICYCLE INC	COM	858912108	424	6,500	SH		DFND	2	6,500	0	0
Stryker Corp	COM	863667101	1,777	10,526	SH		DFND	1	10,526	0	0
Sun Life Financial Services Canada Inc	COM	866796105	581	14,466	SH		DFND	1	14,466	0	0
Sun Life Financial Services Canada Inc	COM	866796105	1,124	27,700	SH		DFND	2	27,700	0	0
Suncor Energy Inc.	COM	867224107	22,664	556,819	SH		DFND	1	556,819	0	0
Suncor Energy Inc	COM	867224107	1,211	29,449	SH		DFND	2	29,449	0	0
Suncor Energy Inc.	COM	867224107	1,813	44,554	SH		DFND		44,554	0	0
Taiwan Semicon Man SP/ADR	SPONSORED ADR	874039100	3,638	99,495	SH		DFND	1	99,495	0	0
Taiwan Semicon Man SP/ADR	SPONSORED ADR	874039100	515	14,100	SH		DFND		14,100	0	0
TECK RESOURCES LTD	CL AB	878742204	582	22,600	SH		DFND	2	22,600	0	0
Texas Instruments-Cum Rts	COM	882508104	21,175	192,062	SH		DFND	1	192,062	0	0
Texas Instruments-Cum Rts	COM	882508104	1,591	14,435	SH		DFND		14,435	0	0
Thomson Reuters Corp	COM	884903105	255	6,320	SH		DFND	1	6,320	0	0
Toronto Dominion Bank	COM NEW	891160509	32,277	557,566	SH		DFND	1	557,566	0	0
Toronto Dominion Bank	COM NEW	891160509	5,207	89,055	SH		DFND	2	89,055	0	0
Toronto Dominion Bank	COM NEW	891160509	811	14,005	SH		DFND		14,005	0	0
Townsquare Media Inc Cl A	CL A	892231101	65	10,000	SH		DFND	1	10,000	0	0
Toyota Motor Co Ltd ADR	SP ADR REP2COM	892331307	2,647	20,550	SH		DFND	1	20,550	0	0
Toyota Motor Co Ltd ADR	SP ADR REP2COM	892331307	87	675	SH		DFND		675	0	0
US BANCORP DEL	COM NEW	902973304	570	11,400	SH		DFND	2	11,400	0	0
Union Pacific Corp	COM	907818108	867	6,120	SH		DFND	1	6,120	0	0
Union Pacific Corp	COM	907818108	27	191	SH		DFND		191	0	0
United Technologies Corp	COM	913017109	17,671	141,333	SH		DFND	1	141,333	0	0
United Technologies Corp	COM	913017109	4,220	33,751	SH		DFND	2	33,751	0	0
United Technologies Corp	COM	913017109	1,717	13,735	SH		DFND		13,735	0	0
Vanguard FTSE Emerg Mkt	COM	922042858	212	5,031	SH		DFND		5,031	0	0
Vermilion Energy Inc	COM	923725105	232	6,421	SH		DFND	1	6,421	0	0
Vermilion Energy Inc	COM	923725105	1,229	34,000	SH		DFND	2	34,000	0	0
Vermilion Energy Inc	COM	923725105	1,693	46,950	SH		DFND		46,950	0	0
Wal Mart Stores Inc	COM	931142103	212	2,475	SH		DFND	1	2,475	0	0
WAYSIDE TECHNOLOGY	COM	946760105	492	35,000	SH		DFND	2	35,000	0	0
Wells Fargo & Co	COM	949746101	4	70	SH		DFND	1	70	0	0
Wells Fargo & Co	COM	949746101	4,077	73,537	SH		DFND	2	73,537	0	0
WHIRLPOOL CORP	COM	963320106	585	4,000	SH		DFND	2	4,000	0	0
WHITESTONE REIT	COM	966084204	710	56,900	SH		DFND	2	56,900	0	0
Xerox Corp	COM NEW	984121608	241	10,050	SH		DFND	2	10,050	0	0
KIRKLAND LAKE GOLD	COM	49741E100	828	38,700	SH		DFND	2	38,700	0	0
FIRSTSERVICE CORP	SUB STG SH	33767E103	8,913	116,000	SH		DFND	2	116,000	0	0
AT & T Inc	COM	00206R102	11	331	SH		DFND	1	331	0	0
AT & T Inc	COM	00206R102	475	14,790	SH		DFND	2	14,790	0	0
AT & T Inc	COM	00206R102	27	840	SH		DFND		840	0	0
Abbvie Inc-W/I	COM	00287Y109	1,347	14,535	SH		DFND		14,535	0	0
Alphabet Inc Cl C	CAP STK CL C	02079K107	23,602	21,155	SH		DFND	1	21,155	0	0
Alphabet Inc Cl C	CAP STK CL C	02079K107	2,133	1,912	SH		DFND		1,912	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	19	17	SH		DFND	1	17	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	4,078	3,611	SH		DFND	2	3,611	0	0
Alphabet Inc Cl A	CAP STK CL A	02079K305	903	800	SH		DFND		800	0	0
Altria Group Inc	COM	02209S103	579	10,200	SH		DFND	1	10,200	0	0
Altria Group Inc	COM	02209S103	270	4,757	SH		DFND	2	4,757	0	0
Altria Group Inc	COM	02209S103	24	414	SH		DFND		414	0	0
American Tower Corp	COM	03027X100	466	3,230	SH		DFND		3,230	0	0
Anheuser-Busch Inveb ADR	SPONSORED ADR	03524a108	448	4,444	SH		DFND	1	4,444	0	0
Anheuser-Busch Inveb ADR	SPONSORED ADR	03524A108	3,279	32,540	SH		DFND	2	32,540	0	0
Anheuser-Busch Inveb ADR	SPONSORED ADR	03524a108	1,642	16,300	SH		DFND		16,300	0	0
Apollo Investment Corp	COM	03761U106	296	53,190	SH		DFND	1	53,190	0	0
ARES CAP CORP	COM	04010L103	1,835	111,536	SH		DFND	2	111,536	0	0
BCE Inc - New	COM NEW	05534B760	810	19,998	SH		DFND	1	19,998	0	0
BCE Inc - New	COM NEW	05534B760	317	7,751	SH		DFND	2	7,751	0	0
BCE Inc - New	COM NEW	05534B760	1,484	36,640	SH		DFND		24,975	0	0
Blackrock Inc	COM	09247X101	464	930	SH		DFND	1	930	0	0
Brighthouse Financial Inc	COM	10922N103	8,420	210,144	SH		DFND	1	210,144	0	0
Brighthouse Financial Inc	COM	10922N103	78	1,944	SH		DFND	2	1,944	0	0
Brighthouse Financial Inc	COM	10922N103	118	2,943	SH		DFND		2,943	0	0
Broadridge Finl Solns Inc	COM	11133T103	984	8,550	SH		DFND		8,550	0	0
Cameco Corporation	COM	13321L108	4	385	SH		DFND	1	385	0	0
Cameco Corporation	COM	13321L108	1,028	91,350	SH		DFND		91,350	0	0
Canadian Pacific Railway Limited	COM	13645T100	128	700	SH		DFND	1	700	0	0
Canadian Pacific Railway Limited	COM	13645T100	852	4,600	SH		DFND	2	4,600	0	0
Capital One Fincl Corp	COM	14040H105	9,473	103,075	SH		DFND	1	103,075	0	0
Capital One Fincl Corp	COM	14040H105	161	1,750	SH		DFND		1,750	0	0
Cardinal Health Inc	COM	14149Y108	5	100	SH		DFND	1	100	0	0
Cardinal Health Inc	COM	14149Y108	459	9,400	SH		DFND	2	9,400	0	0
CELESTICA INC	SUB VTG SHS	15101Q108	5,176	431,500	SH		DFND	2	431,500	0	0
Cenovus Energy Inc	COM	15135U109	621	59,842	SH		DFND	1	59,842	0	0
Cenovus Energy Inc	COM	15135U109	640	61,642	SH		DFND	1	61,642	0	0
CINEMARK HOLDINGS	COM	17243V102	351	10,000	SH		DFND	2	10,000	0	0
Comcast Corp Class A - New	CL A	20030N101	1,604	48,900	SH		DFND	1	48,900	0	0
Comcast Corp Class A - New	CL A	20030N101	709	21,600	SH		DFND	2	21,600	0	0
Comcast Corp Class A - New	CL A	20030N101	2,078	63,350	SH		DFND		63,350	0	0
Costco Wholesale Corporation	COM	22160K105	836	4,000	SH		DFND	1	4,000	0	0
Costco Wholesale Corporation	COM	22160K105	2,233	10,683	SH		DFND	2	10,683	0	0
Costco Wholesale Corporation	COM	22160K105	31	150	SH		DFND		150	0	0
Crescent Point Energy Corp.	COM	22576C101	14,057	1,912,725	SH		DFND	1	1,912,725	0	0
Crescent Point Energy Corp.	COM	22576C101	998	134,392	SH		DFND	2	134,392	0	0
Crescent Point Energy Corp.	COM	22576C101	124	16,900	SH		DFND		16,900	0	0
Diageo PLC SP/ADR - New	SPON ADR NEW	25243Q205	1,552	10,780	SH		DFND	1	10,780	0	0
Diageo PLC SP/ADR - New	SPON ADR NEW	25243Q205	1,022	7,100	SH		DFND		7,100	0	0
Discovery Comm Inc SRS A	COM SER A	25470F104	17,892	650,610	SH		DFND	1	650,610	0	0
Discovery Comm Inc SRS A	COM SER A	25470F104	263	9,550	SH		DFND		9,550	0	0
Dowdupont Inc	COM	26078J100	43	652	SH		DFND	1	652	0	0
Dowdupont Inc	COM	26078J100	2,894	43,896	SH		DFND	2	43,896	0	0
Dowdupont Inc	COM	26078J100	2,185	33,150	SH		DFND		33,150	0	0
Enbridge Inc	COM	29250N105	3,596	100,573	SH		DFND	1	100,573	0	0
Enbridge Inc	COM	29250N105	350	9,700	SH		DFND	2	9,700	0	0
Enbridge Inc	COM	29250N105	1,562	43,700	SH		DFND		43,700	0	0
Encompass Health Corp	COM	29261A100	22,803	336,722	SH		DFND	1	336,722	0	0
Encompass Health Corp	COM	29261A100	18	270	SH		DFND	2	270	0	0
Encompass Health Corp	COM	29261A100	437	6,455	SH		DFND		6,455	0	0
Equinix Inc	COM PAR $0.001	29444U700	473	1,100	SH		DFND		1,100	0	0
Facebook Inc Cl-A	CL A	30303M102	11	56	SH		DFND	1	56	0	0
Facebook Inc Cl-A	CL A	30303M102	535	2,755	SH		DFND		2,755	0	0
Fedex Corporation	COM	31428X106	249	1,000	SH		DFND	1	1,000	0	0
First Republic Bank	COM	33616C100	828	8,551	SH		DFND	1	8,551	0	0
First Republic Bank	COM	33616C100	4,803	49,618	SH		DFND	2	49,618	0	0
CGI Group Inc. Cls A	CL A SUB VTG	39945C109	27,474	433,461	SH		DFND	1	433,461	0	0
CGI Group Inc. Cls A	CL A SUB VTG	39945C109	813	12,700	SH		DFND	2	12,700	0	0
CGI Group Inc. Cls A	CL A SUB VTG	39945C109	540	8,525	SH		DFND		8,525	0	0
HCA HEALTHCARE	COM	40412C101	718	7,000	SH		DFND	2	7,000	0	0
HDFC Bank Ltd ADR	ADR REPS 3 SHS	40415F101	651	6,200	SH		DFND		6,200	0	0
HP Inc	COM	40434L105	27,253	1,201,122	SH		DFND	1	1,201,122	0	0
HP Inc	COM	40434L105	386	17,000	SH		DFND	2	17,000	0	0
HP Inc	COM	40434L105	499	22,000	SH		DFND		22,000	0	0
Ishares MSCI Japan ETF	MSCI JPN ETF NEW	46434G822	7	120	SH		DFND	1	120	0	0
Ishares MSCI Japan ETF	MSCI JPN ETF NEW	46434G822	256	4,429	SH		DFND		4,429	0	0
J.P. Morgan Chase&Company	COM	46625H100	40,389	387,607	SH		DFND	1	387,607	0	0
JPMORGAN CHASE & CO	COM	46625H100	5,206	49,960	SH		DFND	2	49,960	0	0
J.P. Morgan Chase&Company	COM	46625H100	2,514	24,130	SH		DFND		24,130	0	0
JD.Com Inc Adr	SPON ADR CL A	47215P106	428	11,000	SH		DFND		11,000	0	0
Manulife Financial Corporation	COM	56501R106	3,789	210,857	SH		DFND	1	210,857	0	0
Manulife Financial Corporation	COM	56501R106	564	31,100	SH		DFND	2	31,100	0	0
Manulife Financial Corporation	COM	56501R106	363	20,200	SH		DFND		20,200	0	0
Mastercard Inc Cl-A	CL A	57636Q104	695	3,535	SH		DFND	1	3,535	0	0
Mastercard Inc Cl-A	CL A	57636Q104	1,658	8,440	SH		DFND		8,440	0	0
MATCH GROUP INC	COM	57665R106	1,165	30,078	SH		DFND	2	30,078	0	0
MAXAR TECHNOLOGIES	COM	57778L103	431	8,505	SH		DFND	2	8,505	0	0
Mcewen Mining Inc	COM	58039P107	21	10,000	SH		DFND	1	10,000	0	0
MEDNAX INC	COM	58502B106	649	15,000	SH		DFND	2	15,000	0	0
MERCK & CO INC	COM	58933Y105	212	3,500	SH		DFND	2	3,500	0	0
Metlife Inc	COM	59156R108	9,244	212,025	SH		DFND	1	212,025	0	0
Metlife Inc	COM	59156R108	1,317	30,210	SH		DFND	2	30,210	0	0
Metlife Inc	COM	59156R108	143	3,275	SH		DFND		3,275	0	0
Mitel Networks Corp	COM	60671Q104	9,922	906,313	SH		DFND	1	906,313	0	0
Mitel Networks Corp	COM	60671Q104	146	13,350	SH		DFND		13,350	0	0
ORACLE CORP	COM	68389X105	5,096	115,661	SH		DFND	2	115,661	0	0
Precision Drilling Corp	COM 2010	74022D308	1,270	383,804	SH		DFND	1	383,804	0	0
S & P Global Inc	COM	78409V104	1,516	7,437	SH		DFND	1	7,437	0	0
S & P Global Inc	COM	78409V104	2,399	11,770	SH		DFND		11,770	0	0
SPDR Gold Trust ETF	COM	78463V107	218	1,841	SH		DFND		1,841	0	0
SPDR Barclays H/Y Bnd ETF	BLOOMBERG BRCLYS	78464A417	514	14,500	SH		DFND	1	14,500	0	0
SPDR Barclays H/Y Bnd ETF	BLOOMBERG BRCLYS	78464A417	273	7,700	SH		DFND	2	7,700	0	0
SPDR Barclays H/Y Bnd ETF	BLOOMBERG BRCLYS	78464A417	18	500	SH		DFND		500	0	0
SPDR SERIES TRUST	BLOOMBERG SRT TR	78468R408	914	33,500	SH		DFND	2	33,500	0	0
Sealed Air Corp New	COM	81211K100	256	6,035	SH		DFND	1	6,035	0	0
Sealed Air Corp New	COM	81211K100	2,140	50,422	SH		DFND	2	50,422	0	0
SHAW COMMUNICATIONS	CL B CONV	82028K200	288	14,000	SH		DFND	2	14,000	0	0
3M Company	COM	88579Y101	480	2,440	SH		DFND		2,440	0	0
Transcanada Corp	COM	89353D107	1,148	26,529	SH		DFND	1	26,529	0	0
Transcanada Corp	COM	89353D107	1,110	25,400	SH		DFND	2	25,400	0	0
Unitedhealth Group Inc	COM	91324P102	2,585	10,535	SH		DFND		10,535	0	0
Verizon Communications	COM	92343V104	45	900	SH		DFND	1	900	0	0
Verizon Communications	COM	92343V104	1,286	25,565	SH		DFND	2	25,565	0	0
Verizon Communications	COM	92343V104	30	595	SH		DFND		595	0	0
VIACOM INC	CL B	92553P201	549	18,200	SH		DFND	2	18,200	0	0
Visa Inc.	COM CL A	92826C839	18,773	141,739	SH		DFND	1	141,739	0	0
Visa Inc.	COM CL A	92826C839	519	3,915	SH		DFND	2	3,915	0	0
Visa Inc.	COM CL A	92826C839	3,276	24,740	SH		DFND		24,740	0	0
WASTE CONNECTIONS	COM	94106B101	236	3,100	SH		DFND	2	3,100	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	8,546	52,240	SH		DFND	1	52,240	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	1,712	10,467	SH		DFND		10,467	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	40	247	SH		DFND		247	0	0
EATON CORPORATION	SHS	G29183103	3,059	40,928	SH		DFND	2	40,928	0	0
JOHNSON CONTROLS INT	SHS	G51502105	619	18,500	SH		DFND	2	18,500	0	0
Medtronic Inc	SHS	G5960L103	9	100	SH		DFND	1	100	0	0
Medtronic Inc	SHS	G5960L103	3,141	36,688	SH		DFND	2	36,688	0	0
TE Connectivity	REG SHS	H84989104	26,073	289,510	SH		DFND	1	289,510	0	0
TE Connectivity	REG SHS	H84989104	1,611	17,886	SH		DFND		17,886	0	0
Wix.com Ltd	SHS	M98068105	201	2,000	SH		DFND		2,000	0	0
Ferrari N.V.	COM	N3167Y103	1,023	7,575	SH		DFND		7,575	0	0
Lyondellbasell Indus A NV	SHS A	N53745100	28,501	259,457	SH		DFND	1	259,457	0	0
Lyondellbasell Indus A NV	SHS A	N53745100	512	4,660	SH		DFND		4,660	0	0