# EDGAR Filing Document

**Accession Number:** 0001578985
**File Stem:** 0001104659-25-108486
**Filing Date:** 2025-11
**Character Count:** 29189
**Document Hash:** bb94e1e1cbecedd85f247c8e4ba63e48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-108486.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001104659-25-108486

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cumberland Partners Ltd
- **CENTRAL INDEX KEY:** 0001578985

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15541
- **FILM NUMBER:** 251462737

**BUSINESS ADDRESS:**
- **STREET 1:** 99 YORKVILLE AVENUE
- **STREET 2:** SUITE 300
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5R 3K5
- **BUSINESS PHONE:** 416-929-1090

**MAIL ADDRESS:**
- **STREET 1:** 99 YORKVILLE AVENUE
- **STREET 2:** SUITE 300
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5R 3K5

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Cumberland Partners Ltd<br>**Address:** 99 Yorkville Avenue<br>Suite 300<br>Toronto, A6 M5R 3K5

**Form 13F File Number:** 028-15541

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** David Nelligan<br>**Title:** Chief Financial Officer<br>**Phone:** 416-929-1090

**Signature, Place, and Date of Signing:**

/s/ David Nelligan  Toronto, A6  11-07-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 2

**Form 13F Information Table Entry Total:** 259

**Form 13F Information Table Value Total:** $1530143092

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                      | Form 13F File Number   |
|:---|:---|:---|
|  | Cumberland Private Wealth Management Inc. | 028-15542              |
|  | Cumberland Investment Counsel Inc.        | 028-18948              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 52560 | 227 | SH |  | DFND | 1 | 227 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 10188918 | 44005 | SH |  | DFND | 2 | 44005 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 2028313 | 5750 | SH |  | DFND | 2 | 5750 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 118462 | 3400 | SH |  | DFND | 2 | 3400 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 8329240 | 239060 | SH |  | DFND |  | 239060 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 6825002 | 28023 | SH |  | DFND | 2 | 28023 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 6936859 | 28535 | SH |  | DFND | 1 | 28535 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 34805974 | 142911 | SH |  | DFND | 1 | 142911 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2691117 | 11070 | SH |  | DFND |  | 11070 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 16299855 | 67050 | SH |  | DFND | 2 | 67050 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 46534568 | 211935 | SH |  | DFND | 1 | 211935 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 11323225 | 51570 | SH |  | DFND | 2 | 51570 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 14328518 | 115786 | SH |  | DFND | 1 | 115786 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 4533087 | 36631 | SH |  | DFND | 2 | 36631 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 238820 | 972 | SH |  | DFND | 1 | 972 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 206816 | 580 | SH |  | DFND | 1 | 580 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 3316194 | 9300 | SH |  | DFND | 2 | 9300 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 44863260 | 176190 | SH |  | DFND | 1 | 176190 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 6108320 | 23989 | SH |  | DFND | 2 | 23989 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 2333422 | 11397 | SH |  | DFND | 1 | 11397 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 2481039 | 12118 | SH |  | DFND | 2 | 12118 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 2874160 | 4000 | SH |  | DFND | 2 | 4000 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 5783221 | 36170 | SH |  | DFND | 2 | 36170 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 227782 | 2969 | SH |  | DFND | 2 | 2969 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 9374570 | 122192 | SH |  | DFND | 1 | 122192 | 0 | 0 |
| ATLAS ENERGY SOLUTIONS INC | COM NEW | 642045108 |  | 1647513 | 144900 | SH |  | DFND | 1 | 144900 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 2538819 | 7992 | SH |  | DFND | 1 | 7992 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 2379348 | 7490 | SH |  | DFND | 2 | 7490 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 2875369 | 55735 | SH |  | DFND | 1 | 55735 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 872689 | 6700 | SH |  | DFND |  | 6700 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 162815 | 1250 | SH |  | DFND | 2 | 1250 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 1781865 | 13677 | SH |  | DFND | 1 | 13677 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 18533522 | 286680 | SH |  | DFND | 1 | 286680 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 347811 | 5380 | SH |  | DFND | 2 | 5380 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 901434 | 11765 | SH |  | DFND | 1 | 11765 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 7403274 | 6350 | SH |  | DFND | 2 | 6350 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 3509526 | 650 | SH |  | DFND | 2 | 650 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 20406583 | 61855 | SH |  | DFND | 1 | 61855 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 17837244 | 54067 | SH |  | DFND | 2 | 54067 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 7168274 | 126015 | SH |  | DFND | 2 | 126015 | 0 | 0 |
| BROOKFIELD BUSINESS PARTNERS | UNIT LTD L P | G16234109 |  | 318038 | 9700 | SH |  | DFND |  | 9700 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 1953357 | 5561 | SH |  | DFND | 1 | 5561 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 2349929 | 6690 | SH |  | DFND | 2 | 6690 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 5553273 | 66182 | SH |  | DFND | 1 | 66182 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 9839575 | 117290 | SH |  | DFND | 2 | 117290 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 694913 | 8700 | SH |  | DFND |  | 8700 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 363514 | 4550 | SH |  | DFND | 1 | 4550 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 2777449 | 86880 | SH |  | DFND | 1 | 86880 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 2836465 | 88745 | SH |  | DFND | 2 | 88745 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 25139170 | 337610 | SH |  | DFND | 1 | 337610 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 945454 | 12700 | SH |  | DFND |  | 12700 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 2602024 | 34945 | SH |  | DFND | 2 | 34945 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1594350 | 7500 | SH |  | DFND | 2 | 7500 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 941760 | 6000 | SH |  | DFND | 2 | 6000 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 95930 | 390 | SH |  | DFND | 2 | 390 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 319767 | 1300 | SH |  | DFND |  | 1300 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 9394408 | 137305 | SH |  | DFND | 2 | 137305 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 1134798 | 4200 | SH |  | DFND |  | 4200 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 1080760 | 4000 | SH |  | DFND | 2 | 4000 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 278463 | 3080 | SH |  | DFND | 1 | 3080 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 4053984 | 44840 | SH |  | DFND | 2 | 44840 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 31589901 | 34128 | SH |  | DFND | 1 | 34128 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 8492655 | 9175 | SH |  | DFND | 2 | 9175 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 1931800 | 20000 | SH |  | DFND | 2 | 20000 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 1348018 | 13298 | SH |  | DFND | 1 | 13298 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 1467837 | 14480 | SH |  | DFND | 2 | 14480 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 2483379 | 5431 | SH |  | DFND | 1 | 5431 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 5281353 | 11550 | SH |  | DFND | 2 | 11550 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 1984780 | 14000 | SH |  | DFND | 2 | 14000 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 8292 | 88 | SH |  | DFND | 2 | 88 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 4630588 | 49200 | SH |  | DFND |  | 49200 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 647109 | 6871 | SH |  | DFND | 1 | 6871 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 14656 | 128 | SH |  | DFND | 1 | 128 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 7437920 | 64960 | SH |  | DFND | 2 | 64960 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 1550250 | 15000 | SH |  | DFND | 2 | 15000 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 2595175 | 27500 | SH |  | DFND | 2 | 27500 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 |  | 935000 | 25000 | SH |  | DFND | 2 | 25000 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 26781704 | 71561 | SH |  | DFND | 1 | 71561 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 17352101 | 46365 | SH |  | DFND | 2 | 46365 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 20866524 | 27348 | SH |  | DFND | 1 | 27348 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 3454101 | 4527 | SH |  | DFND | 2 | 4527 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 2273390 | 3500 | SH |  | DFND | 2 | 3500 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 2125116 | 16200 | SH |  | DFND |  | 16200 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 731565 | 14504 | SH |  | DFND | 1 | 14504 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 6464258 | 376705 | SH |  | DFND | 1 | 376705 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 315954 | 2818 | SH |  | DFND | 1 | 2818 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 10091 | 90 | SH |  | DFND | 2 | 90 | 0 | 0 |
| ETFIS SER TR I | VIRTUS INFRCAP | 26923G822 |  | 138010 | 6357 | SH |  | DFND | 2 | 6357 | 0 | 0 |
| ETFIS SER TR I | VIRTUS INFRCAP | 26923G822 |  | 172052 | 7925 | SH |  | DFND | 1 | 7925 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 4029188 | 18850 | SH |  | DFND | 2 | 18850 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 55022 | 245 | SH |  | DFND | 1 | 245 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 1908930 | 8500 | SH |  | DFND | 2 | 8500 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 6379990 | 33500 | SH |  | DFND |  | 33500 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 53325 | 280 | SH |  | DFND | 2 | 280 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 2732600 | 32500 | SH |  | DFND | 2 | 32500 | 0 | 0 |
| FORTIS INC | COM | 349553107 |  | 981050 | 19350 | SH |  | DFND |  | 19350 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 19836989 | 64044 | SH |  | DFND | 1 | 64044 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 5745367 | 18549 | SH |  | DFND | 2 | 18549 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 8893743 | 29565 | SH |  | DFND | 2 | 29565 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 404223 | 7000 | SH |  | DFND |  | 7000 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | TR UNIT NEW | 387437205 |  | 6828789 | 122950 | SH |  | DFND |  | 122950 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | TR UNIT NEW | 387437205 |  | 81090 | 1460 | SH |  | DFND | 2 | 1460 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 3196500 | 7500 | SH |  | DFND | 2 | 7500 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 1945800 | 7500 | SH |  | DFND | 2 | 7500 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 21248974 | 52442 | SH |  | DFND | 1 | 52442 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 3394682 | 8378 | SH |  | DFND | 2 | 8378 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 8765594 | 44670 | SH |  | DFND | 2 | 44670 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 5521709 | 364700 | SH |  | DFND |  | 364700 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 2778570 | 9000 | SH |  | DFND | 2 | 9000 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 1548225 | 22500 | SH |  | DFND | 2 | 22500 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1199180 | 4250 | SH |  | DFND |  | 4250 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 5439379 | 7965 | SH |  | DFND | 2 | 7965 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 |  | 1046500 | 50000 | SH |  | DFND |  | 50000 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 301435 | 1587 | SH |  | DFND | 1 | 1587 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 9497 | 50 | SH |  | DFND | 2 | 50 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 956311 | 17680 | SH |  | DFND | 1 | 17680 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 710202 | 13130 | SH |  | DFND | 2 | 13130 | 0 | 0 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 523244 | 10020 | SH |  | DFND | 1 | 10020 | 0 | 0 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 422303 | 8087 | SH |  | DFND | 2 | 8087 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 2655536 | 28441 | SH |  | DFND | 1 | 28441 | 0 | 0 |
| ISHARES TR | MSCI EURO FL ETF | 464289180 |  | 225957 | 6580 | SH |  | DFND | 1 | 6580 | 0 | 0 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 335747 | 3260 | SH |  | DFND | 2 | 3260 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 133120 | 4210 | SH |  | DFND | 2 | 4210 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 615148 | 11600 | SH |  | DFND | 1 | 11600 | 0 | 0 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 202890 | 1970 | SH |  | DFND | 1 | 1970 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 853200 | 16089 | SH |  | DFND | 2 | 16089 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 103714 | 3280 | SH |  | DFND | 1 | 3280 | 0 | 0 |
| ISHARES TR | FALN ANGLS USD | 46435G474 |  | 1030638 | 37100 | SH |  | DFND | 2 | 37100 | 0 | 0 |
| ISHARES TR | MSCI EURO FL ETF | 464289180 |  | 4150161 | 120855 | SH |  | DFND | 2 | 120855 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1399921 | 7550 | SH |  | DFND |  | 7550 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 18542 | 100 | SH |  | DFND | 1 | 100 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 11155794 | 60165 | SH |  | DFND | 2 | 60165 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 3947291 | 12514 | SH |  | DFND | 1 | 12514 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 389484 | 15700 | SH |  | DFND |  | 15700 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 1701175 | 13091 | SH |  | DFND | 1 | 13091 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 1650365 | 12700 | SH |  | DFND | 2 | 12700 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 2696500 | 2500 | SH |  | DFND | 2 | 2500 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 1889600 | 10000 | SH |  | DFND | 2 | 10000 | 0 | 0 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 1391397 | 5900 | SH |  | DFND |  | 5900 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 24776000 | 52160 | SH |  | DFND | 1 | 52160 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 9897100 | 20836 | SH |  | DFND | 2 | 20836 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 22366404 | 110983 | SH |  | DFND | 1 | 110983 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 4622090 | 22935 | SH |  | DFND | 2 | 22935 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 13262374 | 23316 | SH |  | DFND | 1 | 23316 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 20950979 | 36833 | SH |  | DFND | 2 | 36833 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 8065318 | 10440 | SH |  | DFND | 2 | 10440 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 5842350 | 2500 | SH |  | DFND | 2 | 2500 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 45842203 | 62423 | SH |  | DFND | 1 | 62423 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 21603257 | 29417 | SH |  | DFND | 2 | 29417 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 64113923 | 123784 | SH |  | DFND | 1 | 123784 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1243080 | 2400 | SH |  | DFND |  | 2400 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 28408004 | 54847 | SH |  | DFND | 2 | 54847 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 18981 | 282 | SH |  | DFND | 1 | 282 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 3197225 | 47500 | SH |  | DFND | 2 | 47500 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 1985935 | 3500 | SH |  | DFND | 2 | 3500 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 2953611 | 33393 | SH |  | DFND | 1 | 33393 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 7926005 | 89610 | SH |  | DFND | 2 | 89610 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 959136 | 800 | SH |  | DFND |  | 800 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 107903 | 90 | SH |  | DFND | 1 | 90 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 2397840 | 2000 | SH |  | DFND | 2 | 2000 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 1921200 | 120000 | SH |  | DFND | 2 | 120000 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 766054 | 13050 | SH |  | DFND |  | 13050 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 3815593 | 65000 | SH |  | DFND | 2 | 65000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 57755093 | 309546 | SH |  | DFND | 1 | 309546 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 14624514 | 78382 | SH |  | DFND | 2 | 78382 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 3737 | 100 | SH |  | DFND | 1 | 100 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 313846 | 8400 | SH |  | DFND |  | 8400 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 4769831 | 16960 | SH |  | DFND | 2 | 16960 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 15397532 | 142821 | SH |  | DFND | 1 | 142821 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 3944229 | 36585 | SH |  | DFND | 2 | 36585 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 65849 | 1700 | SH |  | DFND | 2 | 1700 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 244027 | 6300 | SH |  | DFND |  | 6300 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 3982562 | 5253 | SH |  | DFND | 1 | 5253 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 4100075 | 5408 | SH |  | DFND | 2 | 5408 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 2393610 | 11500 | SH |  | DFND | 2 | 11500 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 5204 | 25 | SH |  | DFND | 1 | 25 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 1175897 | 17535 | SH |  | DFND | 1 | 17535 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 5078162 | 125650 | SH |  | DFND |  | 125650 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 542940 | 13431 | SH |  | DFND | 1 | 13431 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1951768 | 76600 | SH |  | DFND | 1 | 76600 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 10048290 | 61950 | SH |  | DFND | 2 | 61950 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 3414084 | 13825 | SH |  | DFND | 1 | 13825 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 3567193 | 14445 | SH |  | DFND | 2 | 14445 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 1829560 | 10600 | SH |  | DFND |  | 10600 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 1380800 | 8000 | SH |  | DFND | 2 | 8000 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 2248904 | 9800 | SH |  | DFND |  | 9800 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 3558490 | 13000 | SH |  | DFND | 2 | 13000 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 314208 | 4900 | SH |  | DFND |  | 4900 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 8738 | 25 | SH |  | DFND | 2 | 25 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 251662 | 720 | SH |  | DFND | 1 | 720 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 203758 | 5920 | SH |  | DFND | 1 | 5920 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 4639251 | 31490 | SH |  | DFND |  | 31490 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 39613423 | 268824 | SH |  | DFND | 1 | 268824 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 14349976 | 97396 | SH |  | DFND | 2 | 97396 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 31101742 | 63902 | SH |  | DFND | 1 | 63902 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 15742148 | 32344 | SH |  | DFND | 2 | 32344 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 2227800 | 9400 | SH |  | DFND |  | 9400 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 15715944 | 66312 | SH |  | DFND | 1 | 66312 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1540500 | 6500 | SH |  | DFND | 2 | 6500 | 0 | 0 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 561468 | 23011 | SH |  | DFND | 2 | 23011 | 0 | 0 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 316956 | 12990 | SH |  | DFND | 1 | 12990 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 675153 | 12533 | SH |  | DFND | 1 | 12533 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 2149321 | 14470 | SH |  | DFND | 1 | 14470 | 0 | 0 |
| SIMPLIFY EXCHANGE TRADED FUN | MANAGED FUTURES | 82889N699 |  | 3256351 | 116423 | SH |  | DFND | 1 | 116423 | 0 | 0 |
| SIMPLIFY EXCHANGE TRADED FUN | SHORT TERM TREA | 82889N657 |  | 4358976 | 199040 | SH |  | DFND | 2 | 199040 | 0 | 0 |
| SIMPLIFY EXCHANGE TRADED FUN | SHORT TERM TREA | 82889N657 |  | 410406 | 18740 | SH |  | DFND | 1 | 18740 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 5828642 | 16397 | SH |  | DFND | 1 | 16397 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1368560 | 3850 | SH |  | DFND |  | 3850 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG SHT TE | 78468R408 |  | 302541 | 11818 | SH |  | DFND | 2 | 11818 | 0 | 0 |
| SPDR SERIES TRUST | PORTFLI HIGH YLD | 78468R606 |  | 12449 | 520 | SH |  | DFND | 1 | 520 | 0 | 0 |
| SPDR SERIES TRUST | PORTFLI HIGH YLD | 78468R606 |  | 247923 | 10356 | SH |  | DFND | 2 | 10356 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG SHT TE | 78468R408 |  | 61952 | 2420 | SH |  | DFND | 1 | 2420 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 1570500 | 2250 | SH |  | DFND | 2 | 2250 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 64801 | 780 | SH |  | DFND | 2 | 780 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 2608660 | 31400 | SH |  | DFND |  | 31400 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 1775200 | 20000 | SH |  | DFND | 2 | 20000 | 0 | 0 |
| SSGA ACTIVE ETF TR | BLACKSTONE SENR | 78467V608 |  | 200790 | 4829 | SH |  | DFND | 2 | 4829 | 0 | 0 |
| SSGA ACTIVE ETF TR | BLACKSTONE SENR | 78467V608 |  | 134927 | 3245 | SH |  | DFND | 1 | 3245 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 14137322 | 131114 | SH |  | DFND | 1 | 131114 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 3301419 | 30620 | SH |  | DFND | 2 | 30620 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 400925 | 6678 | SH |  | DFND | 1 | 6678 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 256109 | 917 | SH |  | DFND | 1 | 917 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 10832263 | 38785 | SH |  | DFND | 2 | 38785 | 0 | 0 |
| TECHNIPFMC PLC | COM | G87110105 |  | 1380750 | 35000 | SH |  | DFND | 2 | 35000 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 147458 | 9364 | SH |  | DFND | 1 | 9364 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 234582 | 14900 | SH |  | DFND |  | 14900 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 1241686 | 8000 | SH |  | DFND |  | 8000 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 890803 | 5738 | SH |  | DFND | 1 | 5738 | 0 | 0 |
| TIDAL TRUST II | STKD 100 BITCOIN | 88636R834 |  | 696843 | 16200 | SH |  | DFND | 1 | 16200 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 2284744 | 15807 | SH |  | DFND | 1 | 15807 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 2127629 | 14720 | SH |  | DFND | 2 | 14720 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 3804945 | 15895 | SH |  | DFND | 2 | 15895 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 6685120 | 83623 | SH |  | DFND | 1 | 83623 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 2042092 | 25550 | SH |  | DFND |  | 25550 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 7613894 | 68606 | SH |  | DFND | 1 | 68606 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 2515362 | 22665 | SH |  | DFND | 2 | 22665 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 5878200 | 60000 | SH |  | DFND | 2 | 60000 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 488600 | 1415 | SH |  | DFND | 2 | 1415 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 17888957 | 51807 | SH |  | DFND | 1 | 51807 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 478264 | 6260 | SH |  | DFND | 2 | 6260 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 319352 | 4180 | SH |  | DFND | 1 | 4180 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 1158313 | 15575 | SH |  | DFND | 1 | 15575 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 141303 | 1900 | SH |  | DFND | 2 | 1900 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 895912 | 1463 | SH |  | DFND | 1 | 1463 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 1918320 | 24000 | SH |  | DFND | 1 | 24000 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 4617605 | 15500 | SH |  | DFND | 2 | 15500 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 1939401 | 4952 | SH |  | DFND | 1 | 4952 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 1876739 | 4792 | SH |  | DFND | 2 | 4792 | 0 | 0 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 2486400 | 40000 | SH |  | DFND | 2 | 40000 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2043159 | 5985 | SH |  | DFND |  | 5985 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 33260653 | 97430 | SH |  | DFND | 1 | 97430 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 11284658 | 33056 | SH |  | DFND | 2 | 33056 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 6176378 | 31525 | SH |  | DFND | 2 | 31525 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 47589295 | 461763 | SH |  | DFND | 1 | 461763 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 16490734 | 160011 | SH |  | DFND | 2 | 160011 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 1177659 | 60300 | SH |  | DFND | 1 | 60300 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 1081170 | 6150 | SH |  | DFND |  | 6150 | 0 | 0 |
| WATTS WATER TECHNOLOGIES INC | CL A | 942749102 |  | 1815320 | 6500 | SH |  | DFND | 2 | 6500 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 5484327 | 28060 | SH |  | DFND | 2 | 28060 | 0 | 0 |

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