# EDGAR Filing Document

**Accession Number:** 0001578985
**File Stem:** 0001104659-26-061281
**Filing Date:** 2026-5
**Character Count:** 27438
**Document Hash:** 826d6cd3a24f49eafc89f69cd7a9ed6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-061281.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001104659-26-061281

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**EFFECTIVENESS DATE**: 20260514

**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:** 26979949

**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:** 03-31-2026

**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  05-14-2026<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:** 242

**Form 13F Information Table Value Total:** $1317691289

      (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 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 1102731 | 5450 | SH |  | DFND |  | 5450 | 0 | 0 |
| ALAMOS GOLD INC | COM CL A | 011532108 |  | 9060318 | 204300 | SH |  | DFND |  | 204300 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2234341 | 7770 | SH |  | DFND |  | 7770 | 0 | 0 |
| ARIS MINING CORPORATION | COM | 04040Y109 |  | 1010582 | 54600 | SH |  | DFND |  | 54600 | 0 | 0 |
| BANK MONTREAL MEDIUM | COM | 063671101 |  | 699377 | 5180 | SH |  | DFND |  | 5180 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 3265005 | 3395 | SH |  | DFND | 2 | 3395 | 0 | 0 |
| BOYD GROUP SERVICES INC | COM | 103310108 |  | 3932164 | 30900 | SH |  | DFND |  | 30900 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 1210364 | 27310 | SH |  | DFND | 2 | 27310 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 916376 | 9700 | SH |  | DFND |  | 9700 | 0 | 0 |
| CANADIAN NAT RES LTD MED TER | COM | 136385101 |  | 2107937 | 43350 | SH |  | DFND |  | 43350 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 3349810 | 32650 | SH |  | DFND |  | 32650 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 832334 | 2960 | SH |  | DFND |  | 2960 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 2241909 | 31400 | SH |  | DFND |  | 31400 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 1382261 | 10550 | SH |  | DFND |  | 10550 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 534957 | 9900 | SH |  | DFND |  | 9900 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 3394625 | 24480 | SH |  | DFND |  | 24480 | 0 | 0 |
| FORTIS INC | COM | 349553107 |  | 1009367 | 18150 | SH |  | DFND |  | 18150 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 488507 | 8800 | SH |  | DFND |  | 8800 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 4859349 | 232800 | SH |  | DFND |  | 232800 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 627967 | 33500 | SH |  | DFND |  | 33500 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1295532 | 5300 | SH |  | DFND |  | 5300 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 484559 | 15900 | SH |  | DFND |  | 15900 | 0 | 0 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 1232946 | 4950 | SH |  | DFND |  | 4950 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 1338552 | 2700 | SH |  | DFND |  | 2700 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 511632 | 14900 | SH |  | DFND |  | 14900 | 0 | 0 |
| MDA SPACE LTD | COM | 55293N109 |  | 4092037 | 162050 | SH |  | DFND |  | 162050 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 2942852 | 7950 | SH |  | DFND |  | 7950 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 3988055 | 53000 | SH |  | DFND | 2 | 53000 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 419834 | 18900 | SH |  | DFND |  | 18900 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 4375030 | 98050 | SH |  | DFND |  | 98050 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 2142892 | 14800 | SH |  | DFND |  | 14800 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 |  | 506663 | 5300 | SH |  | DFND |  | 5300 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 2989623 | 13650 | SH |  | DFND |  | 13650 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 398320 | 5400 | SH |  | DFND |  | 5400 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 1184783 | 12700 | SH |  | DFND |  | 12700 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 5307977 | 32940 | SH |  | DFND |  | 32940 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 5149528 | 36200 | SH |  | DFND |  | 36200 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 1778132 | 19100 | SH |  | DFND |  | 19100 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 1136568 | 4600 | SH |  | DFND |  | 4600 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2655178 | 8785 | SH |  | DFND |  | 8785 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 1503300 | 10000 | SH |  | DFND | 2 | 10000 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 1052069 | 8900 | SH |  | DFND |  | 8900 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 853 | 5 | SH |  | DFND | 1 | 5 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 13279 | 37 | SH |  | DFND | 2 | 37 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 3575 | 50 | SH |  | DFND | 1 | 50 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 9912 | 50 | SH |  | DFND | 2 | 50 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 19088 | 60 | SH |  | DFND | 2 | 60 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 24444 | 100 | SH |  | DFND | 1 | 100 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 2224 | 100 | SH |  | DFND | 1 | 100 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 20529 | 142 | SH |  | DFND | 2 | 142 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 15710 | 163 | SH |  | DFND | 1 | 163 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 81240 | 191 | SH |  | DFND | 1 | 191 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 67568 | 200 | SH |  | DFND | 1 | 200 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 18982 | 210 | SH |  | DFND | 2 | 210 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 49370 | 227 | SH |  | DFND | 1 | 227 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 20434 | 282 | SH |  | DFND | 1 | 282 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 30820 | 300 | SH |  | DFND | 1 | 300 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 31201 | 332 | SH |  | DFND | 1 | 332 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 215640 | 450 | SH |  | DFND | 1 | 450 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 124367 | 595 | SH |  | DFND | 1 | 595 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 2736708 | 650 | SH |  | DFND | 2 | 650 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 238296 | 664 | SH |  | DFND | 1 | 664 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 |  | 225751 | 668 | SH |  | DFND | 1 | 668 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 3785950 | 4375 | SH |  | DFND | 2 | 4375 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 203592 | 1027 | SH |  | DFND | 1 | 1027 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 1619651 | 1100 | SH |  | DFND | 2 | 1100 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 419627 | 1319 | SH |  | DFND | 1 | 1319 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 874216 | 1463 | SH |  | DFND | 1 | 1463 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 1158960 | 1500 | SH |  | DFND | 2 | 1500 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 4895033 | 17250 | SH |  | DFND | 2 | 17250 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 139916 | 1900 | SH |  | DFND | 2 | 1900 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 2757980 | 2000 | SH |  | DFND | 2 | 2000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R408 |  | 54581 | 2185 | SH |  | DFND | 1 | 2185 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 3095963 | 16980 | SH |  | DFND | 2 | 16980 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 5071272 | 22005 | SH |  | DFND | 2 | 22005 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 1419720 | 3000 | SH |  | DFND | 2 | 3000 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 1297140 | 3000 | SH |  | DFND | 2 | 3000 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 1617030 | 3000 | SH |  | DFND | 2 | 3000 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1765200 | 18315 | SH |  | DFND | 2 | 18315 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 279264 | 3080 | SH |  | DFND | 1 | 3080 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 5498147 | 25280 | SH |  | DFND | 2 | 25280 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 3165568 | 3536 | SH |  | DFND | 2 | 3536 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 2399508 | 3250 | SH |  | DFND | 2 | 3250 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 6516770 | 26660 | SH |  | DFND | 2 | 26660 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 3343721 | 3735 | SH |  | DFND | 1 | 3735 | 0 | 0 |
| SSGA ACTIVE ETF TR | STATE STREET BLA | 78467V608 |  | 150324 | 3745 | SH |  | DFND | 1 | 3745 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 363246 | 3840 | SH |  | DFND | 1 | 3840 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 123706 | 4080 | SH |  | DFND | 1 | 4080 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 2036222 | 4560 | SH |  | DFND | 2 | 4560 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 1681606 | 4920 | SH |  | DFND | 2 | 4920 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 304141 | 4607 | SH |  | DFND | 1 | 4607 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 2020365 | 4750 | SH |  | DFND | 2 | 4750 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 1634782 | 4783 | SH |  | DFND | 1 | 4783 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 145384 | 4795 | SH |  | DFND | 2 | 4795 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 2150537 | 4816 | SH |  | DFND | 1 | 4816 | 0 | 0 |
| CHUBB LTD SWITZ | COM | H1467J104 |  | 1629650 | 5000 | SH |  | DFND | 2 | 5000 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 174045 | 5062 | SH |  | DFND | 1 | 5062 | 0 | 0 |
| SSGA ACTIVE ETF TR | STATE STREET BLA | 78467V608 |  | 205677 | 5124 | SH |  | DFND | 2 | 5124 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 2189000 | 5500 | SH |  | DFND | 2 | 5500 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 3126878 | 5551 | SH |  | DFND | 1 | 5551 | 0 | 0 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 569572 | 5655 | SH |  | DFND | 2 | 5655 | 0 | 0 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 8025247 | 8054 | SH |  | DFND | 2 | 8054 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 227247 | 5920 | SH |  | DFND | 1 | 5920 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 331285 | 5960 | SH |  | DFND | 2 | 5960 | 0 | 0 |
| DOLLAR GEN CORP | COM | 256677105 |  | 712380 | 6000 | SH |  | DFND | 2 | 6000 | 0 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 807900 | 6000 | SH |  | DFND | 2 | 6000 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 1053960 | 6000 | SH |  | DFND | 2 | 6000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 2293350 | 6973 | SH |  | DFND | 2 | 6973 | 0 | 0 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 633529 | 6290 | SH |  | DFND | 1 | 6290 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 6219916 | 57370 | SH |  | DFND | 2 | 57370 | 0 | 0 |
| WATTS WATER TECHNOLOGIES INC | CL A | 942749102 |  | 1886885 | 6500 | SH |  | DFND | 2 | 6500 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 10722678 | 11658 | SH |  | DFND | 2 | 11658 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 417576 | 6678 | SH |  | DFND | 1 | 6678 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 2263528 | 6700 | SH |  | DFND | 2 | 6700 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2029966 | 7502 | SH |  | DFND | 2 | 7502 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 1675800 | 7000 | SH |  | DFND | 2 | 7000 | 0 | 0 |
| ETFIS SER TR I | VIRTUS INFRCAP | 26923G822 |  | 145615 | 7152 | SH |  | DFND | 2 | 7152 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 2380835 | 7239 | SH |  | DFND | 1 | 7239 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 1983876 | 8505 | SH |  | DFND | 2 | 8505 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R408 |  | 192046 | 7688 | SH |  | DFND | 2 | 7688 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 1846020 | 7914 | SH |  | DFND | 1 | 7914 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 3734646 | 16175 | SH |  | DFND | 2 | 16175 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 2432640 | 8000 | SH |  | DFND | 2 | 8000 | 0 | 0 |
| ETFIS SER TR I | VIRTUS INFRCAP | 26923G822 |  | 183749 | 9025 | SH |  | DFND | 1 | 9025 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 2399512 | 9890 | SH |  | DFND | 2 | 9890 | 0 | 0 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 470650 | 9187 | SH |  | DFND | 2 | 9187 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 1357657 | 9391 | SH |  | DFND | 1 | 9391 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 5384358 | 69395 | SH |  | DFND | 2 | 69395 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 2044216 | 9780 | SH |  | DFND | 2 | 9780 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 2132560 | 9500 | SH |  | DFND | 2 | 9500 | 0 | 0 |
| BANK NOVA SCOTIA B C | COM | 064149107 |  | 661371 | 9555 | SH |  | DFND | 2 | 9555 | 0 | 0 |
| TRANSFORCE INC | COM | 87241L109 |  | 1054932 | 9710 | SH |  | DFND | 1 | 9710 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 1705400 | 10000 | SH |  | DFND | 2 | 10000 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1866700 | 10000 | SH |  | DFND | 2 | 10000 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 1592690 | 11000 | SH |  | DFND | 2 | 11000 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 1294260 | 11000 | SH |  | DFND | 2 | 11000 | 0 | 0 |
| MDA SPACE LTD | COM | 55293N109 |  | 285610 | 11280 | SH |  | DFND | 1 | 11280 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 8343944 | 14584 | SH |  | DFND | 2 | 14584 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 3822609 | 12995 | SH |  | DFND | 2 | 12995 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 1127760 | 12000 | SH |  | DFND | 2 | 12000 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 1037164 | 12020 | SH |  | DFND | 1 | 12020 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 642283 | 12220 | SH |  | DFND | 1 | 12220 | 0 | 0 |
| MDA SPACE LTD | COM | 55293N109 |  | 313208 | 12370 | SH |  | DFND | 2 | 12370 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 2670750 | 12500 | SH |  | DFND | 2 | 12500 | 0 | 0 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 677261 | 13220 | SH |  | DFND | 1 | 13220 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 592976 | 13272 | SH |  | DFND | 1 | 13272 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R606 |  | 317035 | 13595 | SH |  | DFND | 1 | 13595 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 757493 | 14000 | SH |  | DFND | 1 | 14000 | 0 | 0 |
| ISHARES TR | GLOB UTILITS ETF | 464288711 |  | 1261686 | 14613 | SH |  | DFND | 1 | 14613 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 775628 | 14757 | SH |  | DFND | 2 | 14757 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 786219 | 14773 | SH |  | DFND | 2 | 14773 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 1088031 | 14775 | SH |  | DFND | 1 | 14775 | 0 | 0 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 362715 | 14945 | SH |  | DFND | 1 | 14945 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 808200 | 15000 | SH |  | DFND | 2 | 15000 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 2332800 | 15000 | SH |  | DFND | 2 | 15000 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 5364199 | 63190 | SH |  | DFND | 2 | 63190 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 7058907 | 16405 | SH |  | DFND | 1 | 16405 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 5221437 | 31580 | SH |  | DFND | 2 | 31580 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 1498666 | 16580 | SH |  | DFND | 1 | 16580 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 2165788 | 18415 | SH |  | DFND | 2 | 18415 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 2398870 | 17000 | SH |  | DFND | 2 | 17000 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 12416051 | 24849 | SH |  | DFND | 2 | 24849 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 10008899 | 20189 | SH |  | DFND | 2 | 20189 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 10523009 | 36594 | SH |  | DFND | 2 | 36594 | 0 | 0 |
| SIMPLIFY EXCHANGE TRADED FUN | SHORT TERM TREA | 82889N657 |  | 404445 | 19168 | SH |  | DFND | 1 | 19168 | 0 | 0 |
| TIDAL TRUST II | STKD 100 BITCOIN | 88636R834 |  | 529281 | 19338 | SH |  | DFND | 1 | 19338 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 4545075 | 21203 | SH |  | DFND | 2 | 21203 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 1073980 | 20180 | SH |  | DFND | 1 | 20180 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 5617642 | 22135 | SH |  | DFND | 2 | 22135 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R606 |  | 489743 | 21001 | SH |  | DFND | 2 | 21001 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 11284321 | 22584 | SH |  | DFND | 1 | 22584 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | NASDQ CLN EDGE | 33737A108 |  | 3695436 | 22591 | SH |  | DFND | 1 | 22591 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 12006982 | 33570 | SH |  | DFND | 2 | 33570 | 0 | 0 |
| CANADIAN NAT RES LTD MED TER | COM | 136385101 |  | 6252427 | 128545 | SH |  | DFND | 2 | 128545 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 2082588 | 26518 | SH |  | DFND | 2 | 26518 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 1902480 | 24000 | SH |  | DFND | 1 | 24000 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 1775270 | 24500 | SH |  | DFND | 2 | 24500 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 22605187 | 24577 | SH |  | DFND | 1 | 24577 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 4371628 | 27374 | SH |  | DFND | 2 | 27374 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 7343116 | 24963 | SH |  | DFND | 1 | 24963 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 13053275 | 42174 | SH |  | DFND | 2 | 42174 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 8324899 | 27544 | SH |  | DFND | 2 | 27544 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 7759231 | 26983 | SH |  | DFND | 1 | 26983 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | SYSTMTC STYL PRE | 35473P546 |  | 740221 | 27214 | SH |  | DFND | 1 | 27214 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 7843326 | 27342 | SH |  | DFND | 2 | 27342 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 2765000 | 28467 | SH |  | DFND | 1 | 28467 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 9212617 | 56130 | SH |  | DFND | 2 | 56130 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 |  | 12421352 | 36755 | SH |  | DFND | 2 | 36755 | 0 | 0 |
| BANK MONTREAL MEDIUM | COM | 063671101 |  | 4017211 | 29715 | SH |  | DFND | 1 | 29715 | 0 | 0 |
| TECHNIPFMC PLC | COM | G87110105 |  | 2073900 | 30000 | SH |  | DFND | 2 | 30000 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 2360583 | 30054 | SH |  | DFND | 1 | 30054 | 0 | 0 |
| SPROTT FDS TR | URANIUM MINERS E | 85208P303 |  | 1940284 | 30725 | SH |  | DFND | 2 | 30725 | 0 | 0 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 754870 | 31103 | SH |  | DFND | 2 | 31103 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 3192726 | 34587 | SH |  | DFND | 2 | 34587 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 10004347 | 62042 | SH |  | DFND | 2 | 62042 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 15926935 | 43026 | SH |  | DFND | 2 | 43026 | 0 | 0 |
| AMPHENOL CORP | CL A | 032095101 |  | 4662063 | 36898 | SH |  | DFND | 2 | 36898 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 2880742 | 33935 | SH |  | DFND | 1 | 33935 | 0 | 0 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 2571800 | 35000 | SH |  | DFND | 2 | 35000 | 0 | 0 |
| NETFLIX INC. | COM | 64110L106 |  | 3736005 | 38856 | SH |  | DFND | 2 | 38856 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 20858716 | 36458 | SH |  | DFND | 1 | 36458 | 0 | 0 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 37344204 | 37478 | SH |  | DFND | 1 | 37478 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 3990387 | 44010 | SH |  | DFND | 2 | 44010 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 10586791 | 85185 | SH |  | DFND | 2 | 85185 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 10599069 | 50891 | SH |  | DFND | 2 | 50891 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 14629323 | 48403 | SH |  | DFND | 1 | 48403 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 2398500 | 50000 | SH |  | DFND | 2 | 50000 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 25652605 | 51744 | SH |  | DFND | 1 | 51744 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 3956150 | 55000 | SH |  | DFND | 2 | 55000 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 2706844 | 55525 | SH |  | DFND | 1 | 55525 | 0 | 0 |
| ASTRAZENECA PLC | ORD | G0593M107 |  | 11361253 | 57607 | SH |  | DFND | 2 | 57607 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 15622514 | 57735 | SH |  | DFND | 1 | 57735 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 19157431 | 61896 | SH |  | DFND | 1 | 61896 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 15494441 | 63863 | SH |  | DFND | 1 | 63863 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 7273059 | 67006 | SH |  | DFND | 1 | 67006 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 25503659 | 71305 | SH |  | DFND | 1 | 71305 | 0 | 0 |
| ATLAS ENERGY SOLUTIONS INC | COM NEW | 642045108 |  | 953824 | 72700 | SH |  | DFND | 1 | 72700 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 13672611 | 78398 | SH |  | DFND | 2 | 78398 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 7068597 | 75829 | SH |  | DFND | 1 | 75829 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 13937658 | 87274 | SH |  | DFND | 1 | 87274 | 0 | 0 |
| ASTRAZENECA PLC | ORD | G0593M107 |  | 17382774 | 88139 | SH |  | DFND | 1 | 88139 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 36565763 | 98781 | SH |  | DFND | 1 | 98781 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 26223302 | 122333 | SH |  | DFND | 1 | 122333 | 0 | 0 |
| SIMPLIFY EXCHANGE TRADED FUN | MANAGED FUTURES | 82889N699 |  | 3791673 | 125469 | SH |  | DFND | 1 | 125469 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 35646328 | 140456 | SH |  | DFND | 1 | 140456 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 40509509 | 141217 | SH |  | DFND | 1 | 141217 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 13049403 | 141365 | SH |  | DFND | 1 | 141365 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 2782019 | 161370 | SH |  | DFND | 1 | 161370 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 2730300 | 190000 | SH |  | DFND | 2 | 190000 | 0 | 0 |
| SPROTT FDS TR | URANIUM MINERS E | 85208P303 |  | 12087415 | 191408 | SH |  | DFND | 1 | 191408 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 5387288 | 191855 | SH |  | DFND | 1 | 191855 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 22952297 | 195156 | SH |  | DFND | 1 | 195156 | 0 | 0 |
| AMPHENOL CORP | CL A | 032095101 |  | 26177572 | 207183 | SH |  | DFND | 1 | 207183 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 43990789 | 211220 | SH |  | DFND | 1 | 211220 | 0 | 0 |
| NETFLIX INC. | COM | 64110L106 |  | 24923811 | 259218 | SH |  | DFND | 1 | 259218 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 42922861 | 266021 | SH |  | DFND | 1 | 266021 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 48320485 | 277067 | SH |  | DFND | 1 | 277067 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 17253943 | 310408 | SH |  | DFND | 1 | 310408 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 41498956 | 333915 | SH |  | DFND | 1 | 333915 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 7334097 | 380005 | SH |  | DFND | 1 | 380005 | 0 | 0 |
| CANADIAN NAT RES LTD MED TER | COM | 136385101 |  | 21998377 | 451809 | SH |  | DFND | 1 | 451809 | 0 | 0 |
| BANK NOVA SCOTIA B C | COM | 064149107 |  | 35769247 | 516768 | SH |  | DFND | 1 | 516768 | 0 | 0 |

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