# EDGAR Filing Document

**Accession Number:** 0001578985
**File Stem:** 0001104659-23-011218
**Filing Date:** 2023-2
**Character Count:** 30621
**Document Hash:** 7e70085fc9970102b31e7c5eefe6e36c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-011218.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001104659-23-011218

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cumberland Partners Ltd
- **CENTRAL INDEX KEY:** 0001578985
- **IRS NUMBER:** 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:** 23591169

**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:** 12-31-2022

**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:** Katherine Varik<br>**Title:** Chief Compliance Officer<br>**Phone:** 416-413-4040

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

/s/ Katherine Varik  Toronto, A6  02-06-2023<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:** 276

**Form 13F Information Table Value Total:** $948944678

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 4502488 | 41010 | SH |  | DFND | 2 | 41010 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 14795410 | 134761 | SH |  | DFND | 1 | 134761 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 955477 | 18400 | SH |  | DFND |  | 18400 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 136097 | 13470 | SH |  | DFND | 2 | 13470 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 4096037 | 405400 | SH |  | DFND |  | 405400 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 136080 | 1620 | SH |  | DFND | 1 | 1620 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 770700 | 9175 | SH |  | DFND | 2 | 9175 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM | 023586100 |  | 158300 | 2630 | SH |  | DFND |  | 2630 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 1301377 | 23670 | SH |  | DFND |  | 23670 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 2581226 | 9828 | SH |  | DFND | 1 | 9828 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 15228 | 200 | SH |  | DFND | 2 | 200 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 299230 | 3930 | SH |  | DFND | 1 | 3930 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 3959684 | 24140 | SH |  | DFND | 2 | 24140 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 18669567 | 113818 | SH |  | DFND | 1 | 113818 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 5015821 | 9778 | SH |  | DFND | 2 | 9778 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 13248989 | 25828 | SH |  | DFND | 1 | 25828 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 175406 | 1350 | SH |  | DFND | 2 | 1350 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 11591055 | 89210 | SH |  | DFND | 1 | 89210 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 20340 | 300 | SH |  | DFND | 2 | 300 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 348831 | 5145 | SH |  | DFND | 1 | 5145 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 560610 | 3000 | SH |  | DFND | 2 | 3000 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 5183262 | 21700 | SH |  | DFND | 2 | 21700 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 924817 | 375 | SH |  | DFND | 2 | 375 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 2792830 | 15430 | SH |  | DFND | 1 | 15430 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 3320445 | 18345 | SH |  | DFND | 2 | 18345 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 80482 | 2430 | SH |  | DFND | 2 | 2430 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 725328 | 21900 | SH |  | DFND |  | 21900 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 4111848 | 124150 | SH |  | DFND | 1 | 124150 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 3401319 | 37545 | SH |  | DFND | 2 | 37545 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 14550522 | 160586 | SH |  | DFND | 1 | 160586 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 5088127 | 103828 | SH |  | DFND | 1 | 103828 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 798270 | 11000 | SH |  | DFND | 2 | 11000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2351038 | 7611 | SH |  | DFND | 1 | 7611 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 6844492 | 65485 | SH |  | DFND | 2 | 65485 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 493928 | 17262 | SH |  | DFND | 2 | 17262 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 626670 | 11000 | SH |  | DFND | 2 | 11000 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 8899 | 460 | SH |  | DFND | 2 | 460 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 1546330 | 80000 | SH |  | DFND |  | 80000 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 2784452 | 143925 | SH |  | DFND | 1 | 143925 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 1252465 | 3780 | SH |  | DFND |  | 3780 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 2860790 | 8634 | SH |  | DFND | 1 | 8634 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 867440 | 28000 | SH |  | DFND | 2 | 28000 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 99247 | 1065 | SH |  | DFND | 2 | 1065 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 2632152 | 28245 | SH |  | DFND | 1 | 28245 | 0 | 0 |
| CANADIAN IMPERIAL BK COMM TO | COM | 136069101 |  | 243075 | 6008 | SH |  | DFND | 1 | 6008 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 1602524 | 13500 | SH |  | DFND |  | 13500 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 4324161 | 36420 | SH |  | DFND | 2 | 36420 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 25885434 | 217868 | SH |  | DFND | 1 | 217868 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 1198645 | 21600 | SH |  | DFND |  | 21600 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 1579971 | 28446 | SH |  | DFND | 1 | 28446 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 3883305 | 69975 | SH |  | DFND | 2 | 69975 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 548010 | 9000 | SH |  | DFND | 2 | 9000 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 3613162 | 13613 | SH |  | DFND | 1 | 13613 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 643140 | 1500 | SH |  | DFND | 2 | 1500 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 2879123 | 6715 | SH |  | DFND | 1 | 6715 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 5064506 | 72700 | SH |  | DFND |  | 72700 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 14675 | 150 | SH |  | DFND | 2 | 150 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 4804529 | 49111 | SH |  | DFND | 1 | 49111 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 1221800 | 10000 | SH |  | DFND | 2 | 10000 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 18732 | 195 | SH |  | DFND | 2 | 195 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 311715 | 3245 | SH |  | DFND | 1 | 3245 | 0 | 0 |
| ENERPLUS CORP | COM | 292766102 |  | 53799 | 3050 | SH |  | DFND | 2 | 3050 | 0 | 0 |
| ENERPLUS CORP | COM | 292766102 |  | 543282 | 30800 | SH |  | DFND |  | 30800 | 0 | 0 |
| EXCHANGE TRADED CONCEPTS TR | EMQQ EM INTERN | 301505889 |  | 1997202 | 67178 | SH |  | DFND | 1 | 67178 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 |  | 1735882 | 2900 | SH |  | DFND | 2 | 2900 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 1187573 | 11750 | SH |  | DFND | 2 | 11750 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 1093680 | 14000 | SH |  | DFND | 2 | 14000 | 0 | 0 |
| FORTIS INC | COM | 349553107 |  | 867712 | 21700 | SH |  | DFND |  | 21700 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 27268 | 200 | SH |  | DFND | 1 | 200 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 961554 | 5100 | SH |  | DFND |  | 5100 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 5215016 | 27660 | SH |  | DFND | 2 | 27660 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 13507948 | 71645 | SH |  | DFND | 1 | 71645 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 57743 | 2110 | SH |  | DFND | 2 | 2110 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 2369924 | 86600 | SH |  | DFND |  | 86600 | 0 | 0 |
| GODADDY INC | CL A | 380237107 |  | 1197120 | 16000 | SH |  | DFND | 2 | 16000 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | UNIT 99/99/9999 | 387437114 |  | 55062 | 1080 | SH |  | DFND | 2 | 1080 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | UNIT 99/99/9999 | 387437114 |  | 2967236 | 58200 | SH |  | DFND |  | 58200 | 0 | 0 |
| HANESBRANDS INC | COM | 410345102 |  | 159000 | 25000 | SH |  | DFND | 1 | 25000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 9076869 | 28737 | SH |  | DFND | 2 | 28737 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 16111071 | 51007 | SH |  | DFND | 1 | 51007 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 2784058 | 551500 | SH |  | DFND |  | 551500 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 623019 | 12800 | SH |  | DFND |  | 12800 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 2282775 | 5865 | SH |  | DFND | 1 | 5865 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 3414627 | 8773 | SH |  | DFND | 2 | 8773 | 0 | 0 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 404940 | 20400 | SH |  | DFND | 2 | 20400 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 998073 | 5650 | SH |  | DFND |  | 5650 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2814564 | 15933 | SH |  | DFND | 1 | 15933 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3027781 | 17140 | SH |  | DFND | 2 | 17140 | 0 | 0 |
| KRANESHARES TR | KFA MOUNT LUCAS | 500767652 |  | 9898 | 324 | SH |  | DFND | 1 | 324 | 0 | 0 |
| KRANESHARES TR | KFA MOUNT LUCAS | 500767652 |  | 461519 | 15107 | SH |  | DFND | 2 | 15107 | 0 | 0 |
| KRANESHARES TR | QUADRTC INT RT | 500767736 |  | 1161408 | 51367 | SH |  | DFND | 2 | 51367 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 648295 | 8500 | SH |  | DFND | 2 | 8500 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 66949 | 183 | SH |  | DFND | 1 | 183 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 7068028 | 19320 | SH |  | DFND | 2 | 19320 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 1295060 | 6500 | SH |  | DFND | 2 | 6500 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 2355415 | 11822 | SH |  | DFND | 1 | 11822 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 4530842 | 27380 | SH |  | DFND | 2 | 27380 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 19755830 | 119385 | SH |  | DFND | 1 | 119385 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 1116675 | 7500 | SH |  | DFND | 2 | 7500 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1390956 | 5800 | SH |  | DFND |  | 5800 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 9232351 | 38497 | SH |  | DFND | 2 | 38497 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 30066473 | 125371 | SH |  | DFND | 1 | 125371 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 1154317 | 13577 | SH |  | DFND | 1 | 13577 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 3845030 | 45225 | SH |  | DFND | 2 | 45225 | 0 | 0 |
| NORDSON CORP | COM | 655663102 |  | 594300 | 2500 | SH |  | DFND | 2 | 2500 | 0 | 0 |
| NORTH AMERN CONSTR GROUP LTD | COM | 656811106 |  | 5508265 | 412800 | SH |  | DFND |  | 412800 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 13580 | 400 | SH |  | DFND | 2 | 400 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 6338618 | 186701 | SH |  | DFND | 1 | 186701 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 327898 | 1815 | SH |  | DFND | 1 | 1815 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 7066516 | 39115 | SH |  | DFND | 2 | 39115 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 161936 | 1600 | SH |  | DFND | 1 | 1600 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 759075 | 7500 | SH |  | DFND | 2 | 7500 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 14842 | 135 | SH |  | DFND | 2 | 135 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 322014 | 2929 | SH |  | DFND | 1 | 2929 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 1079185 | 10100 | SH |  | DFND |  | 10100 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 812637 | 6300 | SH |  | DFND |  | 6300 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 682123 | 14570 | SH |  | DFND | 2 | 14570 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 34328065 | 733327 | SH |  | DFND | 1 | 733327 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 |  | 4199646 | 44700 | SH |  | DFND |  | 44700 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 |  | 6188118 | 65834 | SH |  | DFND | 2 | 65834 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 |  | 27306876 | 290386 | SH |  | DFND | 1 | 290386 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 55951 | 672 | SH |  | DFND | 1 | 672 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 5195008 | 62395 | SH |  | DFND | 2 | 62395 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 3646813 | 15366 | SH |  | DFND | 2 | 15366 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 12180488 | 51323 | SH |  | DFND | 1 | 51323 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 12121 | 360 | SH |  | DFND | 2 | 360 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 2245957 | 66705 | SH |  | DFND | 1 | 66705 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 37572 | 810 | SH |  | DFND | 2 | 810 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 355308 | 7653 | SH |  | DFND | 1 | 7653 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 575180 | 12400 | SH |  | DFND |  | 12400 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 6821 | 215 | SH |  | DFND | 2 | 215 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 2720954 | 85761 | SH |  | DFND | 1 | 85761 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 42430 | 555 | SH |  | DFND | 1 | 555 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 3212811 | 42025 | SH |  | DFND | 2 | 42025 | 0 | 0 |
| TCW STRATEGIC INCOME FD INC | COM | 872340104 |  | 30931 | 6695 | SH |  | DFND | 2 | 6695 | 0 | 0 |
| TCW STRATEGIC INCOME FD INC | COM | 872340104 |  | 130977 | 28350 | SH |  | DFND | 1 | 28350 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 1190000 | 8500 | SH |  | DFND | 2 | 8500 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 1639 | 22 | SH |  | DFND | 1 | 22 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 242092 | 3250 | SH |  | DFND | 2 | 3250 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 6609 | 40 | SH |  | DFND | 1 | 40 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 3973542 | 24050 | SH |  | DFND | 2 | 24050 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 7580248 | 13765 | SH |  | DFND | 2 | 13765 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 21856886 | 39690 | SH |  | DFND | 1 | 39690 | 0 | 0 |
| THOMSON REUTERS CORP. | COM NEW | 884903709 |  | 26219 | 230 | SH |  | DFND | 2 | 230 | 0 | 0 |
| THOMSON REUTERS CORP. | COM NEW | 884903709 |  | 296392 | 2600 | SH |  | DFND |  | 2600 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 2505984 | 50200 | SH |  | DFND | 2 | 50200 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 1722908 | 26625 | SH |  | DFND | 2 | 26625 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 3293408 | 50900 | SH |  | DFND |  | 50900 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 9741989 | 150428 | SH |  | DFND | 1 | 150428 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 223636 | 1080 | SH |  | DFND | 1 | 1080 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 672978 | 3250 | SH |  | DFND | 2 | 3250 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 49685 | 660 | SH |  | DFND | 1 | 660 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 802108 | 10655 | SH |  | DFND | 2 | 10655 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 921707 | 12830 | SH |  | DFND | 1 | 12830 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 988518 | 13760 | SH |  | DFND | 2 | 13760 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 24813 | 175 | SH |  | DFND | 2 | 175 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 2812972 | 19839 | SH |  | DFND | 1 | 19839 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 1253768 | 132254 | SH |  | DFND | 1 | 132254 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 1014169 | 8825 | SH |  | DFND | 2 | 8825 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 5216 | 35 | SH |  | DFND | 2 | 35 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 1752710 | 11760 | SH |  | DFND | 1 | 11760 | 0 | 0 |
| AMERESCO INC | CL A | 02361E108 |  | 14285 | 250 | SH |  | DFND | 2 | 250 | 0 | 0 |
| AMERESCO INC | CL A | 02361E108 |  | 291414 | 5100 | SH |  | DFND | 1 | 5100 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 28635 | 234 | SH |  | DFND | 2 | 234 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 4466633 | 36500 | SH |  | DFND |  | 36500 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 80320 | 497 | SH |  | DFND | 1 | 497 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 5817152 | 35995 | SH |  | DFND | 2 | 35995 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 28605 | 85 | SH |  | DFND | 1 | 85 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 874978 | 2600 | SH |  | DFND | 2 | 2600 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3330037 | 37530 | SH |  | DFND | 2 | 37530 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 23306709 | 262670 | SH |  | DFND | 1 | 262670 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2460470 | 27887 | SH |  | DFND | 1 | 27887 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2860858 | 32425 | SH |  | DFND | 2 | 32425 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 1588951 | 7500 | SH |  | DFND | 2 | 7500 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 134397 | 3060 | SH |  | DFND | 2 | 3060 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 2331076 | 53045 | SH |  | DFND | 1 | 53045 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 2476280 | 56400 | SH |  | DFND |  | 56400 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 |  | 4468386 | 58650 | SH |  | DFND |  | 58650 | 0 | 0 |
| BLACKROCK INCOME TR INC | COM NEW | 09247F209 |  | 25433 | 2061 | SH |  | DFND | 2 | 2061 | 0 | 0 |
| BLACKROCK INCOME TR INC | COM NEW | 09247F209 |  | 107765 | 8733 | SH |  | DFND | 1 | 8733 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 95052 | 170 | SH |  | DFND | 1 | 170 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 4990235 | 8925 | SH |  | DFND | 2 | 8925 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 1934240 | 61550 | SH |  | DFND | 2 | 61550 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 8614 | 100 | SH |  | DFND | 2 | 100 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 1352336 | 15700 | SH |  | DFND |  | 15700 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 2078223 | 91670 | SH |  | DFND | 1 | 91670 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 3438485 | 151800 | SH |  | DFND | 2 | 151800 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 1579497 | 21200 | SH |  | DFND |  | 21200 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 7401808 | 99335 | SH |  | DFND | 2 | 99335 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 29054343 | 389616 | SH |  | DFND | 1 | 389616 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 8111 | 35 | SH |  | DFND | 1 | 35 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 1216688 | 5250 | SH |  | DFND | 2 | 5250 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 8287301 | 18154 | SH |  | DFND | 2 | 18154 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 18092008 | 39632 | SH |  | DFND | 1 | 39632 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 1380973 | 7750 | SH |  | DFND | 2 | 7750 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 16255383 | 91225 | SH |  | DFND | 1 | 91225 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 5147 | 75 | SH |  | DFND | 2 | 75 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 1824872 | 26590 | SH |  | DFND | 1 | 26590 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 |  | 604468 | 4550 | SH |  | DFND |  | 4550 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 1132647 | 29000 | SH |  | DFND |  | 29000 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 1316853 | 33686 | SH |  | DFND | 1 | 33686 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 4177566 | 106955 | SH |  | DFND | 2 | 106955 | 0 | 0 |
| ENDAVA PLC | ADS | 29260V105 |  | 554625 | 7250 | SH |  | DFND | 2 | 7250 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 4352788 | 366705 | SH |  | DFND | 1 | 366705 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 6258 | 52 | SH |  | DFND | 1 | 52 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 361020 | 3000 | SH |  | DFND | 2 | 3000 | 0 | 0 |
| FIRST REP BK SAN FRANCISCO C | COM | 33616C100 |  | 17674 | 145 | SH |  | DFND | 1 | 145 | 0 | 0 |
| FIRST REP BK SAN FRANCISCO C | COM | 33616C100 |  | 2504840 | 20550 | SH |  | DFND | 2 | 20550 | 0 | 0 |
| FIVE BELOW INC | COM | 33829M101 |  | 795915 | 4500 | SH |  | DFND | 2 | 4500 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 843600 | 22200 | SH |  | DFND |  | 22200 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 1043480 | 27460 | SH |  | DFND | 2 | 27460 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 14297 | 425 | SH |  | DFND | 2 | 425 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 265924 | 7905 | SH |  | DFND | 1 | 7905 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 52791 | 220 | SH |  | DFND | 1 | 220 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 959840 | 4000 | SH |  | DFND | 2 | 4000 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 1197175 | 17500 | SH |  | DFND | 2 | 17500 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 947700 | 7500 | SH |  | DFND | 2 | 7500 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 1266125 | 17500 | SH |  | DFND | 2 | 17500 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | DYNMC LEISURE | 46137V720 |  | 367741 | 10100 | SH |  | DFND | 2 | 10100 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 |  | 410600 | 20000 | SH |  | DFND |  | 20000 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 614670 | 3000 | SH |  | DFND | 2 | 3000 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 787133 | 19250 | SH |  | DFND | 2 | 19250 | 0 | 0 |
| ISHARES TR | MSCI INTL QUALTY | 46434V456 |  | 15547 | 480 | SH |  | DFND | 1 | 480 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 2146073 | 12545 | SH |  | DFND | 1 | 12545 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 2609673 | 15255 | SH |  | DFND | 2 | 15255 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 1188935 | 5500 | SH |  | DFND | 2 | 5500 | 0 | 0 |
| LEVI STRAUSS  CO NEW | CL A COM STK | 52736R102 |  | 388000 | 25000 | SH |  | DFND | 1 | 25000 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 570311 | 4900 | SH |  | DFND |  | 4900 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 255582 | 735 | SH |  | DFND | 1 | 735 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 4581343 | 13175 | SH |  | DFND | 2 | 13175 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 2075661 | 450 | SH |  | DFND | 2 | 450 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 3080513 | 42225 | SH |  | DFND | 2 | 42225 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 44140 | 540 | SH |  | DFND | 1 | 540 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 940010 | 11500 | SH |  | DFND |  | 11500 | 0 | 0 |
| OSISKO GOLD ROYALTIES LTD | COM | 68827L101 |  | 239690 | 19900 | SH |  | DFND |  | 19900 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 10411945 | 31086 | SH |  | DFND | 2 | 31086 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 20957531 | 62571 | SH |  | DFND | 1 | 62571 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 5937 | 35 | SH |  | DFND | 2 | 35 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2917129 | 17196 | SH |  | DFND | 1 | 17196 | 0 | 0 |
| SPDR SER TR | BLOOMBERG SHT TE | 78468R408 |  | 2036039 | 83995 | SH |  | DFND | 2 | 83995 | 0 | 0 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 |  | 268464 | 2935 | SH |  | DFND | 2 | 2935 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 49585 | 365 | SH |  | DFND | 1 | 365 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 415973 | 3062 | SH |  | DFND | 2 | 3062 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 582405 | 1500 | SH |  | DFND | 2 | 1500 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 28817 | 1000 | SH |  | DFND | 1 | 1000 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 725526 | 25200 | SH |  | DFND |  | 25200 | 0 | 0 |
| SIMPLIFY EXCHANGE TRADED FUN | VOLATILITY PREM | 82889N863 |  | 458345 | 20929 | SH |  | DFND | 2 | 20929 | 0 | 0 |
| SIMPLIFY EXCHANGE TRADED FUN | VOLATILITY PREM | 82889N863 |  | 2952427 | 134814 | SH |  | DFND | 1 | 134814 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 435742 | 9100 | SH |  | DFND |  | 9100 | 0 | 0 |
| TFI INTL INC | COM | 87241L109 |  | 755641 | 7550 | SH |  | DFND |  | 7550 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 273976 | 14194 | SH |  | DFND | 1 | 14194 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 1722677 | 89328 | SH |  | DFND |  | 89328 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 1970588 | 102175 | SH |  | DFND | 2 | 102175 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 945776 | 7678 | SH |  | DFND | 1 | 7678 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 12721139 | 23994 | SH |  | DFND | 2 | 23994 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 24283304 | 45802 | SH |  | DFND | 1 | 45802 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 715050 | 3000 | SH |  | DFND | 2 | 3000 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 100167 | 3495 | SH |  | DFND | 2 | 3495 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 409838 | 14300 | SH |  | DFND | 1 | 14300 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 1842155 | 24500 | SH |  | DFND | 2 | 24500 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 2048928 | 27250 | SH |  | DFND | 1 | 27250 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 26004 | 660 | SH |  | DFND | 2 | 660 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 635128 | 16120 | SH |  | DFND | 1 | 16120 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1506260 | 7250 | SH |  | DFND |  | 7250 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 8687692 | 41816 | SH |  | DFND | 2 | 41816 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 23064684 | 111016 | SH |  | DFND | 1 | 111016 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 507537 | 1691 | SH |  | DFND | 1 | 1691 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 10405854 | 34670 | SH |  | DFND | 2 | 34670 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 3501741 | 13123 | SH |  | DFND | 1 | 13123 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 8971428 | 33621 | SH |  | DFND | 2 | 33621 | 0 | 0 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 |  | 443959 | 14330 | SH |  | DFND | 1 | 14330 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 10807577 | 68860 | SH |  | DFND | 2 | 68860 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 15666906 | 99821 | SH |  | DFND | 1 | 99821 | 0 | 0 |
| FERGUSON PLC NEW | SHS | G3421J106 |  | 271060 | 2135 | SH |  | DFND | 1 | 2135 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 7387977 | 22650 | SH |  | DFND | 2 | 22650 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 17272210 | 52953 | SH |  | DFND | 1 | 52953 | 0 | 0 |

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