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
Abbott Laboratories	COM	002824100	1,141	23,250	SH		DFND	1	23,250	0	0
Abbott Laboratories	COM	002824100	1,499	30,550	SH		DFND		30,550	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	1,385	14,315	SH		DFND		14,315	0	0
Accenture PLC Cl-A	SHS CLASS A	G1151C101	2,436	25,175	SH		DFND	1	25,175	0	0
Alexion Pharmaceuticals	COM	015351109	1,371	7,585	SH		DFND		7,585	0	0
Alexion Pharmaceuticals	COM	015351109	34,779	192,395	SH		DFND	1	192,395	0	0
American Express Co	COM	025816109	1,446	18,610	SH		DFND	1	18,610	0	0
American Express Co	COM	025816109	1,718	22,100	SH		DFND		22,100	0	0
American Intl Group New	COM NEW	026874784	1,139	18,425	SH		DFND		18,425	0	0
American Intl Group New	COM NEW	026874784	66,846	1,081,300	SH		DFND	1	1,081,300	0	0
Apple Inc	COM	037833100	460	3,668	SH		DFND	1	3,668	0	0
Arris Group Inc - New	COM	04270V106	286	9,350	SH		DFND		9,350	0	0
Arris Group Inc - New	COM	04270V106	16,666	544,645	SH		DFND	1	544,645	0	0
BCE Inc - New	COM NEW	05534B760	153	3,600	SH		DFND		3,600	0	0
BCE Inc - New	COM NEW	05534B760	721	16,943	SH		DFND	1	16,943	0	0
Bank of America New	COM	060505104	802	47,100	SH		DFND		47,100	0	0
Bank of America New	COM	060505104	43,021	2,527,671	SH		DFND	1	2,527,671	0	0
Bank of Montreal	COM	063671101	1,083	18,250	SH		DFND	1	18,250	0	0
Bank of Nova Scotia	COM	064149107	562	10,874	SH		DFND		10,874	0	0
Bank of Nova Scotia	COM	064149107	33,866	655,224	SH		DFND	1	655,224	0	0
Berkshire Hathaway B New	CL B NEW	084670702	1,540	11,315	SH		DFND	1	11,315	0	0
Berkshire Hathaway B New	CL B NEW	084670702	1,670	12,270	SH		DFND		12,270	0	0
Berkshire Hathaway Inc A	CL A	084670108	205	1	SH		DFND	1	1	0	0
British Amer Tob Sp ADR	SPONSORED ADR	110448107	1,883	17,395	SH		DFND		17,395	0	0
British Amer Tob Sp ADR	SPONSORED ADR	110448107	2,819	26,045	SH		DFND	1	26,045	0	0
Brookfield Asset Mgt A LV	CL A LTD VT SH	112585104	8,198	234,315	SH		DFND	1	234,315	0	0
Canadian Natural Resources Limited	COM	136385101	588	21,625	SH		DFND		21,625	0	0
Canadian Natural Resources Limited	COM	136385101	30,205	1,111,387	SH		DFND	1	1,111,387	0	0
Capital One Fincl Corp	COM	14040H105	369	4,200	SH		DFND		4,200	0	0
Capital One Fincl Corp	COM	14040H105	19,969	227,000	SH		DFND	1	227,000	0	0
Carnival Corp - Paired Stock	PAIRED CTF	143658300	59	1,200	SH		DFND		1,200	0	0
Carnival Corp - Paired Stock	PAIRED CTF	143658300	1,455	29,450	SH		DFND	1	29,450	0	0
Cenovus Energy Inc	COM	15135U109	371	23,200	SH		DFND		23,200	0	0
Cenovus Energy Inc	COM	15135U109	20,450	1,277,311	SH		DFND	1	1,277,311	0	0
Citigroup Inc New	COM NEW	172967424	2,435	44,087	SH		DFND		44,087	0	0
Citigroup Inc New	COM NEW	172967424	32,501	588,354	SH		DFND	1	588,354	0	0
Comcast Crp Cl A Spec New	CL A SPL	20030N200	1,558	26,000	SH		DFND	1	26,000	0	0
Comcast Crp Cl A Spec New	CL A SPL	20030N200	1,897	31,650	SH		DFND		31,650	0	0
Cowen Group Inc - Cl A	CL A	223622101	54	8,400	SH		DFND		8,400	0	0
Cowen Group Inc - Cl A	CL A	223622101	7,612	1,189,400	SH		DFND	1	1,189,400	0	0
Crescent Point Energy Corp.	COM	22576C101	576	28,050	SH		DFND		28,050	0	0
Crescent Point Energy Corp.	COM	22576C101	28,418	1,383,054	SH		DFND	1	1,383,054	0	0
Discovery Comm Inc SRS A	COM SER A	25470F104	72	2,150	SH		DFND		2,150	0	0
Discovery Comm Inc SRS A	COM SER A	25470F104	5,011	150,650	SH		DFND	1	150,650	0	0
Elizabeth Arden Inc	COM	28660G106	118	8,300	SH		DFND		8,300	0	0
Elizabeth Arden Inc	COM	28660G106	7,916	555,100	SH		DFND	1	555,100	0	0
Enbridge Inc	COM	29250N105	290	6,200	SH		DFND		6,200	0	0
Enbridge Inc	COM	29250N105	555	11,857	SH		DFND	1	11,857	0	0
Endo International PLC	SHS	G30401106	277	3,475	SH		DFND		3,475	0	0
Endo International PLC	SHS	G30401106	13,859	174,000	SH		DFND	1	174,000	0	0
General Motors Company	COM	37045V100	123	3,700	SH		DFND		3,700	0	0
General Motors Company	COM	37045V100	8,013	240,400	SH		DFND	1	240,400	0	0
Honeywell Intl Inc	COM	438516106	1,606	15,750	SH		DFND	1	15,750	0	0
Honeywell Intl Inc	COM	438516106	1,986	19,480	SH		DFND		19,480	0	0
J.P. Morgan Chase&Company	COM	46625H100	1,984	29,275	SH		DFND		29,275	0	0
J.P. Morgan Chase&Company	COM	46625H100	57,014	841,412	SH		DFND	1	841,412	0	0
Kansas City Southern	COM NEW	485170302	456	5,000	SH		DFND	1	5,000	0	0
Liberty Interactive Corp-A	QVC GP COM SER A	53071M104	1,336	48,150	SH		DFND		48,150	0	0
Liberty Interactive Corp-A	QVC GP COM SER A	53071M104	26,324	948,621	SH		DFND	1	948,621	0	0
McKesson Corporation	COM	58155Q103	1,248	5,550	SH		DFND		5,550	0	0
McKesson Corporation	COM	58155Q103	22,727	101,095	SH		DFND	1	101,095	0	0
Mcewen Mining Inc	COM	58039P107	10	10,000	SH		DFND	1	10,000	0	0
Mitel Networks Corp	COM	60671Q104	438	49,300	SH		DFND		49,300	0	0
Mitel Networks Corp	COM	60671Q104	21,381	2,406,970	SH		DFND	1	2,406,970	0	0
New York & Company Inc.	COM	649295102	40	15,000	SH		DFND	1	15,000	0	0
Newell Rubbermaid Inc- Cum Rts	COM	651229106	1,088	26,475	SH		DFND	1	26,475	0	0
Newell Rubbermaid Inc- Cum Rts	COM	651229106	1,091	26,550	SH		DFND		26,550	0	0
Occidental Pete Corp	COM	674599105	1,427	18,350	SH		DFND	1	18,350	0	0
Occidental Pete Corp	COM	674599105	1,653	21,250	SH		DFND		21,250	0	0
Pembina Pipeline Corp	COM	706327103	515	15,900	SH		DFND		15,900	0	0
Pembina Pipeline Corp	COM	706327103	28,252	872,925	SH		DFND	1	872,925	0	0
Pengrowth Energy Corp	COM	70706P104	0	113	SH		DFND		113	0	0
Philip Morris Intl Inc	COM	718172109	934	11,650	SH		DFND		11,650	0	0
Philip Morris Intl Inc	COM	718172109	1,634	20,386	SH		DFND	1	20,386	0	0
Pulte Homes Inc	COM	745867101	568	28,200	SH		DFND		28,200	0	0
Pulte Homes Inc	COM	745867101	31,087	1,542,775	SH		DFND	1	1,542,775	0	0
Qualcomm Inc	COM	747525103	1,358	21,685	SH		DFND		21,685	0	0
Qualcomm Inc	COM	747525103	24,297	387,938	SH		DFND	1	387,938	0	0
Rock-Tenn Company CL A	CL A	772739207	542	9,000	SH		DFND		9,000	0	0
Rock-Tenn Company CL A	CL A	772739207	30,481	506,325	SH		DFND	1	506,325	0	0
Royal Bank of Canada	COM	780087102	477	7,790	SH		DFND		7,790	0	0
Royal Bank of Canada	COM	780087102	2,360	38,533	SH		DFND	1	38,533	0	0
Sanofi-Aventis ADR	SPONSORED ADR	80105N105	82	1,650	SH		DFND		1,650	0	0
Sanofi-Aventis ADR	SPONSORED ADR	80105N105	1,241	25,050	SH		DFND	1	25,050	0	0
Stanley Black & Decker Inc	COM	854502101	279	2,650	SH		DFND	1	2,650	0	0
Suncor Energy Inc - New	COM	867224107	1,448	52,489	SH		DFND		52,489	0	0
Suncor Energy Inc - New	COM	867224107	26,678	967,338	SH		DFND	1	967,338	0	0
TJX Companies Inc-New	COM	872540109	1,332	20,125	SH		DFND	1	20,125	0	0
TJX Companies Inc-New	COM	872540109	1,510	22,825	SH		DFND		22,825	0	0
Time Inc	COM	887228104	502	21,800	SH		DFND		21,800	0	0
Time Inc	COM	887228104	28,035	1,218,375	SH		DFND	1	1,218,375	0	0
Toronto Dominion Bank	COM NEW	891160509	758	17,816	SH		DFND		17,816	0	0
Toronto Dominion Bank	COM NEW	891160509	48,060	1,130,229	SH		DFND	1	1,130,229	0	0
Toyota Motor Co Ltd ADR	SP ADR REP2COM	892331307	77	575	SH		DFND		575	0	0
Toyota Motor Co Ltd ADR	SP ADR REP2COM	892331307	1,113	8,325	SH		DFND	1	8,325	0	0
Union Pacific Corp	COM	907818108	209	2,190	SH		DFND		2,190	0	0
Union Pacific Corp	COM	907818108	10,972	115,045	SH		DFND	1	115,045	0	0
United Technologies Corp	COM	913017109	1,169	10,535	SH		DFND		10,535	0	0
United Technologies Corp	COM	913017109	1,204	10,855	SH		DFND	1	10,855	0	0
Verizon Communications	COM	92343V104	338	7,250	SH		DFND		7,250	0	0
Verizon Communications	COM	92343V104	18,357	393,851	SH		DFND	1	393,851	0	0
Visa Inc Class A	COM CL A	92826C839	1,659	24,700	SH		DFND	1	24,700	0	0
Visa Inc Class A	COM CL A	92826C839	2,033	30,280	SH		DFND		30,280	0	0
Walgreen Boots Alliance	COM	931427108	1,851	21,925	SH		DFND		21,925	0	0
Walgreen Boots Alliance	COM	931427108	20,965	248,285	SH		DFND	1	248,285	0	0
Xerox Corporation-Cum Rts	COM	984121103	557	52,378	SH		DFND		52,378	0	0
Xerox Corporation-Cum Rts	COM	984121103	30,745	2,889,531	SH		DFND	1	2,889,531	0	0