Cannell Peter B & Co 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
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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
3D SYSTEMS CORP	COM	88554D205	4,853	81,150	SH		DFND	1,2,3	81,150	0	0
3M COMPANY	COM	88579Y101	4,441	31,006	SH		DFND	1,2,3	31,006	0	0
ABB LTD	SPONSORED ADR	000375204	1,380	59,940	SH		DFND	1,2,3	59,940	0	0
ABBOTT LABORATORIES	COM	002824100	23,183	566,825	SH		DFND	1,2,3	566,825	0	0
ABBVIE INC	COM	00287Y109	29,465	522,056	SH		DFND	1,2,3	522,056	0	0
ACCESS MIDSTREAM PARTNERS LP	UNIT	00434L109	30,832	485,165	SH		DFND	1,2,3	485,165	0	0
AFLAC INC	COM	001055102	5,213	83,736	SH		DFND	1,2,3	83,736	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	1,903	33,127	SH		DFND	1,2,3	33,127	0	0
AGNICO EAGLE MINES LTD	COM	008474108	5,351	139,700	SH		DFND	1,2,3	139,700	0	0
AIR LEASE CORP	CL A	00912X302	43,706	1,132,870	SH		DFND	1,2,3	1,132,870	0	0
AIR PRODUCTS & CHEMICALS INC	COM	009158106	643	5,000	SH		DFND	1,2,3	5,000	0	0
ALLEGHANY CORP DEL COM	COM	017175100	2,998	6,843	SH		DFND	1,2,3	6,843	0	0
ALTISOURCE PORTFOLIO SOLUTIONS	REG SHS	L0175J104	68,243	595,590	SH		DFND	1,2,3	595,590	0	0
ALTISOURCE RESIDENTIAL CORP	CL B	02153W100	12,900	495,590	SH		DFND	1,2,3	495,590	0	0
ALTRIA GROUP INC	COM	02209S103	1,299	30,962	SH		DFND	1,2,3	30,962	0	0
AMAZON COM INC	COM	023135106	356	1,095	SH		DFND	1,2,3	1,095	0	0
AMERICAN AIRLINES GROUP	COM	02376R102	73,011	1,699,505	SH		DFND	1,2,3	1,699,505	0	0
AMERICAN EXPRESS CO	COM	025816109	859	9,050	SH		DFND	1,2,3	9,050	0	0
AMERICAN RLTY CAP PPTY	COM	02917T104	1,555	124,105	SH		DFND	1,2,3	124,105	0	0
AMERIGAS PARTNERS - LP	UNIT LP INT	030975106	3,211	70,750	SH		DFND	1,2,3	70,750	0	0
AMGEN INC	COM	031162100	1,278	10,800	SH		DFND	1,2,3	10,800	0	0
ANADARKO PETROLEUM CORP	COM	032511107	268	2,450	SH		DFND	1,2,3	2,450	0	0
ANHEUSER BUSCH COS INC	SPONSORED ADR	03524A108	230	2,000	SH		DFND	1,2,3	2,000	0	0
ANTERO RESOURCES CORP	COM	03674X106	56,364	858,810	SH		DFND	1,2,3	858,810	0	0
APPLE INC	COM	037833100	12,819	137,942	SH		DFND	1,2,3	137,942	0	0
AQUA AMERICA INC	COM	03836W103	436	16,625	SH		DFND	1,2,3	16,625	0	0
AT&T INC	COM	00206R102	912	25,786	SH		DFND	1,2,3	25,786	0	0
AUTOMATIC DATA PROCESSING	COM	053015103	6,835	86,212	SH		DFND	1,2,3	86,212	0	0
AVEO PHARMACEUTICALS	COM	053588109	275	150,400	SH		DFND	1,2,3	150,400	0	0
BAXTER INTERNATIONAL INC	COM	071813109	1,961	27,125	SH		DFND	1,2,3	27,125	0	0
BAYTEX ENERGY CORP	COM	07317Q105	334	7,248	SH		DFND	1,2,3	7,248	0	0
BECTON DICKINSON & CO	COM	075887109	958	8,100	SH		DFND	1,2,3	8,100	0	0
BERKSHIRE HATHAWAY INC	CL A	084670108	13,103	69	SH		DFND	1,2,3	69	0	0
BERKSHIRE HATHAWAY INC. DEL -	CL B	084670702	43,262	341,828	SH		DFND	1,2,3	341,828	0	0
BHP BILLITON LTD	SPONSORED ADR	088606108	254	3,714	SH		DFND	1,2,3	3,714	0	0
BIODEL INC	COM	09064M204	151	69,861	SH		DFND	1,2,3	69,861	0	0
BLACKROCK INC	COM	09247X101	879	2,750	SH		DFND	1,2,3	2,750	0	0
BOEING CO	COM	097023105	865	6,800	SH		DFND	1,2,3	6,800	0	0
BP PLC ADR	SPONSORED ADR	055622104	7,513	142,425	SH		DFND	1,2,3	142,425	0	0
BRISTOL-MYERS SQUIBB CO	COM	110122108	1,302	26,843	SH		DFND	1,2,3	26,843	0	0
BROOKFIELD ASSET MANAGEMENT	CL A LTD VT SH	112585104	50,787	1,153,735	SH		DFND	1,2,3	1,153,735	0	0
BROOKFIELD INFRASTRUCTURE PART	LP INT UNIT	G16252101	22,422	537,440	SH		DFND	1,2,3	537,440	0	0
BROOKFIELD RESIDENTIAL PROPERT	COM	11283W104	43,355	2,089,380	SH		DFND	1,2,3	2,089,380	0	0
BUCKEYE PARTNERS LP	UNIT LTD PARTN	118230101	325	3,908	SH		DFND	1,2,3	3,908	0	0
CAPSTEAD MORTGAGE CORP	COM NO PAR	14067E506	12,431	945,350	SH		DFND	1,2,3	945,350	0	0
CARMAX INC	COM	143130102	87,006	1,672,870	SH		DFND	1,2,3	1,672,870	0	0
CATERPILLAR INC	COM	149123101	4,860	44,720	SH		DFND	1,2,3	44,720	0	0
CEDAR FAIR LP	DEPOSITRY UNIT	150185106	47,549	898,846	SH		DFND	1,2,3	898,846	0	0
CELGENE CORP	COM	151020104	182,635	2,126,636	SH		DFND	1,2,3	2,126,636	0	0
CENOVUS ENERGY INC	COM	15135U109	9,357	289,061	SH		DFND	1,2,3	289,061	0	0
CENTRAL FUND OF CANADA LTD	CL A	153501101	1,197	82,300	SH		DFND	1,2,3	82,300	0	0
CF INDUSTRIES HOLDINGS INC	COM	125269100	1,708	7,100	SH		DFND	1,2,3	7,100	0	0
CHEVRON CORP	COM	166764100	6,675	51,132	SH		DFND	1,2,3	51,132	0	0
CHICAGO BRIDGE & IRON	COM	167250109	4,365	63,999	SH		DFND	1,2,3	63,999	0	0
CHUBB CORP	COM	171232101	643	6,980	SH		DFND	1,2,3	6,980	0	0
CIMAREX ENERGY	COM	171798101	261	1,818	SH		DFND	1,2,3	1,818	0	0
CISCO SYSTEMS INC	COM	17275R102	6,445	259,347	SH		DFND	1,2,3	259,347	0	0
COCA COLA CO	COM	191216100	11,713	276,512	SH		DFND	1,2,3	276,512	0	0
COGNIZANT TECHNOLOGY SOLUTIONS	CL A	192446102	64,329	1,315,260	SH		DFND	1,2,3	1,315,260	0	0
COLGATE-PALMOLIVE CO	COM	194162103	25,957	380,715	SH		DFND	1,2,3	380,715	0	0
COMCAST CORP	CL A SPL	20030N200	1,540	28,875	SH		DFND	1,2,3	28,875	0	0
COMCAST CORP	CL A	20030N101	12,170	226,711	SH		DFND	1,2,3	226,711	0	0
CONOCOPHILLIPS	COM	20825C104	4,688	54,686	SH		DFND	1,2,3	54,686	0	0
CONSOLIDATED EDISON INC	COM	209115104	362	6,268	SH		DFND	1,2,3	6,268	0	0
CONTINENTAL RESOURCES INC	COM	212015101	806	5,100	SH		DFND	1,2,3	5,100	0	0
CORNING INC	COM	219350105	10,488	477,800	SH		DFND	1,2,3	477,800	0	0
COSTCO WHOLESALE CORP	COM	22160K105	9,214	80,009	SH		DFND	1,2,3	80,009	0	0
CRESCENT POINT ENERGY CORP	COM	22576C101	6,425	145,000	SH		DFND	1,2,3	145,000	0	0
CROWN HOLDINGS INC	COM	228368106	4,909	98,655	SH		DFND	1,2,3	98,655	0	0
CULLEN FROST BANKERS INC	COM	229899109	569	7,170	SH		DFND	1,2,3	7,170	0	0
CUMMINS INC	COM	231021106	278	1,800	SH		DFND	1,2,3	1,800	0	0
D.R. HORTON INC	COM	23331A109	3,866	157,300	SH		DFND	1,2,3	157,300	0	0
DANAHER CORP	COM	235851102	18,339	232,935	SH		DFND	1,2,3	232,935	0	0
DAVITA HEALTHCARE PARTNERS INC	COM	23918K108	5,771	79,800	SH		DFND	1,2,3	79,800	0	0
DEERE & CO	COM	244199105	19,179	211,811	SH		DFND	1,2,3	211,811	0	0
DELPHI AUTOMOTIVE PLC	SHS	G27823106	47,992	698,160	SH		DFND	1,2,3	698,160	0	0
DELTA AIR LINES INC	COM	247361702	70,720	1,826,437	SH		DFND	1,2,3	1,826,437	0	0
DENBURY RESOURCES INC	COM	247916208	10,778	583,870	SH		DFND	1,2,3	583,870	0	0
DEVON ENERGY CORP	COM	25179M103	4,938	62,186	SH		DFND	1,2,3	62,186	0	0
DIRECTV	COM	25490A309	7,347	86,420	SH		DFND	1,2,3	86,420	0	0
DISCOVERY COMMUNICATIONS INC C	COM SER A	25470F104	396	5,330	SH		DFND	1,2,3	5,330	0	0
DISCOVERY COMMUNICATIONS INC C	COM SER C	25470F302	387	5,330	SH		DFND	1,2,3	5,330	0	0
DISNEY WALT CO	COM DISNEY	254687106	27,388	319,436	SH		DFND	1,2,3	319,436	0	0
DOVER CORPORATION	COM	260003108	2,450	26,937	SH		DFND	1,2,3	26,937	0	0
DUKE ENERGY CORP	COM	26441C204	306	4,123	SH		DFND	1,2,3	4,123	0	0
E I DU PONT DE NEMOURS & CO	COM	263534109	376	5,750	SH		DFND	1,2,3	5,750	0	0
EATON CORP PLC	SHS	G29183103	262	3,400	SH		DFND	1,2,3	3,400	0	0
ECOLAB INC	COM	278865100	358	3,217	SH		DFND	1,2,3	3,217	0	0
ELBIT SYS LTD	ORD	M3760D101	277	4,500	SH		DFND	1,2,3	4,500	0	0
ELEPHANT TALK COMMUNICATIONS I	COM	286202205	19	20,000	SH		DFND	1,2,3	20,000	0	0
EMC CORP MASS	COM	268648102	4,924	186,943	SH		DFND	1,2,3	186,943	0	0
EMERSON ELEC CO COM	COM	291011104	18,542	279,421	SH		DFND	1,2,3	279,421	0	0
ENCANA CORP	COM	292505104	28,625	1,207,298	SH		DFND	1,2,3	1,207,298	0	0
ENDURO ROYALTY TRUST	TR UNIT	29269K100	2,154	155,725	SH		DFND	1,2,3	155,725	0	0
ENERGY TRANSFER EQUITY LP	COM UT LTD PTN	29273V100	967	16,400	SH		DFND	1,2,3	16,400	0	0
ENLINK MIDSTREAM LLC	COM UNIT REP LTD	29336T100	1,021	24,500	SH		DFND	1,2,3	24,500	0	0
ENTERPRISE PRODUCTS PARTNERS L	COM	293792107	1,343	17,154	SH		DFND	1,2,3	17,154	0	0
EOG RESOURCES INC	COM	26875P101	757	6,475	SH		DFND	1,2,3	6,475	0	0
EQT CORPORATION	COM	26884L109	12,358	115,600	SH		DFND	1,2,3	115,600	0	0
EXCEL TRUST INC	COM	30068C109	240	18,000	SH		DFND	1,2,3	18,000	0	0
EXPRESS SCRIPTS INC	COM	30219G108	19,497	281,227	SH		DFND	1,2,3	281,227	0	0
EXXON MOBIL CORP	COM	30231G102	37,510	372,569	SH		DFND	1,2,3	372,569	0	0
FACEBOOK INC	CL A	30303M102	976	14,500	SH		DFND	1,2,3	14,500	0	0
FEDEX CORP	COM	31428x106	23,055	152,301	SH		DFND	1,2,3	152,301	0	0
FERRELLGAS PARTNERS LP	UNIT LTD PART	315293100	409	14,950	SH		DFND	1,2,3	14,950	0	0
FIDELITY NATIONAL INFORMATION	COM	31620M106	14,377	262,641	SH		DFND	1,2,3	262,641	0	0
FIRST MERCHANTS CORP	COM	320817109	212	10,006	SH		DFND	1,2,3	10,006	0	0
FOUNDATION MEDIC INC	COM	350465100	320	11,860	SH		DFND	1,2,3	11,860	0	0
FRANCO NEV CORP	COM	351858105	11,004	191,900	SH		DFND	1,2,3	191,900	0	0
FRANKLIN RES INC	COM	354613101	347	6,000	SH		DFND	1,2,3	6,000	0	0
FREEPORT-MCMORAN COPPER & GOLD	COM	35671D857	14,829	406,284	SH		DFND	1,2,3	406,284	0	0
GENERAC HOLDINGS INC	COM	368736104	5,671	116,350	SH		DFND	1,2,3	116,350	0	0
GENERAL ELECTRIC CO	COM	369604103	31,098	1,183,350	SH		DFND	1,2,3	1,183,350	0	0
GENERAL MILLS INC	COM	370334104	399	7,600	SH		DFND	1,2,3	7,600	0	0
GENERAL MOTORS CORP	COM	37045V100	218	6,000	SH		DFND	1,2,3	6,000	0	0
GENESIS ENERGY LP	UNIT LTD PARTN	371927104	48,859	871,865	SH		DFND	1,2,3	871,865	0	0
GILEAD SCIENCES INC	COM	375558103	38,993	470,305	SH		DFND	1,2,3	470,305	0	0
GOLDCORP INC	COM	380956409	4,108	147,200	SH		DFND	1,2,3	147,200	0	0
GOOGLE INC	CL A	38259P508	6,066	10,375	SH		DFND	1,2,3	10,375	0	0
GOOGLE INC	CL C	38259P706	6,015	10,455	SH		DFND	1,2,3	10,455	0	0
GRAINGER W W INC	COM	384802104	267	1,050	SH		DFND	1,2,3	1,050	0	0
H & R BLOCK	COM	093671105	88,943	2,653,425	SH		DFND	1,2,3	2,653,425	0	0
HAIN CELESTIAL GROUP INC	COM	405217100	56,779	639,840	SH		DFND	1,2,3	639,840	0	0
HALLIBURTON COMPANY	COM	406216101	480	6,760	SH		DFND	1,2,3	6,760	0	0
HARRIS CORP	COM	413875105	659	8,700	SH		DFND	1,2,3	8,700	0	0
HEALTH CARE REIT INC	COM	42217K106	16,120	257,225	SH		DFND	1,2,3	257,225	0	0
HESS CORP	COM	42809H107	658	6,658	SH		DFND	1,2,3	6,658	0	0
HEWLETT PACKARD CO	COM	428236103	271	8,034	SH		DFND	1,2,3	8,034	0	0
HOLOGIC INC	COM	436440101	1,132	44,650	SH		DFND	1,2,3	44,650	0	0
HOME DEPOT INC	COM	437076102	9,649	119,185	SH		DFND	1,2,3	119,185	0	0
HOME LOAN SERVICING SOLUTIONS	ORD SHS	G6648D109	82,257	3,618,888	SH		DFND	1,2,3	3,618,888	0	0
HONEYWELL INTL INC	COM	438516106	6,937	74,633	SH		DFND	1,2,3	74,633	0	0
HOSPIRA INC	COM	441060100	3,775	73,492	SH		DFND	1,2,3	73,492	0	0
HUGOTON ROYALTY TRUST TEX	UNIT BEN INT	444717102	1,981	180,440	SH		DFND	1,2,3	180,440	0	0
ILLINOIS TOOL WORKS INC	COM	452308109	5,078	58,000	SH		DFND	1,2,3	58,000	0	0
INGREDION INC	COM	457187102	364	4,850	SH		DFND	1,2,3	4,850	0	0
INTEL CORP	COM	458140100	6,161	199,395	SH		DFND	1,2,3	199,395	0	0
INTERCONTINENTAL EXCHANGE,INC	COM	45866F104	744	3,936	SH		DFND	1,2,3	3,936	0	0
INTERNATIONAL BUSINESS MACHINE	COM	459200101	13,218	72,920	SH		DFND	1,2,3	72,920	0	0
INTUIT INC	COM	461202103	233	2,892	SH		DFND	1,2,3	2,892	0	0
IPG PHOTONICS CORP	COM	44980X109	7,788	113,200	SH		DFND	1,2,3	113,200	0	0
IRONWOOD PHARMACEUT INC	COM CL A	46333X108	312	20,329	SH		DFND	1,2,3	20,329	0	0
JANUS CAPITAL GROUP INC	COM	47102x105	240	19,200	SH		DFND	1,2,3	19,200	0	0
JOHNSON & JOHNSON CO	COM	478160104	29,992	286,674	SH		DFND	1,2,3	286,674	0	0
JPMORGAN CHASE & CO	COM	46625h100	488	8,473	SH		DFND	1,2,3	8,473	0	0
KIMBERLY CLARK CORP	COM	494368103	17,068	153,464	SH		DFND	1,2,3	153,464	0	0
KINDER MORGAN MANAGEMENT LLC	SHS	49455U100	1,189	15,060	SH		DFND	1,2,3	15,060	0	0
KRAFT FOODS GROUP INC	COM	50076Q106	1,923	32,073	SH		DFND	1,2,3	32,073	0	0
LABORATORY CORP AMERICA HLDGS	COM	50540R409	15,202	148,456	SH		DFND	1,2,3	148,456	0	0
LEGACY RESERVES LP	UNIT LP INT	524707304	8,019	256,704	SH		DFND	1,2,3	256,704	0	0
LEVEL 3 COMMUNICATIONS INC	COM	52729N308	63,704	1,450,795	SH		DFND	1,2,3	1,450,795	0	0
LIBERTY INTERACTIVE CORP	INT COM SER A	53071M104	239	8,147	SH		DFND	1,2,3	8,147	0	0
LIBERTY MEDIA CORP	CL A	531229102	960	7,026	SH		DFND	1,2,3	7,026	0	0
LILLY ELI & CO	COM	532457108	732	11,779	SH		DFND	1,2,3	11,779	0	0
LINN ENERGY LLC	UNIT LTD LIAB	536020100	1,376	42,550	SH		DFND	1,2,3	42,550	0	0
LOCKHEED MARTIN CORP	COM	539830109	12,735	79,234	SH		DFND	1,2,3	79,234	0	0
LOWES COMPANIES INC	COM	548661107	1,896	39,500	SH		DFND	1,2,3	39,500	0	0
LYONDELLBASELL INDUSTRIES NV	SHS A	N53745100	14,340	146,855	SH		DFND	1,2,3	146,855	0	0
MAGELLAN MIDSTREAM PRT LP	COM UNIT RP LP	559080106	235	2,800	SH		DFND	1,2,3	2,800	0	0
MARCUS CORP	COM	566330106	184	10,100	SH		DFND	1,2,3	10,100	0	0
MATTEL INC	COM	577081102	392	10,054	SH		DFND	1,2,3	10,054	0	0
MC DONALDS CORP	COM	580135101	1,777	17,635	SH		DFND	1,2,3	17,635	0	0
MCGRAW HILL FINL INC	COM	580645109	1,084	13,060	SH		DFND	1,2,3	13,060	0	0
MCKESSON CORP	COM	58155Q103	50,867	273,170	SH		DFND	1,2,3	273,170	0	0
MEAD JOHNSON NUTRITION CO	COM	582839106	388	4,167	SH		DFND	1,2,3	4,167	0	0
MEDICAL PPTYS TR INC	COM	58463J304	252	19,000	SH		DFND	1,2,3	19,000	0	0
MEDTRONIC INC	COM	585055106	4,010	62,893	SH		DFND	1,2,3	62,893	0	0
MERCK & CO INC	COM	58933Y105	13,363	231,001	SH		DFND	1,2,3	231,001	0	0
MERRIMACK PHARMACEUTICALS INC	COM	590328100	404	55,400	SH		DFND	1,2,3	55,400	0	0
METLIFE INC	COM	59156R108	25,602	460,795	SH		DFND	1,2,3	460,795	0	0
MFA FINANCIAL INC	COM	55272X102	4,651	566,500	SH		DFND	1,2,3	566,500	0	0
MICRON TECHNOLOGY INC	COM	595112103	137,919	4,185,700	SH		DFND	1,2,3	4,185,700	0	0
MICROSOFT CORP	COM	594918104	88,755	2,128,417	SH		DFND	1,2,3	2,128,417	0	0
MILLENNIAL MEDIA INC	COM	60040N105	65	13,000	SH		DFND	1,2,3	13,000	0	0
MONDELEZ INTERNATIONAL INC	CL A	609207105	25,334	673,595	SH		DFND	1,2,3	673,595	0	0
MOSAIC CO	COM	61945C103	8,687	175,675	SH		DFND	1,2,3	175,675	0	0
NEWFIELD EXPLORATION CO	COM	651290108	2,024	45,792	SH		DFND	1,2,3	45,792	0	0
NEWMONT MINING CORPORATION	COM	651639106	628	24,669	SH		DFND	1,2,3	24,669	0	0
NEXTERA ENERGY INC	COM	65339F101	688	6,710	SH		DFND	1,2,3	6,710	0	0
NOBLE CORP PLC	SHS USD	G65431101	2,832	84,375	SH		DFND	1,2,3	84,375	0	0
NORTHERN TRUST CORP	COM	665859104	1,356	21,118	SH		DFND	1,2,3	21,118	0	0
NORTHROP GRUMMAN CORP	COM	666807102	359	3,001	SH		DFND	1,2,3	3,001	0	0
NOVARTIS AG	SPONSORED ADR	66987V109	1,877	20,737	SH		DFND	1,2,3	20,737	0	0
NUSTAR GP HOLDINGS LLC	UNIT RESTG LLC	67059L102	321	8,200	SH		DFND	1,2,3	8,200	0	0
ONEBEACON INS GRP LTD	CL A	G67742109	186	12,000	SH		DFND	1,2,3	12,000	0	0
ONEOK PARTNERS LP	UNIT LTD PARTN	68268N103	305	5,200	SH		DFND	1,2,3	5,200	0	0
ORACLE CORP	COM	68389X105	387	9,550	SH		DFND	1,2,3	9,550	0	0
PACKAGING CORP OF AMERICA	COM	695156109	12,950	181,150	SH		DFND	1,2,3	181,150	0	0
PALL CORP	COM	696429307	628	7,354	SH		DFND	1,2,3	7,354	0	0
PARTNERRE LTD	COM	G6852T105	317	2,900	SH		DFND	1,2,3	2,900	0	0
PEPSICO INC	COM	713448108	25,979	290,783	SH		DFND	1,2,3	290,783	0	0
PFIZER INC	COM	717081103	8,966	302,094	SH		DFND	1,2,3	302,094	0	0
PHILIP MORRIS INTL INC	COM	718172109	2,780	32,969	SH		DFND	1,2,3	32,969	0	0
PHILLIPS 66	COM	718546104	1,002	12,459	SH		DFND	1,2,3	12,459	0	0
PIONEER NATURAL RESOURCES CO	COM	723787107	5,079	22,100	SH		DFND	1,2,3	22,100	0	0
PLAINS ALL AMERN PIPELINE	UNIT LTD PARTN	726503105	579	9,641	SH		DFND	1,2,3	9,641	0	0
PLUM CREEK TIMBER CO	COM	729251108	541	12,000	SH		DFND	1,2,3	12,000	0	0
PROCTER & GAMBLE CO	COM	742718109	8,159	103,822	SH		DFND	1,2,3	103,822	0	0
PROLOGIS INC	COM	74340W103	288	7,000	SH		DFND	1,2,3	7,000	0	0
QUALCOMM INC	COM	747525103	5,498	69,420	SH		DFND	1,2,3	69,420	0	0
QUIDEL CORP	COM	74838J101	6,761	305,800	SH		DFND	1,2,3	305,800	0	0
RANGE RESOURCES CORP	COM	75281A109	72,096	829,166	SH		DFND	1,2,3	829,166	0	0
RAYTHEON CO	COM	755111507	202	2,194	SH		DFND	1,2,3	2,194	0	0
REED ELSEVIER NV	SPONS ADR	758204200	753	16,386	SH		DFND	1,2,3	16,386	0	0
RELIANCE STEEL & ALUM COM	COM	759509102	582	7,900	SH		DFND	1,2,3	7,900	0	0
RENTRAK CORP	COM	760174102	2,097	39,979	SH		DFND	1,2,3	39,979	0	0
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	11,355	137,856	SH		DFND	1,2,3	137,856	0	0
SCHLUMBERGER LTD	COM	806857108	64,710	548,626	SH		DFND	1,2,3	548,626	0	0
SEADRILL PARTNERS LLC	COM UNIT REP LB	Y7545W109	33,235	1,002,255	SH		DFND	1,2,3	1,002,255	0	0
SHAW COMMUNICATIONS INC	CL B CONV	82028K200	6,186	241,092	SH		DFND	1,2,3	241,092	0	0
SNAP ON INC	COM	833034101	326	2,750	SH		DFND	1,2,3	2,750	0	0
SOUTHWESTERN ENERGY CO	COM	845467109	20,094	441,720	SH		DFND	1,2,3	441,720	0	0
SPDR GOLD TRUST	GOLD SHS	78463V107	908	7,094	SH		DFND	1,2,3	7,094	0	0
SPECTRA ENERGY CORP	COM	847560109	1,665	39,184	SH		DFND	1,2,3	39,184	0	0
SPRINT CORP	COM SER 1	85207U105	41,522	4,867,750	SH		DFND	1,2,3	4,867,750	0	0
ST. JUDE MEDICAL INC	COM	790849103	3,722	53,750	SH		DFND	1,2,3	53,750	0	0
STANLEY BLACK & DECKER INC	COM	854502101	3,078	35,045	SH		DFND	1,2,3	35,045	0	0
STERICYCLE INC	COM	858912108	9,016	76,132	SH		DFND	1,2,3	76,132	0	0
SYSCO CORP	COM	871829107	2,753	73,508	SH		DFND	1,2,3	73,508	0	0
T. ROWE PRICE GROUP	COM	74144T108	388	4,600	SH		DFND	1,2,3	4,600	0	0
TANGER FACTORY OUTLET CTRS	COM	875465106	392	11,200	SH		DFND	1,2,3	11,200	0	0
TARGET CORP	COM	87612E106	2,736	47,205	SH		DFND	1,2,3	47,205	0	0
TELEFLEX INC	COM	879369106	710	6,725	SH		DFND	1,2,3	6,725	0	0
TELEFONICA S.A.	SPONSORED ADR	879382208	1,981	115,463	SH		DFND	1,2,3	115,463	0	0
TERRITORIAL BANCORP INC	COM	88145X108	376	18,000	SH		DFND	1,2,3	18,000	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	434	8,284	SH		DFND	1,2,3	8,284	0	0
THE BANK OF NEW YORK MELLON CO	COM	064058100	12,022	320,751	SH		DFND	1,2,3	320,751	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	4,944	41,898	SH		DFND	1,2,3	41,898	0	0
TIFFANY & CO	COM	886547108	2,230	22,240	SH		DFND	1,2,3	22,240	0	0
TIME WARNER INC	COM	887317303	436	6,200	SH		DFND	1,2,3	6,200	0	0
TJX COMPANIES INC	COM	872540109	13,163	247,657	SH		DFND	1,2,3	247,657	0	0
TOLL BROTHERS INC	COM	889478103	25,664	695,500	SH		DFND	1,2,3	695,500	0	0
TOYOTA MOTOR CORP	SP ADR REP2COM	892331307	239	2,000	SH		DFND	1,2,3	2,000	0	0
TUPPERWARE BRANDS CORP	COM	899896104	2,899	34,630	SH		DFND	1,2,3	34,630	0	0
TWENTY FIRST CENTURY FOX	CL A	90130A101	3,555	101,150	SH		DFND	1,2,3	101,150	0	0
UNIFI INC	COM	904677200	2,609	94,775	SH		DFND	1,2,3	94,775	0	0
UNILEVER N V	NY SHS	904784709	962	21,993	SH		DFND	1,2,3	21,993	0	0
UNION PACIFIC CORP	COM	907818108	3,934	39,435	SH		DFND	1,2,3	39,435	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	5,726	49,594	SH		DFND	1,2,3	49,594	0	0
UNIVERSAL HEALTH RLTY INCOME T	SH BEN INT	91359E105	626	14,400	SH		DFND	1,2,3	14,400	0	0
US BANCORP DEL NEW	COM	902973304	3,421	78,972	SH		DFND	1,2,3	78,972	0	0
VALEANT PHARMACEUTICALS INTL	COM	91911K102	1,186	9,400	SH		DFND	1,2,3	9,400	0	0
VALLEY NATL BANCORP	COM	919794107	478	48,189	SH		DFND	1,2,3	48,189	0	0
VANGUARD NATURAL RESOURCES LLC	COM UNIT	92205F106	12,162	377,692	SH		DFND	1,2,3	377,692	0	0
VARIAN MEDICAL SYSTEMS INC	COM	92220P105	21,979	264,365	SH		DFND	1,2,3	264,365	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	2,542	51,952	SH		DFND	1,2,3	51,952	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	223	2,355	SH		DFND	1,2,3	2,355	0	0
VIRNETX HOLDING CORP	COM	92823T108	14,009	795,513	SH		DFND	1,2,3	795,513	0	0
VISA INC	COM CL A	92826C839	3,251	15,430	SH		DFND	1,2,3	15,430	0	0
W.P. CAREY INC	COM	92936U109	36,976	574,165	SH		DFND	1,2,3	574,165	0	0
WAL MART STORES INC	COM	931142103	569	7,575	SH		DFND	1,2,3	7,575	0	0
WELLS FARGO & CO	COM	949746101	1,863	35,441	SH		DFND	1,2,3	35,441	0	0
WESTERN GAS EQUITY PARTNERS LP	COMUNT LTD PT	95825R103	2,577	41,100	SH		DFND	1,2,3	41,100	0	0
WEYERHAEUSER CO	COM	962166104	8,271	249,962	SH		DFND	1,2,3	249,962	0	0
WHITE MOUNTAINS INSURANCE	COM	G9618E107	24,114	39,632	SH		DFND	1,2,3	39,632	0	0
WILEY JOHN & SONS INC	CL B	968223305	1,210	20,000	SH		DFND	1,2,3	20,000	0	0
WILEY JOHN AND SONS INC	CL A	968223206	25,873	427,012	SH		DFND	1,2,3	427,012	0	0
WILLIAMS COMPANIES INC	COM	969457100	1,743	29,950	SH		DFND	1,2,3	29,950	0	0
WISDOMTREE INVESTMENTS INC	COM	97717P104	2,323	187,950	SH		DFND	1,2,3	187,950	0	0
WR GRACE & CO	COM	38388F108	69,323	733,340	SH		DFND	1,2,3	733,340	0	0
XEROX CORP	COM	984121103	1,322	106,300	SH		DFND	1,2,3	106,300	0	0
XPO LOGISTICS INC	COM	983793100	74,010	2,585,965	SH		DFND	1,2,3	2,585,965	0	0
XYLEM INC	COM	98419M100	263	6,740	SH		DFND	1,2,3	6,740	0	0
YAHOO INC	COM	984332106	309	8,800	SH		DFND	1,2,3	8,800	0	0
YUM! BRANDS INC	COM	988498101	4,194	51,645	SH		DFND	1,2,3	51,645	0	0
ZIMMER HOLDINGS INC	COM	98956P102	519	4,999	SH		DFND	1,2,3	4,999	0	0
ZYNGA INC	CL A	98986T108	32	10,000	SH		DFND	1,2,3	10,000	0	0
GENERAL AMERICAN INVESTORS CO	COM	368802104	1,101	29,904	SH		DFND	1,2,3	29,904	0	0