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	2,671	81,250	SH		DFND	1,2,3	81,250	0	0
3M COMPANY	COM	88579Y101	5,058	30,781	SH		DFND	1,2,3	30,781	0	0
ABBOTT LABORATORIES	COM	002824100	25,963	576,695	SH		DFND	1,2,3	576,695	0	0
ABBVIE INC	COM	00287Y109	43,595	666,181	SH		DFND	1,2,3	666,181	0	0
ACCESS MIDSTREAM PARTNERS LP	UNIT	00434L109	9,958	183,725	SH		DFND	1,2,3	183,725	0	0
ACTAVIS PLC	SHS	G0083B108	69,807	271,190	SH		DFND	1,2,3	271,190	0	0
AFLAC INC	COM	001055102	5,070	82,986	SH		DFND	1,2,3	82,986	0	0
AGILENT TECHNOLOGIES INC	COM	00846U101	1,305	31,877	SH		DFND	1,2,3	31,877	0	0
AGNICO EAGLE MINES LTD	COM	008474108	3,477	139,700	SH		DFND	1,2,3	139,700	0	0
AIR LEASE CORP	CL A	00912X302	90,616	2,641,095	SH		DFND	1,2,3	2,641,095	0	0
AIR PRODUCTS & CHEMICALS INC	COM	009158106	721	5,000	SH		DFND	1,2,3	5,000	0	0
AKAMAI TECHNOLOGIES, INC	COM	00971T101	570	9,051	SH		DFND	1,2,3	9,051	0	0
ALIBABA GROUP HLDG LTD	SPONSORED ADR	01609W102	255	2,450	SH		DFND	1,2,3	2,450	0	0
ALLEGHANY CORP DEL	COM	017175100	3,014	6,502	SH		DFND	1,2,3	6,502	0	0
ALTRIA GROUP INC	COM	02209S103	1,471	29,858	SH		DFND	1,2,3	29,858	0	0
AMAZON COM INC	COM	023135106	211	680	SH		DFND	1,2,3	680	0	0
AMERICAN AIRLINES GROUP	COM	02376R102	79,406	1,480,635	SH		DFND	1,2,3	1,480,635	0	0
AMERICAN ELECTRIC POWER CO. IN	COM	025537101	204	3,357	SH		DFND	1,2,3	3,357	0	0
AMERICAN EXPRESS CO	COM	025816109	1,075	11,550	SH		DFND	1,2,3	11,550	0	0
AMERIGAS PARTNERS - LP	UNIT LP INT	030975106	3,663	76,450	SH		DFND	1,2,3	76,450	0	0
AMGEN INC	COM	031162100	1,529	9,600	SH		DFND	1,2,3	9,600	0	0
ANALOG DEVICES INC	COM	032654105	19,469	350,675	SH		DFND	1,2,3	350,675	0	0
ANHEUSER BUSCH INBEV SA	SPONSORED ADR	03524A108	225	2,000	SH		DFND	1,2,3	2,000	0	0
ANTERO RESOURCES CORP	COM	03674X106	21,576	531,700	SH		DFND	1,2,3	531,700	0	0
ANTERO RESOURCES MIDSTREAM LLC	UNT LTD PARTN	03673L103	26,982	981,174	SH		DFND	1,2,3	981,174	0	0
APPLE INC	COM	037833100	11,948	108,247	SH		DFND	1,2,3	108,247	0	0
APPLIED DNA SCIENCES COM	COM	03815U201	46	15,834	SH		DFND	1,2,3	15,834	0	0
AQUA AMERICA INC	COM	03836W103	423	15,825	SH		DFND	1,2,3	15,825	0	0
AT&T INC	COM	00206R102	880	26,196	SH		DFND	1,2,3	26,196	0	0
AUTOMATIC DATA PROCESSING	COM	053015103	7,187	86,212	SH		DFND	1,2,3	86,212	0	0
AVEO PHARMACEUTICALS COM	COM	053588109	99	117,700	SH		DFND	1,2,3	117,700	0	0
BAXTER INTERNATIONAL INC	COM	071813109	2,252	30,725	SH		DFND	1,2,3	30,725	0	0
BECTON DICKINSON & CO	COM	075887109	1,127	8,100	SH		DFND	1,2,3	8,100	0	0
BERKSHIRE HATHAWAY INC	CL A	084670108	15,368	68	SH		DFND	1,2,3	68	0	0
BERKSHIRE HATHAWAY INC. DEL -	CL B	084670702	51,433	342,543	SH		DFND	1,2,3	342,543	0	0
BIODEL INC	COM	09064M204	18	13,750	SH		DFND	1,2,3	13,750	0	0
BOEING CO	COM	097023105	41,296	317,710	SH		DFND	1,2,3	317,710	0	0
BP PLC	SPONSORED ADR	055622104	6,622	173,720	SH		DFND	1,2,3	173,720	0	0
BRISTOL-MYERS SQUIBB CO	COM	110122108	1,591	26,951	SH		DFND	1,2,3	26,951	0	0
BROOKFIELD ASSET MANAGEMENT	CL A LTD VT SH	112585104	25,105	500,804	SH		DFND	1,2,3	500,804	0	0
BROOKFIELD INFRASTRUCTURE PART	LP INT UNIT	G16252101	21,419	511,570	SH		DFND	1,2,3	511,570	0	0
BROOKFIELD RESIDENTIAL PROPERT	COM	11283W104	18,518	769,660	SH		DFND	1,2,3	769,660	0	0
BUCKEYE PARTNERS LP	UNIT LTD PARTN	118230101	277	3,658	SH		DFND	1,2,3	3,658	0	0
CAESARSTONE SDOT-YAM LTD	ORD SHS	M20598104	236	3,950	SH		DFND	1,2,3	3,950	0	0
CAPSTEAD MORTGAGE CORP	COM NO PAR	14067E506	6,290	512,250	SH		DFND	1,2,3	512,250	0	0
CARMAX INC	COM	143130102	48,891	734,313	SH		DFND	1,2,3	734,313	0	0
CATERPILLAR INC	COM	149123101	4,413	48,215	SH		DFND	1,2,3	48,215	0	0
CBS CORPORATION	CL B	124857202	70,010	1,265,090	SH		DFND	1,2,3	1,265,090	0	0
CDK GLOBAL INC	COM	12508E101	1,171	28,734	SH		DFND	1,2,3	28,734	0	0
CEDAR FAIR LP	DEPOSITRY UNIT	150185106	50,028	1,045,946	SH		DFND	1,2,3	1,045,946	0	0
CELGENE CORP	COM	151020104	194,009	1,734,391	SH		DFND	1,2,3	1,734,391	0	0
CENOVUS ENERGY INC	COM	15135U109	294	14,260	SH		DFND	1,2,3	14,260	0	0
CENTRAL FUND OF CANADA LTD	CL A	153501101	504	43,500	SH		DFND	1,2,3	43,500	0	0
CF INDUSTRIES HOLDINGS INC	COM	125269100	1,935	7,100	SH		DFND	1,2,3	7,100	0	0
CHEVRON CORP	COM	166764100	5,622	50,119	SH		DFND	1,2,3	50,119	0	0
CHICAGO BRIDGE & IRON	COM	167250109	2,811	66,949	SH		DFND	1,2,3	66,949	0	0
CHINA DISTANCE EDUCATION HLDGS	SPONS ADR	16944W104	283	17,279	SH		DFND	1,2,3	17,279	0	0
CHUBB CORP	COM	171232101	712	6,880	SH		DFND	1,2,3	6,880	0	0
CISCO SYSTEMS INC	COM	17275R102	7,224	259,707	SH		DFND	1,2,3	259,707	0	0
COCA COLA CO	COM	191216100	12,560	297,483	SH		DFND	1,2,3	297,483	0	0
COGNIZANT TECHNOLOGY SOLUTIONS	CL A	192446102	83,145	1,578,905	SH		DFND	1,2,3	1,578,905	0	0
COLGATE-PALMOLIVE CO	COM	194162103	26,247	379,347	SH		DFND	1,2,3	379,347	0	0
COMCAST CORP	CL A SPL	20030N200	1,662	28,875	SH		DFND	1,2,3	28,875	0	0
COMCAST CORP	CL A	20030N101	13,887	239,393	SH		DFND	1,2,3	239,393	0	0
CONOCOPHILLIPS	COM	20825C104	3,937	57,011	SH		DFND	1,2,3	57,011	0	0
CONSOLIDATED EDISON INC	COM	209115104	414	6,268	SH		DFND	1,2,3	6,268	0	0
CORNING INC	COM	219350105	10,489	457,425	SH		DFND	1,2,3	457,425	0	0
COSTCO WHOLESALE CORP	COM	22160K105	11,165	78,764	SH		DFND	1,2,3	78,764	0	0
COVANTA HLDG CORP	COM	22282E102	10,355	470,450	SH		DFND	1,2,3	470,450	0	0
CRESCENT POINT ENERGY CORP	COM	22576C101	4,683	202,200	SH		DFND	1,2,3	202,200	0	0
CROWN HOLDINGS INC	COM	228368106	3,457	67,925	SH		DFND	1,2,3	67,925	0	0
CULLEN FROST BANKERS COM	COM	229899109	506	7,170	SH		DFND	1,2,3	7,170	0	0
CUMMINS INC	COM	231021106	332	2,300	SH		DFND	1,2,3	2,300	0	0
D.R. HORTON INC	COM	23331A109	3,281	129,750	SH		DFND	1,2,3	129,750	0	0
DANAHER CORP	COM	235851102	2,370	27,650	SH		DFND	1,2,3	27,650	0	0
DAVITA HEALTHCARE PARTNERS	COM	23918K108	6,021	79,500	SH		DFND	1,2,3	79,500	0	0
DEERE & CO	COM	244199105	14,105	159,429	SH		DFND	1,2,3	159,429	0	0
DELPHI AUTOMOTIVE PLC	SHS	G27823106	5,687	78,200	SH		DFND	1,2,3	78,200	0	0
DELTA AIR LINES	COM	247361702	82,222	1,671,512	SH		DFND	1,2,3	1,671,512	0	0
DEVON ENERGY CORP	COM	25179M103	5,650	92,310	SH		DFND	1,2,3	92,310	0	0
DIRECTV	COM	25490A309	7,475	86,220	SH		DFND	1,2,3	86,220	0	0
DISCOVERY COMMUNICATIONS INC	COM SER C	25470F302	539	15,990	SH		DFND	1,2,3	15,990	0	0
DISNEY WALT CO	COM DISNEY	254687106	29,052	308,436	SH		DFND	1,2,3	308,436	0	0
DOMINION RESOURCES INC VA	COM	25746U109	200	2,602	SH		DFND	1,2,3	2,602	0	0
DOVER CORPORATION	COM	260003108	1,910	26,637	SH		DFND	1,2,3	26,637	0	0
DUKE ENERGY CORP	COM	26441C204	344	4,123	SH		DFND	1,2,3	4,123	0	0
E I DU PONT DE NEMOURS & CO	COM	263534109	473	6,395	SH		DFND	1,2,3	6,395	0	0
EATON CORP PLC	SHS	G29183103	409	6,015	SH		DFND	1,2,3	6,015	0	0
ECOLAB INC	COM	278865100	329	3,150	SH		DFND	1,2,3	3,150	0	0
ELBIT SYS LTD	ORD	M3760D101	273	4,500	SH		DFND	1,2,3	4,500	0	0
ELEPHANT TALK COMMUNICATIONS	COM	286202205	17	20,000	SH		DFND	1,2,3	20,000	0	0
EMC CORP MASS	COM	268648102	5,387	181,143	SH		DFND	1,2,3	181,143	0	0
EMERSON ELEC CO	COM	291011104	16,860	273,126	SH		DFND	1,2,3	273,126	0	0
ENCANA CORP	COM	292505104	9,395	677,373	SH		DFND	1,2,3	677,373	0	0
ENERGY TRANSFER EQUITY LP	COM UT LTD PTN	29273V100	34,126	594,745	SH		DFND	1,2,3	594,745	0	0
ENLINK MIDSTREAM LLC	COM UNIT REP LTD	29336T100	871	24,500	SH		DFND	1,2,3	24,500	0	0
ENTERPRISE PRODUCTS PARTNERS L	COM	293792107	1,230	34,058	SH		DFND	1,2,3	34,058	0	0
EOG RESOURCES INC	COM	26875P101	761	8,270	SH		DFND	1,2,3	8,270	0	0
EQT CORPORATION	COM	26884L109	9,410	124,300	SH		DFND	1,2,3	124,300	0	0
EXPRESS SCRIPTS INC	COM	30219G108	23,350	275,782	SH		DFND	1,2,3	275,782	0	0
EXXON MOBIL CORP	COM	30231G102	35,259	381,381	SH		DFND	1,2,3	381,381	0	0
FACEBOOK INC	CL A	30303M102	1,032	13,223	SH		DFND	1,2,3	13,223	0	0
FEDEX CORP	COM	31428x106	25,803	148,581	SH		DFND	1,2,3	148,581	0	0
FERRELLGAS PARTNERS LP	UNIT LTD PART	315293100	368	16,750	SH		DFND	1,2,3	16,750	0	0
FIDELITY NATIONAL INFORMATION	COM	31620M106	16,144	259,547	SH		DFND	1,2,3	259,547	0	0
FIDELITY NATL FINANCIAL	FNF GROUP COM	31620R303	11,564	335,676	SH		DFND	1,2,3	335,676	0	0
FIDELITY NATL FINANCIAL	FNFV GROUP COM	31620R402	1,422	90,371	SH		DFND	1,2,3	90,371	0	0
FIRST MERCHANTS CORP COM	COM	320817109	228	10,006	SH		DFND	1,2,3	10,006	0	0
FOUNDATION MEDIC INC COM	COM	350465100	375	16,860	SH		DFND	1,2,3	16,860	0	0
FRANCO NEV CORP	COM	351858105	9,440	191,900	SH		DFND	1,2,3	191,900	0	0
FRANKLIN RES INC COM	COM	354613101	332	6,000	SH		DFND	1,2,3	6,000	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	6,716	287,488	SH		DFND	1,2,3	287,488	0	0
GENERAC HOLDINGS INC	COM	368736104	10,489	224,325	SH		DFND	1,2,3	224,325	0	0
GENERAL ELECTRIC CO	COM	369604103	19,982	790,739	SH		DFND	1,2,3	790,739	0	0
GENERAL MILLS INC	COM	370334104	375	7,025	SH		DFND	1,2,3	7,025	0	0
GENESIS ENERGY LP	UNIT LTD PARTN	371927104	37,880	892,969	SH		DFND	1,2,3	892,969	0	0
GILEAD SCIENCES	COM	375558103	44,218	469,105	SH		DFND	1,2,3	469,105	0	0
GOLDCORP INC	COM	380956409	2,726	147,200	SH		DFND	1,2,3	147,200	0	0
GOOGLE INC	CL A	38259P508	5,462	10,293	SH		DFND	1,2,3	10,293	0	0
GOOGLE INC	CL C	38259P706	6,278	11,926	SH		DFND	1,2,3	11,926	0	0
GRAINGER W W INC	COM	384802104	268	1,050	SH		DFND	1,2,3	1,050	0	0
H & R BLOCK	COM	093671105	86,718	2,574,775	SH		DFND	1,2,3	2,574,775	0	0
HAIN CELESTIAL GROUP INC	COM	405217100	52,020	892,440	SH		DFND	1,2,3	892,440	0	0
HALLIBURTON COMPANY	COM	406216101	318	8,080	SH		DFND	1,2,3	8,080	0	0
HALYARD HEALTH INC COM	COM	40650V100	1,028	22,610	SH		DFND	1,2,3	22,610	0	0
HARRIS CORP	COM	413875105	625	8,700	SH		DFND	1,2,3	8,700	0	0
HCA HOLDINGS INC	COM	40412C101	55,500	756,235	SH		DFND	1,2,3	756,235	0	0
HEALTH CARE REIT INC	COM	42217K106	2,839	37,515	SH		DFND	1,2,3	37,515	0	0
HESS CORP	COM	42809H107	462	6,258	SH		DFND	1,2,3	6,258	0	0
HOLOGIC INC	COM	436440101	1,189	44,450	SH		DFND	1,2,3	44,450	0	0
HOME DEPOT INC	COM	437076102	11,996	114,282	SH		DFND	1,2,3	114,282	0	0
HOME LOAN SERVICING SOLUTIONS	ORD SHS	G6648D109	68,993	3,534,490	SH		DFND	1,2,3	3,534,490	0	0
HONEYWELL INTL INC	COM	438516106	7,025	70,305	SH		DFND	1,2,3	70,305	0	0
HOSPIRA INC	COM	441060100	4,348	70,992	SH		DFND	1,2,3	70,992	0	0
HUGOTON ROYALTY TRUST TEX	UNIT BEN INT	444717102	865	102,300	SH		DFND	1,2,3	102,300	0	0
ILLINOIS TOOL WORKS INC	COM	452308109	5,400	57,021	SH		DFND	1,2,3	57,021	0	0
INGREDION INC	COM	457187102	411	4,850	SH		DFND	1,2,3	4,850	0	0
INTEL CORP	COM	458140100	5,266	145,120	SH		DFND	1,2,3	145,120	0	0
INTERCONTINENTAL EXCHANGE,INC	COM	45866F104	863	3,936	SH		DFND	1,2,3	3,936	0	0
INTERNATIONAL BUSINESS MACHINE	COM	459200101	2,438	15,198	SH		DFND	1,2,3	15,198	0	0
INTUIT INC	COM	461202103	267	2,892	SH		DFND	1,2,3	2,892	0	0
IPG PHOTONICS CORP	COM	44980X109	14,812	197,700	SH		DFND	1,2,3	197,700	0	0
IRONWOOD PHARMACEUT INC	COM CL A	46333X108	265	17,329	SH		DFND	1,2,3	17,329	0	0
JANUS CAPITAL GROUP INC	COM	47102x105	290	17,999	SH		DFND	1,2,3	17,999	0	0
JOHNSON & JOHNSON CO	COM	478160104	29,679	283,818	SH		DFND	1,2,3	283,818	0	0
JPMORGAN CHASE & CO	COM	46625h100	536	8,573	SH		DFND	1,2,3	8,573	0	0
KEYSIGHT TECHNOLOGIES INC	COM	49338L103	551	16,313	SH		DFND	1,2,3	16,313	0	0
KIMBERLY CLARK CORP	COM	494368103	17,666	152,899	SH		DFND	1,2,3	152,899	0	0
KINDER MORGAN INC	COM	49456B101	12,577	297,253	SH		DFND	1,2,3	297,253	0	0
KRAFT FOODS GROUP INC	COM	50076Q106	2,040	32,563	SH		DFND	1,2,3	32,563	0	0
LABORATORY CORP AMERICA HLDGS	COM	50540R409	15,418	142,896	SH		DFND	1,2,3	142,896	0	0
LEGACY RESERVES LP	UNIT LP INT	524707304	1,525	133,425	SH		DFND	1,2,3	133,425	0	0
LEVEL 3 COMMUNICATIONS	COM	52729N308	81,593	1,652,345	SH		DFND	1,2,3	1,652,345	0	0
LIBERTY INTERACTIVE CORP	INT COM SER A	53071M104	240	8,147	SH		DFND	1,2,3	8,147	0	0
LIBERTY MEDIA CORP	CL A	531229102	233	6,596	SH		DFND	1,2,3	6,596	0	0
LIBERTY MEDIA CORP DEL	COM SER C	531229300	462	13,192	SH		DFND	1,2,3	13,192	0	0
LILLY ELI & CO	COM	532457108	813	11,779	SH		DFND	1,2,3	11,779	0	0
LOCKHEED MARTIN CORP	COM	539830109	15,078	78,299	SH		DFND	1,2,3	78,299	0	0
LOWES COMPANIES INC	COM	548661107	2,310	33,575	SH		DFND	1,2,3	33,575	0	0
MAGELLAN MIDSTREAM PRT LP	COM UNIT RP LP	559080106	231	2,800	SH		DFND	1,2,3	2,800	0	0
MAGNUM HUNTER RESOURCES CORP	COM	55973B102	38	12,000	SH		DFND	1,2,3	12,000	0	0
MARCUS CORP	COM	566330106	187	10,100	SH		DFND	1,2,3	10,100	0	0
MATTEL INC	COM	577081102	348	11,239	SH		DFND	1,2,3	11,239	0	0
MC DONALDS CORP	COM	580135101	454	4,843	SH		DFND	1,2,3	4,843	0	0
MCGRAW HILL FINL INC	COM	580645109	1,162	13,060	SH		DFND	1,2,3	13,060	0	0
MCKESSON CORP	COM	58155Q103	56,347	271,445	SH		DFND	1,2,3	271,445	0	0
MEAD JOHNSON NUTRITION CO	COM	582839106	419	4,167	SH		DFND	1,2,3	4,167	0	0
MEDICAL PPTYS TR INC	COM	58463J304	262	19,000	SH		DFND	1,2,3	19,000	0	0
MEDTRONIC INC	COM	585055106	4,642	64,293	SH		DFND	1,2,3	64,293	0	0
MERCK & CO INC	COM	58933Y105	12,977	228,516	SH		DFND	1,2,3	228,516	0	0
MERIDIAN BANCORP INC	COM	58958U103	33,136	2,953,275	SH		DFND	1,2,3	2,953,275	0	0
MERRIMACK PHARMACEUTICALS INC	COM	590328100	3,692	326,700	SH		DFND	1,2,3	326,700	0	0
METLIFE INC	COM	59156R108	25,449	470,490	SH		DFND	1,2,3	470,490	0	0
MFA FINANCIAL INC	COM	55272X102	12,290	1,538,200	SH		DFND	1,2,3	1,538,200	0	0
MICRON TECHNOLOGY INC	COM	595112103	113,355	3,237,775	SH		DFND	1,2,3	3,237,775	0	0
MICROSOFT CORP	COM	594918104	63,236	1,361,378	SH		DFND	1,2,3	1,361,378	0	0
MONDELEZ INTERNATIONAL INC	CL A	609207105	7,137	196,472	SH		DFND	1,2,3	196,472	0	0
NEWFIELD EXPLORATION CO	COM	651290108	971	35,792	SH		DFND	1,2,3	35,792	0	0
NEWMONT MINING CORPORATION	COM	651639106	319	16,875	SH		DFND	1,2,3	16,875	0	0
NEXTERA ENERGY INC	COM	65339F101	713	6,710	SH		DFND	1,2,3	6,710	0	0
NORTHERN TRUST CORP	COM	665859104	1,423	21,118	SH		DFND	1,2,3	21,118	0	0
NORTHWESTERN CORP	COM	668074305	215	3,800	SH		DFND	1,2,3	3,800	0	0
NOVARTIS AG	SPONSORED ADR	66987V109	1,811	19,547	SH		DFND	1,2,3	19,547	0	0
NUSTAR GP HOLDINGS LLC	UNIT RESTG LLC	67059L102	282	8,200	SH		DFND	1,2,3	8,200	0	0
NXP SEMICONDUCTOR NV	COM	N6596X109	39,298	514,370	SH		DFND	1,2,3	514,370	0	0
OCCIDENTAL PETROLEUM CORP	COM	674599105	5,413	67,152	SH		DFND	1,2,3	67,152	0	0
ONEBEACON INS GRP LTD	CL A	G67742109	194	12,000	SH		DFND	1,2,3	12,000	0	0
ONEOK PARTNERS LP	UNIT LTD PARTN	68268N103	206	5,200	SH		DFND	1,2,3	5,200	0	0
ORACLE CORP	COM	68389X105	429	9,550	SH		DFND	1,2,3	9,550	0	0
PACIFIC GAS & ELECTRIC CO	COM	69331C108	213	4,000	SH		DFND	1,2,3	4,000	0	0
PACKAGING CORP OF AMERICA	COM	695156109	72,767	932,315	SH		DFND	1,2,3	932,315	0	0
PALL CORP	COM	696429307	727	7,180	SH		DFND	1,2,3	7,180	0	0
PARK CITY GROUP INC	COM	700215304	150	16,600	SH		DFND	1,2,3	16,600	0	0
PARKER HANNIFIN CORP	COM	701094104	18,540	143,780	SH		DFND	1,2,3	143,780	0	0
PARTNERRE LTD	COM	G6852T105	331	2,900	SH		DFND	1,2,3	2,900	0	0
PEPSICO INC	COM	713448108	34,112	360,743	SH		DFND	1,2,3	360,743	0	0
PFIZER INC	COM	717081103	9,412	302,159	SH		DFND	1,2,3	302,159	0	0
PHILIP MORRIS INTL INC	COM	718172109	2,649	32,521	SH		DFND	1,2,3	32,521	0	0
PHILLIPS 66	COM	718546104	934	13,021	SH		DFND	1,2,3	13,021	0	0
PLAINS ALL AM PIPELINE	UNIT LTD PARTN	726503105	495	9,641	SH		DFND	1,2,3	9,641	0	0
PROCTER & GAMBLE CO	COM	742718109	10,984	120,587	SH		DFND	1,2,3	120,587	0	0
PROLOGIS INC	COM	74340W103	301	7,000	SH		DFND	1,2,3	7,000	0	0
QUIDEL CORP	COM	74838J101	9,642	333,400	SH		DFND	1,2,3	333,400	0	0
RANGE RESOURCES CORP	COM	75281A109	65,598	1,227,273	SH		DFND	1,2,3	1,227,273	0	0
RAYTHEON CO	COM	755111507	235	2,168	SH		DFND	1,2,3	2,168	0	0
REED ELSEVIER NV	SPONS ADR	758204200	781	16,386	SH		DFND	1,2,3	16,386	0	0
RELIANCE STEEL & ALUM COM	COM	759509102	444	7,250	SH		DFND	1,2,3	7,250	0	0
RENTRAK CORP	COM	760174102	3,130	42,979	SH		DFND	1,2,3	42,979	0	0
ROKA BIOSCIENCE INC	COM	775431109	47	10,550	SH		DFND	1,2,3	10,550	0	0
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	10,261	153,266	SH		DFND	1,2,3	153,266	0	0
SCHLUMBERGER LTD	COM	806857108	26,894	314,884	SH		DFND	1,2,3	314,884	0	0
SHAW COMMUNICATIONS INC	CL B CONV	82028K200	6,348	235,192	SH		DFND	1,2,3	235,192	0	0
SNAP ON INC	COM	833034101	376	2,750	SH		DFND	1,2,3	2,750	0	0
SOUTHWESTERN ENERGY CO	COM	845467109	12,548	459,820	SH		DFND	1,2,3	459,820	0	0
SPDR GOLD TRUST	GOLD SHS	78463V107	381	3,356	SH		DFND	1,2,3	3,356	0	0
SPECTRA ENERGY CORP	COM	847560109	1,362	37,534	SH		DFND	1,2,3	37,534	0	0
ST. JUDE MEDICAL INC	COM	790849103	3,489	53,650	SH		DFND	1,2,3	53,650	0	0
STANLEY BLACK & DECKER INC	COM	854502101	3,164	32,935	SH		DFND	1,2,3	32,935	0	0
STERICYCLE INC	COM	858912108	9,979	76,132	SH		DFND	1,2,3	76,132	0	0
SYMANTEC CORP	COM	871503108	15,263	594,920	SH		DFND	1,2,3	594,920	0	0
SYSCO CORP	COM	871829107	2,866	72,198	SH		DFND	1,2,3	72,198	0	0
T. ROWE PRICE GROUP	COM	74144T108	343	4,000	SH		DFND	1,2,3	4,000	0	0
TANGER FACTORY OUTLET CTRS	COM	875465106	414	11,200	SH		DFND	1,2,3	11,200	0	0
TARGET CORP	COM	87612E106	3,268	43,045	SH		DFND	1,2,3	43,045	0	0
TELEFLEX INC	COM	879369106	766	6,675	SH		DFND	1,2,3	6,675	0	0
TELEFONICA S.A.	SPONSORED ADR	879382208	1,622	114,163	SH		DFND	1,2,3	114,163	0	0
TERRITORIAL BANCORP INC	COM	88145X108	388	18,000	SH		DFND	1,2,3	18,000	0	0
TESLA MTRS INC	COM	88160R101	282	1,270	SH		DFND	1,2,3	1,270	0	0
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	476	8,284	SH		DFND	1,2,3	8,284	0	0
THE BANK OF NEW YORK MELLON CO	COM	064058100	16,113	397,156	SH		DFND	1,2,3	397,156	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	5,256	41,948	SH		DFND	1,2,3	41,948	0	0
TIFFANY & CO	COM	886547108	2,769	25,915	SH		DFND	1,2,3	25,915	0	0
TIME WARNER INC	COM	887317303	512	5,998	SH		DFND	1,2,3	5,998	0	0
TJX COMPANIES INC	COM	872540109	18,220	265,682	SH		DFND	1,2,3	265,682	0	0
TWENTY FIRST CENTURY FOX	CL A	90130A101	2,416	62,900	SH		DFND	1,2,3	62,900	0	0
UNIFI INC	COM	904677200	4,408	148,265	SH		DFND	1,2,3	148,265	0	0
UNILEVER N V	NY SHS	904784709	859	21,993	SH		DFND	1,2,3	21,993	0	0
UNION PACIFIC CORP	COM	907818108	4,554	38,225	SH		DFND	1,2,3	38,225	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	5,383	46,813	SH		DFND	1,2,3	46,813	0	0
UNIVERSAL HEALTH RLTY INCOME T	SH BEN INT	91359E105	693	14,400	SH		DFND	1,2,3	14,400	0	0
US BANCORP DEL	COM	902973304	3,516	78,222	SH		DFND	1,2,3	78,222	0	0
VALEANT PHARMACEUTICALS INTL	COM	91911K102	1,051	7,345	SH		DFND	1,2,3	7,345	0	0
VALLEY NATL BANCORP	COM	919794107	340	35,000	SH		DFND	1,2,3	35,000	0	0
VANGUARD NATURAL RESOURCES LLC	COM UNIT	92205F106	3,228	214,175	SH		DFND	1,2,3	214,175	0	0
VARIAN MEDICAL SYSTEMS INC	COM	92220P105	21,660	250,375	SH		DFND	1,2,3	250,375	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	2,410	51,516	SH		DFND	1,2,3	51,516	0	0
VERTEX PHARMACEUTICALS INC	COM	92532F100	278	2,338	SH		DFND	1,2,3	2,338	0	0
VIRNETX HOLDING CORP	COM	92823T108	1,719	313,150	SH		DFND	1,2,3	313,150	0	0
VISA INC	COM CL A	92826C839	3,515	13,405	SH		DFND	1,2,3	13,405	0	0
W.P. CAREY INC	COM	92936U109	36,447	519,935	SH		DFND	1,2,3	519,935	0	0
WAL MART STORES INC	COM	931142103	651	7,575	SH		DFND	1,2,3	7,575	0	0
WELLS FARGO & CO	COM	949746101	1,943	35,441	SH		DFND	1,2,3	35,441	0	0
WESTERN GAS EQUITY PARTNERS LP	COMUNT LTD PT	95825R103	2,436	40,450	SH		DFND	1,2,3	40,450	0	0
WEYERHAEUSER CO	COM	962166104	21,376	595,602	SH		DFND	1,2,3	595,602	0	0
WHIRLPOOL CORP	COM	963320106	586	3,025	SH		DFND	1,2,3	3,025	0	0
WHITE MOUNTAINS INSURANCE	COM	G9618E107	24,965	39,620	SH		DFND	1,2,3	39,620	0	0
WILEY JOHN & SONS INC	CL B	968223305	1,211	20,000	SH		DFND	1,2,3	20,000	0	0
WILEY JOHN AND SONS INC	CL A	968223206	25,101	423,712	SH		DFND	1,2,3	423,712	0	0
WILLIAMS COMPANIES INC	COM	969457100	23,198	516,210	SH		DFND	1,2,3	516,210	0	0
WISDOMTREE INVESTMENTS INC	COM	97717P104	2,875	183,400	SH		DFND	1,2,3	183,400	0	0
WR GRACE & CO	COM	38388F108	71,359	748,076	SH		DFND	1,2,3	748,076	0	0
XPO LOGISTICS INC	COM	983793100	109,932	2,689,130	SH		DFND	1,2,3	2,689,130	0	0
XYLEM INC	COM	98419M100	276	7,240	SH		DFND	1,2,3	7,240	0	0
YAHOO INC	COM	984332106	253	5,000	SH		DFND	1,2,3	5,000	0	0
YUM! BRANDS INC	COM	988498101	4,699	64,500	SH		DFND	1,2,3	64,500	0	0
ZIMMER HOLDINGS INC	COM	98956P102	567	4,999	SH		DFND	1,2,3	4,999	0	0
ZYNGA INC	CL A	98986T108	27	10,000	SH		DFND	1,2,3	10,000	0	0
ISHARES	S&P 100 ETF	464287101	513	5,637	SH		DFND	1,2,3	5,637	0	0
POWERSHARES ETF TRUST FINL PFD	FINL PFD PTFL	73935X229	205	11,250	SH		DFND	1,2,3	11,250	0	0
GENERAL AMERICAN INVESTORS	COM	368802104	1,100	31,426	SH		DFND	1,2,3	31,426	0	0