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
Actuant Corporation COM 00508X203 1,039 56,500 SH   SOLE   0 0 56,500
Actuant Corporation COM 00508X203 96,024 5,221,520 SH   DFND 1 5,221,520 0 0
Aon PLC COM G0408V102 492,958 5,563,230 SH   SOLE   4,589,050 0 974,180
Aon PLC COM G0408V102 325,749 3,676,208 SH   DFND 1 3,676,208 0 0
Baidu, Inc. ADR COM 056752108 19,783 143,970 SH   SOLE   143,970 0 0
Baidu, Inc. ADR COM 056752108 41,942 305,230 SH   DFND 1 305,230 0 0
Chemtura Corporation COM 163893209 1,391 48,600 SH   SOLE   0 0 48,600
Chemtura Corporation COM 163893209 136,726 4,777,300 SH   DFND 1 4,777,300 0 0
Chesapeake Energy Corporation COM 165167107 320,616 43,740,198 SH   SOLE   37,633,153 0 6,107,045
Chesapeake Energy Corporation COM 165167107 103,832 14,165,328 SH   DFND 1 14,165,328 0 0
CNH Industrial NV COM N20944109 170,374 26,131,035 SH   SOLE   22,272,664 0 3,858,371
CNH Industrial NV COM N20944109 56,536 8,671,174 SH   DFND 1 8,671,174 0 0
CONSOL Energy Inc. COM 20854P109 209,468 21,374,334 SH   SOLE   17,716,944 0 3,657,390
CONSOL Energy Inc. COM 20854P109 245,197 25,020,100 SH   DFND 1 25,020,100 0 0
Deltic Timber Corp COM 247850100 1,160 19,400 SH   SOLE   0 0 19,400
Deltic Timber Corp COM 247850100 108,146 1,808,158 SH   DFND 1 1,808,158 0 0
DreamWorks Animation SKG Inc. COM 26153C103 44,503 2,550,338 SH   SOLE   2,329,438 0 220,900
DreamWorks Animation SKG Inc. COM 26153C103 243,243 13,939,400 SH   DFND 1 13,939,400 0 0
E.I. du Pont de Nemours and Co COM 263534109 193,759 4,019,899 SH   SOLE   3,625,799 0 394,100
E.I. du Pont de Nemours and Co COM 263534109 182,702 3,790,500 SH   DFND 1 3,790,500 0 0
Empire State Realty Trust Inc. COM 292104106 656 38,500 SH   SOLE   0 0 38,500
Empire State Realty Trust Inc. COM 292104106 63,871 3,750,479 SH   DFND 1 3,750,479 0 0
Everest Re Group Ltd. COM G3223R108 257,144 1,483,464 SH   SOLE   1,115,510 0 367,954
Everest Re Group Ltd. COM G3223R108 183,359 1,057,800 SH   DFND 1 1,057,800 0 0
FedEx Corporation COM 31428X106 630,305 4,377,725 SH   SOLE   3,708,297 0 669,428
FedEx Corporation COM 31428X106 289,167 2,008,382 SH   DFND 1 2,008,382 0 0
Franklin Resources Inc. COM 354613101 84,064 2,256,158 SH   SOLE   1,903,551 0 352,607
Google Inc. CL C COM 38259P706 486,871 800,222 SH   SOLE   656,095 0 144,127
Google Inc. CL C COM 38259P706 288,059 473,454 SH   DFND 1 473,454 0 0
Graham Holdings Company COM 384637104 155,381 269,292 SH   SOLE   226,936 0 42,356
Graham Holdings Company COM 384637104 246,956 428,000 SH   DFND 1 428,000 0 0
Level 3 Communications Inc. COM 52729N308 868,370 19,875,722 SH   SOLE   16,831,012 0 3,044,710
Level 3 Communications Inc. COM 52729N308 900,826 20,618,592 SH   DFND 1 20,618,592 0 0
Loews Corporation COM 540424108 492,824 13,636,513 SH   SOLE   11,580,068 0 2,056,445
Loews Corporation COM 540424108 227,585 6,297,322 SH   DFND 1 6,297,322 0 0
McDonald's Corporation COM 580135101 584,980 5,937,076 SH   SOLE   5,128,899 0 808,177
McDonald's Corporation COM 580135101 246,715 2,503,956 SH   DFND 1 2,503,956 0 0
Melco Crown Entertainment Ltd. COM 585464100 644 46,800 SH   SOLE   46,800 0 0
Murphy Oil Corporation COM 626717102 161,089 6,656,585 SH   SOLE   5,748,457 0 908,128
Murphy Oil Corporation COM 626717102 1,372 56,708 SH   DFND 1 56,708 0 0
National Oilwell Varco Inc. COM 637071101 131,581 3,494,843 SH   SOLE   3,110,643 0 384,200
Rayonier Inc. COM 754907103 32,152 1,456,821 SH   SOLE   1,352,900 0 103,921
Rayonier Inc. COM 754907103 211,991 9,605,400 SH   DFND 1 9,605,400 0 0
Royal Philips ADR COM 500472303 263,194 11,218,840 SH   SOLE   10,002,414 0 1,216,426
Scripps Networks Interactive COM 811065101 258,058 5,246,149 SH   SOLE   4,727,186 0 518,963
Scripps Networks Interactive COM 811065101 392,851 7,986,400 SH   DFND 1 7,986,400 0 0
Triangle Petroleum Corp. COM 89600B201 174 122,659 SH   SOLE   0 0 122,659
Triangle Petroleum Corp. COM 89600B201 15,789 11,119,000 SH   DFND 1 11,119,000 0 0
Tribune Media Company - A COM 896047503 1,556 43,700 SH   SOLE   0 0 43,700
Tribune Media Company - A COM 896047503 143,870 4,041,300 SH   DFND 1 4,041,300 0 0
United Technologies Corporatio COM 913017109 98,254 1,104,100 SH   SOLE   1,090,000 0 14,100
Vail Resorts Inc. COM 91879Q109 3,004 28,700 SH   SOLE   0 0 28,700
Vail Resorts Inc. COM 91879Q109 185,931 1,776,184 SH   DFND 1 1,776,184 0 0
ViaSat Inc. COM 92552V100 78,343 1,218,589 SH   SOLE   1,173,665 0 44,924
ViaSat Inc. COM 92552V100 220,921 3,436,313 SH   DFND 1 3,436,313 0 0
Wynn Resorts Limited COM 983134107 253,350 4,769,394 SH   SOLE   4,617,622 0 151,772
Wynn Resorts Limited COM 983134107 391,105 7,362,665 SH   DFND 1 7,362,665 0 0