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
Aon PLC COM G0408V102 608,516 6,104,695 SH   SOLE   4,668,166 0 1,436,529
Aon PLC COM G0408V102 488,797 4,903,665 SH   DFND 1 4,903,665 0 0
California Resources Corporati COM 13057Q107 869 143,900 SH   SOLE   0 0 143,900
California Resources Corporati COM 13057Q107 80,928 13,398,719 SH   DFND 1 13,398,719 0 0
Chemtura Corporation COM 163893209 1,376 48,600 SH   SOLE   0 0 48,600
Chemtura Corporation COM 163893209 135,245 4,777,300 SH   DFND 1 4,777,300 0 0
Chesapeake Energy Corporation COM 165167107 517,431 46,323,245 SH   SOLE   37,321,008 0 9,002,237
Chesapeake Energy Corporation COM 165167107 158,227 14,165,328 SH   DFND 1 14,165,328 0 0
CNH Industrial NV COM N20944109 302,588 32,606,421 SH   SOLE   23,966,614 0 8,639,807
CNH Industrial NV COM N20944109 80,468 8,671,174 SH   DFND 1 8,671,174 0 0
CONSOL Energy Inc. COM 20854P109 481,531 22,149,540 SH   SOLE   16,941,947 0 5,207,593
CONSOL Energy Inc. COM 20854P109 491,270 22,597,500 SH   DFND 1 22,597,500 0 0
Deltic Timber Corp COM 247850100 1,292 19,100 SH   SOLE   0 0 19,100
Deltic Timber Corp COM 247850100 86,850 1,284,000 SH   DFND 1 1,284,000 0 0
Diamond Offshore Drilling Inc. COM 25271C102 343 13,300 SH   SOLE   0 0 13,300
Diamond Offshore Drilling Inc. COM 25271C102 33,233 1,287,596 SH   DFND 1 1,287,596 0 0
DreamWorks Animation SKG Inc. COM 26153C103 66,237 2,510,861 SH   SOLE   2,289,961 0 220,900
DreamWorks Animation SKG Inc. COM 26153C103 367,721 13,939,400 SH   DFND 1 13,939,400 0 0
Empire State Realty Trust Inc. COM 292104106 657 38,500 SH   SOLE   0 0 38,500
Empire State Realty Trust Inc. COM 292104106 63,983 3,750,479 SH   DFND 1 3,750,479 0 0
Everest Re Group Ltd. COM G3223R108 313,650 1,723,259 SH   SOLE   1,312,479 0 410,780
Everest Re Group Ltd. COM G3223R108 263,842 1,449,600 SH   DFND 1 1,449,600 0 0
FedEx Corporation COM 31428X106 575,945 3,379,956 SH   SOLE   2,748,465 0 631,491
FedEx Corporation COM 31428X106 298,657 1,752,682 SH   DFND 1 1,752,682 0 0
Franklin Resources Inc. COM 354613101 191,035 3,896,290 SH   SOLE   3,127,268 0 769,022
Franklin Resources Inc. COM 354613101 212,506 4,334,200 SH   DFND 1 4,334,200 0 0
Google Inc. CL C COM 38259P706 457,325 878,610 SH   SOLE   678,272 0 200,338
Google Inc. CL C COM 38259P706 246,438 473,454 SH   DFND 1 473,454 0 0
Graham Holdings Company COM 384637104 267,281 248,622 SH   SOLE   157,445 0 91,177
Graham Holdings Company COM 384637104 460,121 428,000 SH   DFND 1 428,000 0 0
HollyFrontier Corporation COM 436106108 1,498 35,100 SH   SOLE   0 0 35,100
HollyFrontier Corporation COM 436106108 143,208 3,354,600 SH   DFND 1 3,354,600 0 0
Level 3 Communications Inc. COM 52729N308 1,088,528 20,666,954 SH   SOLE   16,476,589 0 4,190,365
Level 3 Communications Inc. COM 52729N308 1,117,355 21,214,258 SH   DFND 1 21,214,258 0 0
Loews Corporation COM 540424108 679,390 17,641,913 SH   SOLE   14,310,524 0 3,331,389
Loews Corporation COM 540424108 457,349 11,876,120 SH   DFND 1 11,876,120 0 0
McDonald's Corporation COM 580135101 629,977 6,626,451 SH   SOLE   5,569,846 0 1,056,605
McDonald's Corporation COM 580135101 308,336 3,243,256 SH   DFND 1 3,243,256 0 0
Murphy Oil Corporation COM 626717102 403,831 9,714,487 SH   SOLE   7,854,307 0 1,860,180
Murphy Oil Corporation COM 626717102 217,641 5,235,537 SH   DFND 1 5,235,537 0 0
Northern Oil and Gas Inc. COM 665531109 62 9,100 SH   SOLE   0 0 9,100
Northern Oil and Gas Inc. COM 665531109 5,838 862,400 SH   DFND 1 862,400 0 0
Rayonier Inc. COM 754907103 25,596 1,001,800 SH   SOLE   903,200 0 98,600
Rayonier Inc. COM 754907103 194,893 7,627,921 SH   DFND 1 7,627,921 0 0
Royal Philips ADR COM 500472303 331,578 13,023,500 SH   SOLE   10,412,193 0 2,611,307
Scripps Networks Interactive COM 811065101 367,062 5,615,146 SH   SOLE   4,543,883 0 1,071,263
Scripps Networks Interactive COM 811065101 499,218 7,636,800 SH   DFND 1 7,636,800 0 0
Triangle Petroleum Corp. COM 89600B201 553 110,100 SH   SOLE   0 0 110,100
Triangle Petroleum Corp. COM 89600B201 50,686 10,096,790 SH   DFND 1 10,096,790 0 0
Vail Resorts Inc. COM 91879Q109 7,508 68,758 SH   SOLE   40,058 0 28,700
Vail Resorts Inc. COM 91879Q109 253,158 2,318,300 SH   DFND 1 2,318,300 0 0
ViaSat Inc. COM 92552V100 2,707 44,924 SH   SOLE   0 0 44,924
ViaSat Inc. COM 92552V100 207,072 3,436,313 SH   DFND 1 3,436,313 0 0
Wynn Resorts Limited COM 983134107 259,352 2,628,482 SH   SOLE   2,513,730 0 114,752
Wynn Resorts Limited COM 983134107 442,468 4,484,323 SH   DFND 1 4,484,323 0 0