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
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 126,427 2,808,241 SH   SOLE   2,263,377 0 544,864
Abbott Laboratories COM 002824100 277,760 6,169,700 SH   DFND 1 6,169,700 0 0
Aon PLC COM G0408V102 701,622 7,398,735 SH   SOLE   5,676,135 0 1,722,600
Aon PLC COM G0408V102 73,478 774,841 SH   DFND 1 774,841 0 0
Bank of New York Mellon Corpor COM 064058100 162,486 4,005,083 SH   SOLE   3,326,783 0 678,300
Bank of New York Mellon Corpor COM 064058100 150,539 3,710,600 SH   DFND 1 3,710,600 0 0
Berkshire Hathaway Inc. Class COM 084670702 2,523 16,800 SH   SOLE   16,800 0 0
California Resources Corporati COM 13057Q107 2,154 391,000 SH   SOLE   0 0 391,000
California Resources Corporati COM 13057Q107 182,329 33,090,500 SH   DFND 1 33,090,500 0 0
Chemtura Corporation COM 163893209 1,202 48,600 SH   SOLE   0 0 48,600
Chemtura Corporation COM 163893209 100,699 4,071,919 SH   DFND 1 4,071,919 0 0
Chesapeake Energy Corporation COM 165167107 986,601 50,413,939 SH   SOLE   40,729,890 0 9,684,049
Chesapeake Energy Corporation COM 165167107 458,997 23,454,128 SH   DFND 1 23,454,128 0 0
CNH Industrial NV COM N20944109 236,210 29,306,512 SH   SOLE   20,754,337 0 8,552,175
CNH Industrial NV COM N20944109 69,890 8,671,174 SH   DFND 1 8,671,174 0 0
CONSOL Energy Inc. COM 20854P109 520,404 15,392,006 SH   SOLE   12,727,518 0 2,664,488
CONSOL Energy Inc. COM 20854P109 587,163 17,366,553 SH   DFND 1 17,366,553 0 0
Deltic Timber Corp COM 247850100 765 11,179 SH   SOLE   0 0 11,179
Deltic Timber Corp COM 247850100 19,029 278,201 SH   DFND 1 278,201 0 0
DreamWorks Animation SKG Inc. COM 26153C103 2,905 130,100 SH   SOLE   0 0 130,100
DreamWorks Animation SKG Inc. COM 26153C103 208,367 9,331,277 SH   DFND 1 9,331,277 0 0
Empire State Realty Trust Inc. COM 292104106 1,855 105,500 SH   SOLE   0 0 105,500
Empire State Realty Trust Inc. COM 292104106 175,223 9,967,200 SH   DFND 1 9,967,200 0 0
Everest Re Group Ltd. COM G3223R108 360,211 2,115,155 SH   SOLE   1,574,055 0 541,100
Everest Re Group Ltd. COM G3223R108 246,867 1,449,600 SH   DFND 1 1,449,600 0 0
FedEx Corporation COM 31428X106 714,045 4,111,743 SH   SOLE   3,356,899 0 754,844
FedEx Corporation COM 31428X106 304,371 1,752,682 SH   DFND 1 1,752,682 0 0
Franklin Resources Inc. COM 354613101 244,801 4,421,186 SH   SOLE   3,638,286 0 782,900
Franklin Resources Inc. COM 354613101 239,985 4,334,200 SH   DFND 1 4,334,200 0 0
Graham Holdings Company COM 384637104 265,046 306,869 SH   SOLE   215,378 0 91,491
Graham Holdings Company COM 384637104 369,668 428,000 SH   DFND 1 428,000 0 0
Level 3 Communications Inc. COM 52729N308 1,328,759 26,908,853 SH   SOLE   21,871,214 0 5,037,639
Level 3 Communications Inc. COM 52729N308 1,374,057 27,826,192 SH   DFND 1 27,826,192 0 0
Loews Corporation COM 540424108 839,370 19,975,483 SH   SOLE   16,527,183 0 3,448,300
Loews Corporation COM 540424108 589,844 14,037,215 SH   DFND 1 14,037,215 0 0
McDonald's Corporation COM 580135101 755,539 8,063,384 SH   SOLE   6,727,884 0 1,335,500
McDonald's Corporation COM 580135101 361,148 3,854,300 SH   DFND 1 3,854,300 0 0
Melco Crown Entertainment Ltd. COM 585464100 1,750 68,900 SH   SOLE   68,900 0 0
Mondelez International Inc COM 609207105 634,317 17,462,272 SH   SOLE   13,435,472 0 4,026,800
Mondelez International Inc COM 609207105 337,056 9,278,909 SH   DFND 1 9,278,909 0 0
Murphy Oil Corporation COM 626717102 575,321 11,387,976 SH   SOLE   9,246,355 0 2,141,621
Murphy Oil Corporation COM 626717102 264,499 5,235,537 SH   DFND 1 5,235,537 0 0
Rayonier Inc. COM 754907103 4,102 146,800 SH   SOLE   48,200 0 98,600
Rayonier Inc. COM 754907103 213,124 7,627,921 SH   DFND 1 7,627,921 0 0
Royal Philips ADR COM 500472303 451,084 15,554,617 SH   SOLE   12,868,276 0 2,686,341
Royal Philips ADR COM 500472303 79,300 2,734,493 SH   DFND 1 2,734,493 0 0
Scripps Networks Interactive COM 811065101 416,246 5,530,045 SH   SOLE   4,635,445 0 894,600
Scripps Networks Interactive COM 811065101 537,864 7,145,800 SH   DFND 1 7,145,800 0 0
The Travelers Companies Inc. COM 89417E109 192,611 1,819,658 SH   SOLE   1,607,558 0 212,100
The Travelers Companies Inc. COM 89417E109 196,627 1,857,600 SH   DFND 1 1,857,600 0 0
Vail Resorts Inc. COM 91879Q109 6,606 72,487 SH   SOLE   43,787 0 28,700
Vail Resorts Inc. COM 91879Q109 211,267 2,318,300 SH   DFND 1 2,318,300 0 0
ViaSat Inc. COM 92552V100 2,832 44,924 SH   SOLE   0 0 44,924
ViaSat Inc. COM 92552V100 216,591 3,436,313 SH   DFND 1 3,436,313 0 0